Fight Over Affordable Housing Funds

Friday, February 20, 2009

The city and state are continuing to fight over a pot of money the city planned to use to build affordable housing. The funds, which currently total over $200 million, come from running Battery Park City in Lower Manhattan. An authority has been set up to administer the money. The governor, the mayor and City Comptroller Bill Thompson all have control over it.

THOMPSON: We need to say to the state of New York now, "No, you can't raid this fund. Keep your hands off this money because while we are all going through tough financial times, the need for affordable housing continues and it will continue today and tomorrow and the days after that."

The state's plan is to generate $540 million from the fund by using it to finance bonds that could then be sold to the public. Half the money would then go to the city. But, given the current economy, some city officials are skeptical the plan would work. Jeffrey Gordon, a budget division spokesman says the state is evaluating other options for growing the money.


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