City’s $500M commitment to affordable senior housing questioned
Friday, April 12, 2019
Nearly a year ago, Mayor Bill de Blasio promised $500 million to build low-income housing for seniors. Now, the city is walking back that figure, which it says merely reflects an estimate of the total resources needed to fund the senior developments—only $100 million in direct city dollars will actually go toward building those apartments. The rest of the housing will be funded through subsidies, tax credits, and borrowing off of revenue expected from rent subsidized by the federal Section 8 program, according to a mayoral spokesperson.
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