Mayor Adams Announces $1.8B Investment in Affordable Housing Development In NYC

Mayor Eric Adams has announced a $1.8 billion investment to expedite the development of nearly 6,500 affordable homes across New York City. The funding, part of the ongoing “Affordable Autumn” initiative, includes a $1.5 billion increase to the New York City Department of Housing Preservation and Development’s (HPD) Fiscal Year 2026 budget, along with a $300 million boost to the New York City Housing Authority’s (NYCHA) Section 8 Conversions budget. The initiative is expected to increase HPD’s FY26 affordable housing output by approximately 25 percent.