New York City Mayor Eric Adams announced that his administration will invest an additional $1.8 billion this fiscal year to speed up the creation and rehabilitation of affordable housing. The funding includes a $1.5 billion increase to the Department of Housing Preservation and Development (HPD) budget and a $300 million boost for the New York City Housing Authority (NYCHA), with a focus on Section 8 conversions.
The additional funding will support nearly 6,500 homes across more than ten projects, prioritizing vulnerable populations. HPD expects the increase to raise new affordable housing financed in FY 2026 by about 25%, while NYCHA’s allocation will convert roughly 2,500 public housing units to Section 8 through the Permanent Affordability Commitment Together (PACT) program, providing resources for repairs, building upgrades, and outdoor improvements.
Mayor Adams emphasized that the investment would “deepen our commitment to creating the housing New Yorkers need and the affordable future they deserve,” highlighting the administration’s record spending on new housing and historic zoning reforms to expand development across the city.
Deputy Mayor for Housing, Economic Development, and Workforce Adolfo Carrion, Jr. explained that the accelerated investment would be “pivotal in creating more affordable housing and getting more New Yorkers housed,” underscoring the administration’s efforts to address the city’s housing crisis.
Since taking office, the Adams administration has created, preserved, or planned over 426,000 homes. Programs like “City of Yes for Housing Opportunity” and “City of Yes for Families” aim to combine housing development with infrastructure improvements and family-friendly community amenities. Neighborhood plans in the Bronx, Midtown South, Atlantic Avenue, Jamaica, and Long Island City are expected to deliver tens of thousands of additional homes over the next 15 years.
The latest funding highlights the Adams administration’s ongoing efforts to address the city’s housing crisis by accelerating development and expanding access to affordable homes.
