Crain’s: City, construction group launching $400M affordable housing fund
March 08, 2024 The Adams administration in New York City is collaborating with the Building and Construction Trades Council and Cirrus Real Estate Partners to launch a fund exceeding $400 million aimed at bolstering affordable housing. The initiative, leveraging over $100 million initially pledged by the trades council and Cirrus, seeks to facilitate housing development affordable to construction trades workers, emphasizing environmental sustainability and proximity to transit. Targeted at New Yorkers earning 80% to 140% of the area median income, the project focuses on union-built developments and mixed-income projects on city-owned land. This effort is part of Mayor Eric Adams’ broader goal to create 500,000 new homes over the next decade, aligning with his “City of Yes” housing plan to increase housing supply through regulatory changes and incentives. The plan also involves negotiations for replacing the expired 421-a affordable housing tax break, highlighting a significant push towards enhancing affordable housing availability in the city.