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North                       The Indian Eye

                          AMERICANNewsline






         14                                                                                                             OCTOBER 10, 2025

                      Mayor Adams Will Invest Additional


          $1.8 Billion this Year to Speed Up Creation of



                     Thousands of New Affordable Homes




              Announcement Part of Mayor Adams’ “Affordable Autumn” Initiative, Series of

             Announcements to Create a More Affordable City for Working-Class New Yorkers



        OUR BUREAU                                                                                            ly 426,800 homes for New Yorkers
                                                                                                              through its work to date. Mayor Ad-
        NEW YORK, NY
                                                                                                              ams also announced that, in Fiscal
               ew York City Mayor Eric Ad-                                                                    Year 2025, the Adams administration
               ams has announced that his                                                                     created the most affordable rental
        Nadministration will invest an                                                                        units in city  history  and celebrated
        additional $1.8 billion this fiscal year                                                              back-to-back-to-back record-breaking
        alone to speed up the development of                                                                  years for producing permanently-af-
        thousands of affordable homes in New                                                                  fordable homes for formerly-homeless
        York City. By increasing the New York                                                                 New Yorkers, placing homeless New
        City  Department  of  Housing  Pres-                                                                  Yorkers into housing, and connecting
        ervation and  Development’s (HPD)                                                                     New Yorkers to housing through the
        Fiscal Year (FY) 2026 budget by $1.5                                                                  city’s housing lottery.
        billion and the New York City Hous-                                                                       In addition  to creating and pre-
        ing Authority’s (NYCHA) Section 8                                                                     serving record amounts of affordable
        Conversions FY 2026 budget by $300                                                                    and market-rate housing for New
        million, the Adams administration will                                                                Yorkers, the Adams administration
        be able to expedite the creation and                                                                  has also passed ambitious plans that
        rehabilitation of nearly 6,500 more   Since entering office, Mayor Adams has made historic investments to create more affordable   will create tens of thousands of new
        homes across more than 10 projects.          housing and ensure more New Yorkers have a place to call home  homes as well. Last December, Mayor
            The new projects, which will be                                                                   Adams celebrated the passage of “City
        prioritized to serve the most vulner-                                                                 of Yes for Housing Opportunity,” the
        able New Yorkers, will increase the   ing New Yorkers need and the afford- the Adams administration’s continued   most pro-housing proposal in city his-
        amount  of  new  affordable  housing  able future they deserve,” said Mayor  commitment to tackling New York’s   tory that will build 80,000 new homes
        financed by HPD in FY26 by approxi- Adams. “We’re not just talking about  housing crisis; by moving this funding  over 15 years and invest $5 billion to-
        mately 25 percent and reinforce, once   solving the city’s housing crisis; we’re   to FY 2026, HPD will be able to close   wards critical infrastructure updates
        again, the Adams administration’s   putting our money where our mouth   on additional housing developments in  and housing.
        position as the most pro-housing  is to build more housing more quick- the near term and build approximately   The Adams administration is also
        administration in city history as the   ly and proving once again why we are  4,000 affordable homes more quick- advancing several robust neighbor-
        administration has  already created,  the most pro-housing administration   ly than originally planned. Moreover,  hood plans that, if all adopted, would
        preserved,  or  planned  over  426,000   in city history.”          with the infusion of an additional $300   deliver nearly 50,000 homes over the
        homes through its efforts to date    “We are in a housing crisis that  million into FY26, NYCHA will be able   next 15 years to New York neighbor-
        alone. Today’s announcement contin- makes it difficult for New Yorkers to   to convert approximately 2,500 units   hoods. In addition to the Bronx-Metro
        ued Mayor Adams’ “Affordable Au- live the life they need and want to live,”  from traditional public housing to Sec- North Station Area Plan, the Midtown
        tumn” initiative, a series of announce-  said Deputy Mayor for Housing, Eco- tion 8 through the Permanent Afford- South plan, and the Atlantic Avenue
        ments throughout the season focused   nomic Development, and Workforce  ability Commitment Together (PACT)  Mixed-Use Plan — all of which have
        on the Adams administration’s work  Adolfo Carrion, Jr. “That is why this   program. PACT conversions bring  already been passed by the New York
        to put money back into the pockets of  administration has worked hard to be   in much-needed funding to facilitate  City Council — the Adams adminis-
        working-class New Yorkers and create   the most pro-housing administration   repairs and upgrade residential units,  tration is also advancing plans in Ja-
        a more affordable city.           in the history of the city. This acceler- building systems, and outdoor spaces.  maica and Long Island City in Queens.
           “We’ve invested record amounts   ation of investment further builds on   Since entering office, Mayor Ad-  Building on the success of City of
        of money into new housing, created   the monumental accomplishments we  ams has made historic investments  Yes for Housing Opportunity, Mayor
        record amounts of homes for New  have made and will be pivotal in creat- to create more affordable housing  Adams unveiled his “City of Yes for
        Yorkers, and passed historic zoning re- ing more affordable housing and get- and ensure more New Yorkers have  Families” strategy in his State of the
        form to open the door to more hous- ting more New Yorkers housed.”  a place to call home. Earlier this year,  City address earlier this year to build
        ing across the entire city. With this   The new funding — which will be  Mayor Adams announced that his   more homes and create more fami-
        $1.8 billion investment, we’ll deepen   moved from the out years of the cap- administration has  already created,  ly-friendly neighborhoods across New
        our commitment to creating the hous- ital plan into FY26 — underscores   preserved, or planned approximate- York City.


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