U.S. Housing Department of Housing and Urban Development (HUD) Secretary Marcia Fudge emphasized the importance of addressing the issues with housing inventory that are contributing to the affordability crisis while speaking with bankers at the JP Morgan Chase Housing Finance Summit.
“In New York City, I toured local housing developments, met with residents, and spoke to leaders in housing finance,” Fudge said. “To lower housing costs we must build more affordable housing and preserve the housing we have. Public private partnerships like the ones I saw in Brooklyn are promising steps forward.”
Fudge delivered her remarks at an event noting a joint venture in New York that created 100 apartment units for low-income seniors, including a large Chinese American population. HUD vouchers were used for 100 percent of the units, the agency said in a release.
Fudge also heard from stakeholders about the role partnerships between faith institutions and developers of color can play in increasing the supply of affordable housing and homeownership opportunities for underserved communities. She visited Nehemiah Spring Creek, a multiphase initiative transforming 45 acres of former wetlands into a mixed-income, smart-growth community offering apartment rentals and townhouse homeownership. The community will also offer public schools, family health and medical facilities, dining options, and human services. The project received public and private investments and benefits from HUD resources for sustainability.
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