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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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