The Furman Center at NYU has released a fact brief on the state of New York City’s subsidized housing, which reviews major programs used to develop and preserve affordable housing in the city and provides the number and location of properties that benefited from a subsidy or incentive in 2017. The report finds that there were over 1,900 properties containing a total of nearly 116,000 units in 2017 that were developed using the Housing Credit, with the majority of these units in Manhattan (37.7 percent) and the Bronx (35.6 percent). It also notes that of the 2,663 properties in the city with HUD and Mitchell-Lama subsidies in 2017, 11 percent could age out of affordability restrictions by 2023 unless renewed by the owners or the housing agencies. Since 2011, the NYU Furman Center has tracked information on the city’s subsidized housing and recently updated their Subsidized Housing Database, which includes data on financing programs, zoning and tax incentives to help affordable housing developers.
Last week the New York City Housing Authority (NYCHA) released a report estimating $31.8 billion in unmet capital needs for its aging NYCHA portfolio, in which the average building is roughly 60 years old and 70 percent were built prior to 1970. The report projects that the unmet capital needs will grow to $45.2 billion over the next 20 years. Last month the City of New York and NYCHA reached an agreement with the federal government that requires the city to invest over $2 billion more than what has already been promised to the agency over the next ten years — $1 billion within the first four years and then $200 million annually for the remaining six years — to make much-needed repairs in tens of thousands of public housing units.