City Succeeds in Preserving ‘Affordable' Housing

The Bloomberg administration is more than 35% complete with its ambitious plan to preserve and create 165,000 units of low- and middle-income housing between 2003 and 2013, the city announced yesterday .

The city has preserved the "affordable" status of about 40,000 units, more than half of its 73,000-apartment goal.

However, the efforts for creation of affordable housing are less advanced, as the city has claimed the completion of only 25,000 of its target 92,000 units.

A spokesman for the city's Department of Housing Preservation and Development said the $7.5 billion initiative was on schedule and on budget, and the plan's early focus was intended to be on the preservation component.