Mayor Bloomberg creates fund for Bronx, city affordable housing

Land continues to dwindle in the Bronx and city for affordable housing. Now, Mayor Bloomberg is creating a fund that would help developers buy private property for low-income use.

A deal with national charities, financial institutions and the city will create a $200 million fund for affordable housing. The goal of the New York Acquisition Fund is to build and preserve more than 30,000 low-income units over the next 10 years.

Organizations that create affordable housing units are typically small local developers that lack the resources to build. Bloomberg says the fund would help level the field.

The city currently has 250,000 people on a waiting list for Section Eight public housing assistance.

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