NYC ahead of pace for adding affordable housing
The Big Apple and Mayor Michael Bloomberg are working hard to ensure the city has a deep and replenishable supply of affordable housing options for its residents. In fact, the city's goal of establishing or preserving 165,000 affordable homes by the end of the 2014 fiscal year is well on track, which is good news for people considering buying one of the homes for sale in New York, NY.
"We are 85 percent of the way to the finish line and I am confident we will meet our goal," said Matthew Wambua, commissioner of the NYC Department of Housing Preservation and Development.
The program's aim is to supply the city with a stock of affordable housing so its citizens can control their finances and contribute to the rest of the city's economy. Families in the metro that have moderately priced housing options are able to put money into their local economies, which can strengthen communities and attract more jobs, residents and investments, according to Bloomberg.
In the 2012 fiscal year, the city financed 16,502 units of affordable housing by investing or leveraging $1.9 billion, which exceeded the goal it had established by more than 2,000 homes.