As Mayor, Mike Bloomberg created the largest affordable housing program in the country, with 175,000 affordable housing units constructed or preserved between 2002 and 2013. Through innovative policies like “inclusionary zoning,” the Mayor created new incentives for the development of affordable housing.
Largest affordable housing program in the US.
Foreclosure rate under .6% in New Housing Marketplace homeownership units.
Rental housing stock highest quality ever.
Progress: Affordable Housing
Affordable Housing Starts: More than 175,000 units were newly constructed or preserved between 2002 and 2013, the largest affordable housing program in the nation.
Major Projects Included: Hunter’s Point South in Long Island City, Gotham West on the west side of Manhattan, City Point in downtown Brooklyn and Via Verde in the South Bronx.
Foreclosure Rate: Under .6% of homeownership units in the City’s affordable plan entered foreclosure.
Retail Space: 1.8 million square feet of retail space was created as a result of affordable housing development.
Recognition: The City won the Harvard Innovations in Government Award for facilitating access to capital for non-profits so they can compete with for profit developers to build affordable housing.
Inclusionary Zoning: The City made developing affordable housing more appealing to the private sector through inclusionary zoning, which led to the creation of 4,000 units of affordable housing.
Micro-units: The City created a pilot program, the adAPT NYC competition, to develop a new housing model that caters to the City’s growing number of small-sized households.
Financing: The City’s Housing Development Corporation (HDC) issued roughly 10% of all the multifamily housing revenue bonds in the U.S. From 2004 to 2013, HDC was the largest national issuer of mortgage revenue bonds for affordable multifamily housing.
Credit Rating: In 2013, S&P and Moody’s reaffirmed HDC’s AA/Stable rating, specifically noting its history of no unintentional defaults, its strong underwriting and asset management practices, and its conservative financial policies.
PROTECTING THE HOUSING STOCK
Rental Housing Quality: In 2013, the condition of the City’s rental housing stock was the best on record, according to the triennial Housing and Vacancy Survey.
Preserving Mitchell-Lama Housing: Nearly 30,000 moderate income apartments in 47 Mitchell-Lama developments were rehabilitated and preserved.
Code Enforcement: The average time to close emergency complaints went down from 14.7 days in 2007 to 12.3 days in 2011, and the overall number of code inspections completed increased by 14%.
Proactive Preservation Initiative: Launched in 2011, over 85% of the buildings that were treated by HPD code enforcement had a 50% or greater reduction in violations.
Alternative Enforcement Program (AEP): Launched in 2007, this extremely effective code enforcement initiative that annually targeted the 200 most physically distressed multifamily buildings in the City for remediation.
Underlying Conditions: In 2013, Mayor Bloomberg signed a law specifying that the City’s Housing Preservation and Development agency can issue Orders to Correct that require an owner to address systemic conditions in a building.
MORTGAGE CRISIS RESPONSE
Center for NYC Neighborhoods: The administration, with the City Council, created the Center for NYC Neighborhoods (CNYCN) to combat the growing single family foreclosure crisis. The program’s success made it a national model for foreclosure assistance.
Homeowner Support: Almost 25,000 homeowners received homeownership counseling or legal assistance through a CNYCN funded non-profit provider.
Mortgage Payment Reductions: CNYCN funded counselors negotiated mortgage payment reductions to save New Yorkers approximately $1,000 per month on average.
GREENING HOUSING AND NEIGHBORHOODS
ZoneGreen: The Bloomberg administration adopted ZoneGreen zoning amendments that remove impediments to the construction and retrofitting of green building elements, including roof mounted solar panels, wind turbines and greenhouse and thicker insulation in buildings.
Enterprise Green Communities Certification: The City’s Housing Preservation and Development agency instituted a uniform green building policy to ensure the City’s investments in affordable housing are going towards buildings that have deeper affordability through lowered utility bills and healthier living environments, while balancing maximum benefit to tenants and owners with low incremental upfront costs.
NYC Green House: Launched by the Bloomberg administration, this education initiative shows owners and managers of residential buildings how to save money by going “green.”