Bloomberg Unveils $3B AH Plan

New York Mayor Michael Bloomberg has announced a $3 billion housing plan that aims to build and preserve more than 65,000 homes and apartments throughout the city over the next five years.Considered the most complex and substantial affordable housing initiative taken by the city in a decade, the new plan will fund the construction of 27,000 new housing units, a 25% increase compared with the last five years, and the preservation of another 38,000 units. Addressing the 29th Annual Awards Luncheon sponsored by the National Housing Conference and the New York Housing Conference, the mayor pledged his commitment to the "fundamental" need for affordable housing "in these difficult budget times." The city plans to use innovative ways of financing to "substantially offset the capital budget cuts in housing," and to redirect funds previously earmarked for the city's so-called "in rem" housing stock. "I'll be happy if, at the end of the day, New Yorkers remember me for the same reason they remember and love [former Mayor] Ed Koch: for his tremendous record of achievement in areas like housing," the mayor said.