Mayor Eric Adams has pledged an additional $5 billion in the next 10 years to support the city’s efforts to build more affordable housing. The spending proposal was made during the mayor’s first State of the City address, given at the Kings Theatre in Flatbush, Brooklyn.
The proposed funding would be split between the Department of Housing Preservation and Development, which is in charge of maintaining the city’s stock of affordable housing, and the New York City Housing Authority, the provider of public housing. The preservation department would receive $3.6 billion in housing subsides. NYCHA would receive $1.2 billion for its Permanent Affordabilty Commitment Together program, which converts homes into federally
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