New York Mayor Michael Bloomberg's plan to build or preserve 165,000 units of affordable housing by 2013 is moving forward, but some have concerns about how the plan will be affected by a diving housing market.
"Mayor Michael R. Bloomberg has proposed a 10-year, $7.5 billion New Housing Marketplace plan to create or preserve 165,000 units of affordable housing. So, is the plan on track to be completed by 2013? A panel of experts, including the city's commissioner of housing preservation and development, tackled that question this afternoon in a panel discussion at the Fashion Institute of Technology."
"The mayor's plan called for nearly 92,000 units (55 percent of the total) to be built and for another 73,000 units (45 percent) to be 'preserved,' either by extending existing government-assisted housing programs like Section 8 or Mitchell-Lama or by providing low-interest or forgivable loans to rehabilitate housing for people with a range of incomes."
"At the panel discussion, Preston Niblack, deputy director of the Independent Budget Office, affirmed the central finding of the November report: that the city has made more progress at housing preservation than creation."
Thanks to Curbed