The City of New York enacted Friday at 2016 budget of $78.5 billion. Following through on Mayor de Blasio’s promised investment of more than $7 billion in City funds for affordable housing over 10 years, an increase in City capital has been strategically allocated to support the development of 80,000 new construction units and the preservation of 120,000 across the 5 boroughs. Local investment in affordable housing is $7.45 billion in capital, which is comprised of $7.1 billion from City Capital, $279 million in HOME and $75 million in Reso A over 10 years. City Capital must account for any reductions of federal HOME and CDBG funds stemming from anticipated federal cuts and transfers to other City agencies. Click here to read more.