New York, NY – New York City has launched its Neighborhood Pillars program to protect current tenants and preserve housing affordability.
Non-profit developers will be provided financial assistance to purchase buildings creating a rent-stabilized structure. This will allow thousands of New Yorkers with limited incomes to continue to live in the city. During the next eight years 7,500 affordable apartments will be provided.
“We are using every tool available to fight the affordability crisis, and with Neighborhood Pillars, we are adding one more,” said Mayor de Blasio. “Now, non-profit developers will have access to the capital required to purchase buildings and ensure their long-term affordability for over 18,000 New Yorkers.”
Changes in the state rent laws over the last few decades, combined with the surging demand for housing, have led to aggressive real estate speculation removing available housing for low income New Yorkers. Pre-qualified non-profits will have greater access to the capital and technical assistance they need to purchase rent-stabilized and unregulated buildings and finance their long-term quality and affordability.
“Our local nonprofits know the needs and wants of our communities better than anyone but the lack of access to capital is constant hurdle in their work, which is why the Neighborhood Pillars program is so important to preserving and improving our affordable housing stock across the City,” said Council Member Donovan Richards. “We must provide the tools to help local affordable housing organizations compete with big banks and speculators looking to benefit off of opportunities despite the community and their residents. I’d like to thank HPD Commissioner Torres-Springer and HDC President Enderlin for their commitment to supplying local organizations with the tools for success and stability.”