This week the City Council passed the FY 2026 city budget after Mayor Eric Adams and Speaker Adrienne Adams announced a budget agreement last week. The adopted budget totals $115.9 billion, and housing funding is largely unchanged from the executive budget proposal.
The Council added discretionary funding, a normal part of the process for the city budget, including housing capital funding for projects in City Council member’s districts and expense funding for housing programs supported by the Council.
The expense budget for housing includes $5.2 million in Council-supported programs to address homelessness, and $18.2 million to support affordable housing programs in FY 2026. The Council-funded housing programs include funding for community land trusts, estate planning support, foreclosure prevention and a program to protect renters in predatory equity buildings. You can see the list of programs and the organizations that will receive funding in the Council’s Schedule C document here.
The capital budget includes additional $2.2 million in Council-funded support for NYCHA projects and $69 million in Council-funded support for HPD affordable housing projects in FY 2026. You can see the list of Council-supported capital funding here.
The adopted budget includes funding proposed in January as part of the City Council’s City for All housing plan, which accompanied the City of Yes for Housing Opportunity zoning changes, including $1 billion for housing capital, with roughly $825 million for HPD and $175 million for NYCHA.
The final adopted capital budget for FY 2026 will be released in the fall.