Since the start of the national recession in 2008, "we havefinanced more affordable units—nearly 17,000—than any other US cityor state," Bloomberg says in a statement. "Our administration is ontrack to build and preserve affordable housing for half a millionNew Yorkers by 2014, and we are as committed as ever to getting itdone."

Launched in 2003, the NHMP was first envisioned as a five-yearprogram to finance the construction or preservation of 65,000affordable housing units. The plan was expanded four years ago toset the goal at 165,000 affordable units, each accommodating anaverage of three occupants. To date, the city has invested $4.5billion in the program, and the New York City Housing DevelopmentCorp. has issued $5 billion in bonds.

Of the more than 100,000 units financed thus far, 33% were inManhattan, mainly in East and Central Harlem. Another 32% were inthe Bronx, 23% were in Brooklyn, 11% were in Queens and a littlemore than 1% were on Staten Island. Sixty-eight percent wererentals and homeownership units comprised the rest.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.