Targets for Affordable Housing Drop, But City Says Its Plan Still On Track

skyline1 2 Targets for Affordable Housing Drop, But City Says Its Plan Still On TrackAs the economic climate grows gloomier, the Bloomberg administration is predicting a drop in the amount of affordable housing to be produced in the coming years, according to figures in the latest Mayor’s Management Report, released yesterday. The lowered estimates, however, do not yet jeopardize the mayor’s ambitious plan to create 92,000 new affordable units by 2013, the city says.

Previously, the Department of Housing Preservation and Development dropped its target of new construction starts in the current fiscal year from 11,587 to 8,568. Now, yesterday’s MMR shows that HPD is expecting even fewer construction starts on new affordable units, with 7,947 predicted for the next fiscal year, which begins in July.

In a statement, a spokesman for HPD, Seth Donlin, said the city was still on track to reach its goal of creating and preserving a total 165,000 affordable units in the next half-decade:

“HPD remains committed and on track to reach the 165,000 unit affordable housing goal set by the Mayor. HPD periodically makes minor adjustments to its annual target numbers in order to better reflect the changing realities of the marketplace. With effective management and innovative financing we continue to adapt our strategies where needed to ensure we will meet the Mayor’s ambitious goals.”