NYHC Calls on City to Increase Capital Funding to Maintain Affordable Housing Production

According to an analysis from NYHC, Mayor Adams’ Executive Budget has insufficient funding to maintain affordable housing production. HPD’s capital funding in FY25 is $2.1B, a reduction of 20% from $2.6B in FY24. NYHC estimates that the number of affordable housing units financed with capital subsidy will drop by 32% next year, financing half the number of new construction and special needs housing compared to recent years. See the full report here.