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Yesterday Mayor de Blasio and Comptroller Scott Stringer announced that they plan to create a $350 million fund to loan money to developers to create or preserve affordable housing. The fund will draw on a mix of public and private money, The New York Times and The Real Deal reported, such as $40 million from city pension funds, $20 million from the city’s Housing Development Corporation, and loans from Citi Bank, Wells Fargo, Morgan Stanley and others.

The nonprofit lender Community Preservation Corporation will administer the money. Developers can use the loans to acquire, build, renovate and preserve affordable housing. The fund will focus on buildings with 20 to 100 units.

Officials estimated the loans would help make or keep 7,500 affordable apartments. Do you think this will help make Brooklyn more affordable?

$350 Million for New York’s Affordable Housing Effort [NY Times]
New $350M fund to be invested in affordable housing [TRD]


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