The New York City Department of Housing Preservation and Development announced $15.5 million in housing credits across 10 developments on Wednesday.
The award will go toward new construction and preservation of 696 developments, including senior housing, most of which will serve low-income New Yorkers. There are five new construction projects, four preservation projects and 250 homes for formerly homeless tenants.
“The Low Income Housing Tax Credit program remains one of the most powerful federal tools that cities have to create and preserve affordable housing,” said HPD Commissioner Louise Carroll in a press release.
The credits will also generate $155 million in equity to be used for the construction
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