Crain’s: New York City will subsidize construction of more mixed-income housing
December 26, 2023 The article discusses a new initiative by New York City’s Adams administration to provide government subsidies to developers for building mixed-income housing projects, aimed at addressing the city’s acute housing shortage. This Mixed Income Market Initiative (MIMI), run by the Department of Housing Preservation and Development, is designed to encourage the construction of housing in upscale neighborhoods by offering subsidies for projects that include a mix of extremely low-income to moderate-income and market-rate units. With a requirement for projects to be 70% affordable and 30% market rate, this program seeks to stimulate development across various neighborhoods, particularly those with little affordable housing, leveraging market-rate units to subsidize affordable ones. This initiative is part of broader efforts to distribute housing development more evenly across the city, including in wealthier areas that have historically seen little new construction.