Mayor Bloomberg announces new five-year affordable housing plan
Mayor Bloomberg's new plan is called 'New Ventures Incentive Program. The program uses a partnership between the city and private sector to build affordable housing.
Under the mayor's five-year housing plan, 10,000 affordable housing units will be built. In the Bronx, the housing will be constructed on abandoned privately owned properties.
Four private banks have so far agreed to lend $40 million to get developers interested in funding affordable housing projects with the Department of Housing, Preservation and Development.
Once loans are approved, HPD would work with developers to do the proper environmental testing and cleanup of sites before breaking ground.