$350M From Citigroup, Pension Funds and Other Banks to Boost Affordable Housing
Jillian Jorgensen
Mayor Bill de Blasio announced a $350 public-private partnership to renovate and build affordable housing throughout the city Wednesday, a step toward his goal of creating or preserving 200,000 units of affordable housing in a decade.
The capital money — invested by the Citigroup, the New York City Retirement Systems, the New York City Housing Development Corporation and several other banks, will allow the Community Preservation Corporation to acquire, construct or rehab some 7,500 units of housing affordable citywide, the mayor’s office said.
“For that one family that gets an affordable unit, that was stressed and trying somehow to make it in this city and constantly struggling to get the money together for rent, that family that finally gets an affordable unit – nothing can be more life changing,” Mr. de Blasio promised at a Bronx press conference. “It sets that family on an entirely different course. And every single one of the units we create will have that profound impact on the families of this city. That’s why this work is so crucial.”
Read more at http://observer.com/2014/07/350m-from-citigroup-pension-funds-and-other-banks-to-boost-affordable-housing/#ixzz38zcidEwZ
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