Mayor's Affordable Housing Program Stalled
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It was announced yesterday that the weak economy and credit crunch has dealt a major setback to Mayor Michael Bloomberg's massive affordable housing program.
The New Housing Market Place Plan, which would provide 165,000 units of low and moderate income housing, has been pushed back a year.
The mayor announced the plan in 2003. By last September, half of the units had been funded.
The plan aims to provide affordable housing for roughly a half a million New Yorkers.
A spokesman says the Bloomberg administration is committed to fulfilling the entire plan.