Today, Mayor Zohran Kwame Mamdani and Deputy Mayor for Housing and Planning Leila Bozorg announced that the City financed the creation and preservation of 12,491 affordable homes in the first six months of 2026, including more than 2,000 homes for formerly homeless New Yorkers.
More than half of the homes will serve extremely and very low-income New Yorkers earning less than 50% of the area median income (AMI) - or less than roughly $68,000 annually for a two-person household. During the same period, the Mamdani administration connected 9,970 New Yorkers, including 4,370 formerly homeless people, to affordable housing.
These accomplishments, from the second half of fiscal year 2026, come as Mayor Mamdani is making a historic $22 billion capital investment in affordable housing over five years as part of his first budget as mayor. As part of its comprehensive Block by Block housing plan, the Mamdani administration is deploying innovative financing tools to help develop affordable homes more efficiently. The administration has also proposed a suite of "SPEED" reforms to cut up to two years from the pre-development, permitting and lease-up processes for affordable housing.
"Affordable housing is a lifeline for millions of New Yorkers, and we made it our responsibility to meet the housing crisis with the scale and urgency it demands. In just our first six months, we financed more than 12,000 affordable homes," said Mayor Mamdani. "And with a historic $22 billion investment over five years, we are just getting started. We are going to build more, preserve more and move more New Yorkers into homes faster than ever before."
"We are making historic investments and cutting through red tape to deliver the housing relief that New Yorkers need, more quickly. In our first six months in office, we have already taken important steps to finance affordable housing, permit new construction and help New Yorkers move into affordable homes more quickly, and we will scale up this work in the years to come," said Leila Bozorg, Deputy Mayor for Housing and Planning.
NYCHA investments
At public housing properties, NYCHA completed 32 capital projects between January and June 2026, covering 29 developments and benefiting more than 50,000 residents. The projects included heating, elevator, roof, facade, waste management and community center improvements.
The administration also financed the preservation of more than 900 NYCHA apartments through the Permanent Affordability Commitment Together (PACT) program during the first six months of the year.
Investments across the housing system
The affordable homes financed during the first six months of 2026 include:
- 1,428 affordable homes for seniors
- 1,287 units of supportive housing
- Preservation financing for 1,198 apartments in Mitchell-Lama developments
"In our first 6 months, we are already off to a running start. With new initiatives like SPEED and LIFT, we're building more affordable housing faster than ever. This year, we're building 50% more homeownership units and 40% more senior and supportive housing units than over the last 4 years," said Department of Housing Preservation and Development (HPD) Commissioner Dina Levy. "But our work is just getting started. We are ramping up to deliver an unprecedented amount of housing, including a record 200,000 affordable homes over the next decade. New Yorkers are struggling with high housing costs - and bringing them down is this administration's top priority."
"Today's production announcement reflects our shared commitment to addressing the housing crisis with urgency and at scale," said New York City Housing Development Corporation (HDC) President Eric Enderlin. "HDC is proud to continue this important work with the Administration, and our colleagues at HPD and NYCHA, to build and preserve affordable and public housing, expand opportunities for our most vulnerable residents and help more New Yorkers access safe, stable and affordable homes."
"The Mamdani administration has made it clear that housing is a top priority, and we are grateful for their commitment to ensuring NYCHA residents are at the center of that work," said NYCHA Chief Executive Officer Lisa Bova-Hiatt. "Through meaningful investment in both new affordable housing opportunities and the preservation of our existing housing stock, together we are strengthening NYCHA communities across the city. This critical work protects and improves the homes New Yorkers depend on today and positions NYCHA to remain a cornerstone of affordable housing in New York City for generations to come."
"As we face an unprecedented housing crisis, every new home is a win. Today's numbers show what's possible when we use all our tools - including policies like Mandatory Inclusionary Housing - to create permanently affordable homes and give New Yorkers the stability they need to thrive. And we're just getting started. Through our Block by Block housing plan and SPEED reforms, we'll keep breaking down barriers to housing and building a more affordable, equitable city," said Department of City Planning (DCP) Director Sideya Sherman.
"Affordable housing does double duty in this work," said Department of Social Services (DSS) Commissioner Erin Dalton. "It's both the exit ramp out of shelter and the guardrail that keeps New Yorkers from falling into homelessness in the first place. When more than 12,000 households can afford to stay in their homes, they never have to become part of our system at all."
