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HPD allocates $18M in tax credit for 13 affordable housing projects

The New York City Department of Housing Preservation and Development announced the allocation of $18.1 million in housing credits for 13 developments that will create and preserve 1,000 affordable apartments for New Yorkers across the five boroughs.

This year’s allocation of housing credits is substantially more than last year’s due to a 12.5 percent increase in credits that Congress passed.

“The Low Income Housing Tax Credit is one of the most important tools we have in this country to create and preserve desperately needed affordable housing,” said HPD commissioner Maria Torres-Springer. “Last year, Congress expanded the Housing Credit program for the first time in a decade, demonstrating how important affordable housing is nationwide.”

HPD awarded housing credits to ten new construction or adaptive reuse projects and three preservation projects.

Of the new construction/adaptive reuse projects, four will be developed with supportive housing set aside to serve formerly homeless families.

The Manhattan projects include: East Village Homes, a new construction project that will provide 44 units of affordable housing to the neighborhood, CLOTH Amsterdam, a preservation project that will provide 58 units of affordable housing to the neighborhood, and Balton Commons, a new construction project that will provide 37 units of affordable housing to the neighborhood.

There are several other projects in Brooklyn, Queens, Staten Island, and the Bronx, some of which include units that are specifically designated to go to formerly homeless households.

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Linda O'Flanagan