Mayor Eric Adams Fast-Tracks $1.8B for Affordable Housing in Final Months
As his time in office winds down, Mayor Eric Adams makes moves to secure his housing legacy through a strategic budget shift.
Mayor Eric Adams may be on his way out of office, but he is not slowing down when it comes to affordable housing. Just days after withdrawing from the mayoral race, Adams announced plans to shift $1.8 billion from future capital budgets to this fiscal year for affordable housing projects in New York City.
The decision comes as a surprise to many, given that Adams has less than three months left in his tenure. However, the mayor is determined to make the most of his remaining time in office and secure his housing legacy.
The official reasoning behind the budget shift is to take advantage of a new federal law that expands eligibility for low-income housing tax credits. Under the previous law, projects had to be at least 50 percent funded by LIHTC in order to qualify. This created a barrier for many projects that could not reach the threshold.
While the mayor's office maintains that the decision is not about bolstering Adams' housing legacy