NYC, Banks Set $350M For Affordable Housing
Mayor Bill de Blasio on Wednesday announced a partnership with several major banks for $350 million worth of construction and preservation of affordable housing.
The first $20 million will be donated by the city and its pension funds. On the private side, Citigroup will give $75 million, Wells Fargo $50 million, while other institutions like Morgan Stanley and Bank of America will give smaller amounts.
De Blasio aims to create or keep 200,000 units over 10 years, a plan estimated to cost $41 billion.
This article appeared in print on page 10 of edition of Hamodia.
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