New York Launches New Housing Financing Initiative

The program is aimed at supporting housing projects with 70 percent or more affordable units.

1 minute read

December 28, 2023, 5:00 AM PST

By Diana Ionescu @aworkoffiction


Brick New York City apartment buildings with fire escapes and high-rise under construction in background.

deberarr / Adobe Stock

A new financing program from the New York City Department of Housing Preservation and Development (HPD) targets ‘mostly-affordable projects’ to spur housing construction, reports Rebecca Baird-Remba in Commercial Observer.

The Mixed-Income Market Initiative, as the program is known, applies to projects with 70 percent or more affordable units and offers developers a tax abatement and city subsidy. “Projects that don’t rely on federal Low-Income Housing Tax Credits (LIHTC), a common financing mechanism for affordable housing, can apply, and the tax break must be approved by the New York City Council.”

City officials say the program should help produce more affordable housing in more expensive neighborhoods, “where a small number of market-rate units could cross subsidize the lower-income affordable ones.” Projects are required to reserve 15 percent of units for people exiting the shelter system and 25 percent or more for ‘extremely low-income’ residents.

Tuesday, December 26, 2023 in Commercial Observer

portrait of professional woman

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Get top-rated, practical training

High-rise apartment buildings in Waikiki, Hawaii with steep green mountains in background.

Study: Maui’s Plan to Convert Vacation Rentals to Long-Term Housing Could Cause Nearly $1 Billion Economic Loss

The plan would reduce visitor accommodation by 25,% resulting in 1,900 jobs lost.

April 6, 2025 - Honolulu Civil Beat

People sitting and walking in plaza in front of historic Benton County Courthouse in Bentonville, Arkansas.

Placekeeping: Setting a New Precedent for City Planners

How a preservation-based approach to redevelopment and urban design can prevent displacement and honor legacy communities.

March 28, 2025 - Emily McCoy

Rusty abandoned oil well and equipment with prickly pear cactus next to it in West Texas.

Using Old Oil and Gas Wells for Green Energy Storage

Penn State researchers have found that repurposing abandoned oil and gas wells for geothermal-assisted compressed-air energy storage can boost efficiency, reduce environmental risks, and support clean energy and job transitions.

March 31, 2025 - Pennsylvania State University

Two people on bikes riding down paved Burke-Gilman bike trail in King County, Washington on a sunny day.

Washington State Plans Ambitious ‘Cycle Highway’ Network

The state is directing funding to close gaps in its existing bike network and make long-distance trips more accessible.

3 hours ago - Momentum Magazine

Small green ADU cottage in lush backyard in San Jose, California.

Homeowners Blame PG&E for Delays in ADU Permits

The utility says it has dramatically reduced its backlog, but applicants say they still face months-long delays for approvals for new electrical work.

4 hours ago - San Francisco Chronicle

Large oak tree in meadow with sun filtering from behind it in Angeles National Forest.

Rethinking Wildfire Defense: How a Landscape Approach Can Protect Neighborhoods

Post-fire analysis of the Eaton Fire reveals that a landscape approach — including fire-resistant vegetation, home hardening, and strategic planning — can help reduce wildfire risk, challenging assumptions that trees and plants are primary fire hazards.

5 hours ago - ASLA The Dirt