New York’s New Housing Marketplace Plan

Launched in 2003, by the Bloomberg administration, the New Housing Marketplace Plan set a goal for the creation and preservation of 165,000 units of affordable housing by 2014.  According to a new report, through 2013, the City has succeeded in creating or preserving 160,000 such units at a total cost of $23.6 billion – the largest municipal housing effort in America’s history.

The Plan provides 500,000 New Yorkers – a community the size of Atlanta – with affordable housing.  In addition, the Plan resulted in the creation of 150,000 construction related jobs.  Through June of 2013, every dollar invested in the Plan by the City was leveraged with funding from other public and private sources.

Many of the developments created as part of the Plan are “green buildings.” Two examples are Arbor House in the South Bronx, a LEED Platinum development with a rooftop farm and Via Verde, a LEED Gold development also in the South Bronx which includes a roof-top vegetable garden and orchard.  The development and rehabilitation efforts of the Plan impact all 5 boroughs, with Manhattan receiving the largest investment - $8.3 billion, resulting in the construction or preservation of over 51,000 affordable units.

Building on the success of the Plan, new Mayor, Bill de Blasio, has called for the construction or preservation of 190,000 affordable housing units over the next decade.

To view the comprehensive New Housing Marketplace Plan, click here.

- See more at: http://www.goodwinsustainabledevelopment.com/blog/brandt/new-yorks-new-housing-marketplace-plan#sthash.VjNmWYMy.dpuf

Launched in 2003, by the Bloomberg administration, the New Housing Marketplace Plan set a goal for the creation and preservation of 165,000 units of affordable housing by 2014.  According to a new report, through 2013, the City has succeeded in creating or preserving 160,000 such units at a total cost of $23.6 billion – the largest municipal housing effort in America’s history.

The Plan provides 500,000 New Yorkers – a community the size of Atlanta – with affordable housing.  In addition, the Plan resulted in the creation of 150,000 construction related jobs.  Through June of 2013, every dollar invested in the Plan by the City was leveraged with funding from other public and private sources.

Many of the developments created as part of the Plan are “green buildings.” Two examples are Arbor House in the South Bronx, a LEED Platinum development with a rooftop farm and Via Verde, a LEED Gold development also in the South Bronx which includes a roof-top vegetable garden and orchard.  The development and rehabilitation efforts of the Plan impact all 5 boroughs, with Manhattan receiving the largest investment - $8.3 billion, resulting in the construction or preservation of over 51,000 affordable units.

Building on the success of the Plan, new Mayor, Bill de Blasio, has called for the construction or preservation of 190,000 affordable housing units over the next decade.

To view the comprehensive New Housing Marketplace Plan, click here.

 

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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