New York Governor Kathy Hochul, New York City Mayor Eric Adams, and New York City Comptroller Brad Lander announced on Monday a $500 million investment from the Battery Park City Authority’s Joint Purpose Fund to support affordable housing development in New York City. This agreement between the BPCA, mayor, and comptroller will allocate excess operating funds from long-term ground leases at Battery Park City to the Affordable Housing Accelerator Fund.
The new Joint Purpose Fund agreement follows a previous one that has already provided $461 million for affordable housing since 2010. This funding has helped create or preserve over 10,000 units of affordable housing across all five boroughs.
Eric Enderlin, president of the New York City Housing Development Corporation stated that as NYC’s housing crisis worsens and construction costs rise, it is crucial for city and state leaders to secure innovative financing sources like this one. He also looks forward to working with partners in leveraging this vital funding towards providing more homes for residents of NYC.
