Message from HDC President & Chair
The New York City Housing Development Corporation (HDC) has a long history of recognizing even the most difficult of challenges as opportunities. Last year, the very foundations of the public-private model underpinning affordable housing development across the country were at risk from budget cuts and tax reform proposals.
HDC was proud to take a leading role in the nationwide advocacy effort that not only fended off these threats, but also ultimately secured additional resources to help tackle the affordability crisis that is affecting more and more Americans each day. And, as we celebrated these wins with our industry partners across the United States, HDC was hard at work helping to fuel another record year of affordable housing production on the ground in New York City.
In 2017, HDC issued $1.56 billion in bonds and contributed nearly $300 billion in corporate reserves to finance a total of 13,980 homes in transformational new construction developments and large-scale preservation projects. In partnership with the New York City Department of Housing Preservation and Development (HPD), the City produced 24,536 affordable homes overall, nearly half of which will serve some of the lowest-income New Yorkers. This progress is a tribute to the creativity, nimbleness, and dedication of the teams at HDC and HPD and our partners at all levels of government and from across the affordable housing community.
Building on that momentum, we closed out the year by committing to accelerate and expand the housing plan to produce 300,000 affordable apartments by 2026. To achieve that ambitious goal, the Administration introduced Housing New York 2.0, a suite of proposals to do even more to put seniors first; to preserve our remaining Mitchell-Lamas; to protect more unregulated housing in fast-changing neighborhoods; to unlock the potential of more vacant and underused land; and to seize upon advances in technology and innovative design to deliver more affordable housing faster than ever before.
HDC will continue to fight to protect and expand the resources we need to build and preserve affordable housing and pursue innovative new tools and policies to stretch our dollars further. At the same time, we will continue to strengthen our partnerships, which are so critical to the work of building a more affordable, equitable, and just city for generations to come.