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In 2018, an estimated 9% of Battery Park City and Lower Manhattan residents lived in poverty, compared to 14% in all of Manhattan and 20% in all of New York City. One in twenty-five residents (4%) were unemployed, compared to 7% in Manhattan and 9% in New York City.
NYCHA is a public-benefit corporation, controlled by the Mayor of New York City, and organized under the State's Public Housing Law. [6] [11] The NYCHA ("NYCHA Board") consists of seven members, of which the chairman is appointed by and serves at the pleasure of the Mayor of New York City, while the others are appointed for three-year terms by the mayor. [12]
The New York City Housing Authority is experiencing record demand for subsidized housing assistance. However, just 13,000 of the 29,000 families who applied were admitted into the public housing system or received federal housing vouchers known as Section 8 in 2010.
There was a concern in the 1970s that residential housing construction was declining as people moved from New York City to the suburbs. [8] In response to this trend, the state passed the original 421-a tax exemption program in 1971, with the goal of encouraging the construction of more residential housing in the city. [9]
The New York State Division of Housing and Community Renewal (DHCR), was merged with the New York State Housing Finance Administration in 2010 to create the New York State Housing and Community Renewal agency. The new agency provided financing, maintenance and supervision of mortgages to developments as long as they remained in the Mitchell ...
In 1975, the New York City fiscal crisis caused most of the funding programs for co-op programs to collapse. The Association of Neighborhood Housing Developers (ANHD) and UHAB aided the tenants in the programs, however only 48 of the 286 formed or prospective low-income co-ops in 1973 were eventually completed. [13]
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