Adams Commits $24.7B to Affordable Housing Over 10 Years

Adams Commits $24.7B to Affordable Housing Over 10 Years
News| April 28, 2025| Paul Bubny
New York & Tri-State + Apartment Buildings

Mayor Eric Adams said Monday that his administration will allocate $24.7 billion toward affordable housing through the city’s 10-Year Capital Plan, including a $1-billion commitment for housing as part of the “City of Yes for Housing Opportunity” initiative. Further, New York City will invest an additional $350 million in the Permanent Affordability Commitment Together and New York City Public Housing Preservation Trust programs to renovate thousands of New York City Housing Authority units.

Additionally, the city will invest $46 million more to revitalize the city’s 15/15 Supportive Housing Initiative and create and preserve 5,850 supportive housing units. The added commitment brings the total investment to $229 million over several fiscal years.

“The sweeping investments we are announcing today as part of the ‘Best Budget Ever’ will help so many New Yorkers, from vulnerable people living on our subways to families searching for their first home, and create a safer, more affordable city for the decades to come,” Adams said.

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