NYC Reaches $112.4B Budget Accord With $2B to Build Affordable Housing
NEW YORK—With negotiations extending down to the wire, New York City Mayor Eric Adams and the New York City Council agreed on a new $112.4 billion in late June, that went into effect earlier this month. Among the highlights are $53 million to keep libraries open seven days a week and $2 billion in the capital budget to build affordable housing.
“The budget is about making life in the city affordable for New Yorkers because we know there’s an affordability crisis,” Mayor Adams said.
The budget specifically invests $2 billion in capital funds across FY25 and FY26 to the New York City Department of Housing Preservation and Development and New York City Housing Authority’s capital budgets. In total, the Adams administration has committed a record $26 billion in housing capital in the current 10-year plan as the city faces a general housing crisis.
$700M for NYCHA – The $2 billion in capital funds across FY25 and FY26 will deliver $700 million toward NYCHA, primarily to support PACT and Public Housing Trust projects. These extensive renovation projects will result in critical upgrades and improved conditions for NYCHA homes and campuses. Recent PACT projects include updates to units, such as redone bathrooms, kitchens and new flooring; as well as upgrades across properties, including updated heat and hot water systems, refreshed building entryways, free WiFi, and enhanced security systems. The scope of specific updates for properties are developed through engagement processes involving NYCHA residents.
The remaining $1.3 billion will support HPD programs that focus on preserving and building new affordable housing, supportive housing and homeownership. “At a time when low vacancy rates and high housing costs underscore the need for affordable housing, this investment will result in the construction of new affordable homes for lower-income households, create more supportive homes for those who can benefit from on-site supportive housing, offer the opportunity to build generational wealth through access to affordable homeownership, and fund preservation work to improve housing quality, enabling tenants to stay in their homes,” the mayor’s office said in a statement.
Building Trades Applaud Budget – “We applaud Mayor Adams and the City Council for reaching agreement on a $107 -billion budget that recognizes the housing and affordability crises facing our city today—something our state legislators failed to do,” said New York Building Congress President & CEO Carlo Scissura.
“We especially believe that the billions targeted specifically for capital funding for affordable housing through the NYC Department of Housing Preservation & Development and the New York City Housing Authority will help countless New Yorkers move closer to achieving the dream of safely and securely calling our city home for the long run.”
Apprenticeship Funding – Mr. Scissura added, “We are also heartened to see new investments in helping connect New Yorkers to apprenticeships and improving the city’s workforce development pipeline. Our industry needs an infusion of hungry, talented young professionals, and stands ready to welcome them in and offer them a career path to a better life.”