NYC, Banks Set $350M For Affordable Housing

NEW YORK (AP) -

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.