Today, the New York City Council unveiled a comprehensive breakdown of the $5 billion allocated to its City for All housing initiative, which complements the Zoning for Housing Opportunity (ZHO) amendment. This ambitious housing strategy, bolstered by $1 billion from Governor Kathy Hochul and the State of New York, is one of the most expansive in the city’s history. The plan aims to create 80,000 new homes and includes measures to increase housing affordability, support homeownership, enhance neighborhood infrastructure, preserve affordable housing, protect tenants, and strengthen the capacities of housing agencies.
City Council Speaker Adrienne Adams highlighted the Council’s effort to balance new housing creation with respect for neighborhood character and investment in community infrastructure. She emphasized that providing affordable and stable housing for working- and middle-class New Yorkers, while also supporting existing homeowners and tenants, is crucial for a safer and stronger city. Key investments include:
Enhancing Affordability and Preserving Housing
A $2 billion increase in housing capital investments to fund affordable housing development and preservation, support the Mitchell-Lama program, the New York City Housing Authority (NYCHA), and Housing Development Fund Corporations (HDFCs).
Introduction of affordability requirements in low-density zoning districts, a first for New York City, to implement citywide inclusionary zoning.
Large projects utilizing the Universal Affordability Preference (UAP) program must now allocate 20% of their income-restricted units at 40% Area Median Income (AMI) or lower.
Town Center, Transit-Oriented Development, and community facility projects must provide permanently affordable housing averaging 80% AMI.
The MIH Option 3, which mandates 20% of income-restricted housing at 40% AMI, is now a standalone option, paving the way for more deeply affordable housing.