New York City officials announce $500M investment for affordable housing

NEW YORK (PIX11) — To address the housing crisis, officials announced Monday morning an investment of $500 million to construct affordable housing throughout New York City.

Funds were generated from lease revenue acquired by the Battery Park City Authority, a New York State public benefit corporation that operates and maintains Battery Park City.

To date, the BPCA has contributed $461 million for affordable housing units, helping to build or preserve over 10,000 units.

“To solve a generational housing and affordability crisis, every sector has a role in providing relief to working-class New Yorkers. Today’s announcement takes us one step closer to delivering that relief,” said Mayor Eric Adams. “Our administration and our partners are united by a common cause: building more affordable housing. The only way to solve these dual crises is to simply build more, and with this $500 million commitment, we are coming together to use our dollars to make a difference and better support working-class New Yorkers.”

The announcement is the most recent update in a citywide push to construct more affordable housing. Last Tuesday, local officials celebrated the groundbreaking of Starhill Phase II, a project that will create 244 affordable apartments in the Bronx .

New Yorkers looking for affordable housing may browse and apply for open lotteries listed on NYC Housing Connect.

Ben Mitchell is a digital content producer from Vermont who has covered both local and international news since 2021. He joined PIX11 in 2024. See more of his work here .

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