City will spend $14M to rehab affordable housing
City Council Speaker Christine Quinn announced Monday at City Hall that $14 million will go toward maintaining affordable housing.
Quinn was flanked by Department of Housing Preservation and Development Commissioner Shaun Donovan, lawmakers and tenants on the steps of City Hall.
The $14 million comes out of HPD's 2008 capital budget. HPD will use the money to fix an estimated 500 units across the five boroughs.
Quinn said subsidized housing can go into foreclosure if landlords allow properties to fall into poor condition. According to officials, that would result in the city losing much-needed affordable housing.