Adams Gets $1 Billion Hike to NYC Housing Agency Debt Cap
October 23, 2023 by Governor Kathy Hochul signed a bill raising New York City’s Housing Development Corporation (HDC) debt limit by $1 billion, increasing it to $19 billion. This move aims to address the city’s ongoing affordable housing crisis, which has been exacerbated by the pandemic. Mayor Eric Adams has set an ambitious goal of building 500,000 new homes over the next decade to meet the growing demand. Since 2003, HDC has issued over $32 billion in bonds to finance more than 208,000 units of affordable housing. The increased borrowing authority will enable HDC to continue its mission of expanding and preserving affordable housing in New York City.