<< backHousing Plan Profile: New York, NY
Plan title: The New Housing Marketplace: Creating Housing for the Next Generation [PDF], available on the Department of Housing Preservation and Development’s website.
Issued: July 1, 2003
Overview: Initially a 5-year plan, program goals were extended to a ten-year timeline in February 2006 as production and preservation goals were met ahead of schedule. Actions presented in the plan, prepared by the New York City Department of Housing Preservation and Development at Mayor Bloomberg's request, are organized into four categories: finding new land for affordable housing, creating incentives to develop housing for new populations, harnessing the private market to create affordable housing, and preserving government-assisted affordable housing.
Selected Strategies:
- Expand the supply of land available for development of affordable housing though land use collaborations with city and state agencies that have surplus, vacant, or underutilized publicly-owned land, rezoning of underutilized and under-built areas, and creation of a land bank to facilitate acquisition of privately-owned land.
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Photo credit: Todd France Photography, courtesy of Common Ground
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- Combine density bonuses in the current inclusionary zoning ordinance with tax benefits and other affordable housing finance tools, allowing an increase in the percentage of affordable housing required to generate a density bonus.
- Middle Class Housing Initiative, Cross Subsidy Model—when developing new sites, cross-subsidize middle-income units with market-rate units when appropriate.
- Ensure long-term affordability, financial viability, and sound operation of 9 percent tax credit units, using 4 percent Low-Income Housing Tax Credits and tax-exempt bond financing as projects reach the end of their compliance periods.
- New York City Acquisition Fund -- offer early stage capital for acquisition of privately-owned land and buildings through loans from non-profit lenders, with investments from private financial institutions secured by a "guarantee pool" of City and foundation funding.
- Middle Class Housing Initiative, New Housing Development Entity -- create a new public-purpose entity to expedite development of public land, retain long-term ownership to ensure permanent affordability, and allow use of tax-exempt or municipal private bond capacity beyond the annual Volume Cap allocation.
- Mitchell-Lama Preservation strategy -- preserve state- and locally-subsidized units with expiring use restrictions through a refinancing program, increasing the money for capital improvements in exchange for continued affordability, and/or allowing conversion to cooperatives with sales prices affordable to current tenants.
- New York/New York III -- Finance and develop new units of supportive housing through continuation of this City-State partnership.
Financing Sources Identified:
- Tax-exempt or municipal private bonds
- City and State capital funding
- New York City Housing Trust Fund, funded with Battery City Park Authority revenues
- Low-Income Housing Tax Credits
- New York City Acquisition Fund, offering loans from private institutions guaranteed with City and foundation contributions (proposed)
- Community Development Block Grants
- Citywide Affordable Housing Fund, funded by sale of publicly-owned property
Background:Written by the New York City Department of Housing Preservation and Development.
The lead agency is the New York City Department of Housing Preservation and Development, other public partners include the New York City Housing Development Corporation, NYC Housing Authority, NYC Economic Development Corporation, Department of Citywide Administrative Services, Department of Transportation, Health and Hospitals Corporation, Human Resources Administration, Department of City Planning, NYC Housing Partnership Development Corporation, Office of Management and Budget, and the Department of Finance.
A timeline is identified; this is a ten-year plan. Production goals and preservation goals are clearly presented throughout the plan. The target population includes 68 percent of units affordable to households earning less than 80 percent of the area median income and 32 percent of units affordable to moderate and middle-income families.
