New York City’s Affordable Housing Initiative for Seniors
$4 Million Program to Test Affordable Housing Solution
According to pix11, The city is trying to make housing more affordable for seniors. Mayor Eric Adams and his team think that by converting basements, attics, and backyard structures into extra housing units, they can help seniors stay in their homes. This will also help seniors who own a home to earn extra money by renting out the extra space.
The city is putting $4 million into a special program to test this idea. The program will allow up to 35 conversions to happen. This means that seniors can turn their homes into a source of income or a place for their kids to live. However, none of the projects have started building yet.
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New York City’s Ambitious Plan to Address Housing Crisis
The city wants to make housing more affordable and build more homes. Mayor Adams wants to create 500,000 new homes in the next 10 years. By changing the rules about how buildings can be used, the city can make it easier for people to find a place to live. This includes allowing seniors to convert their homes into extra housing units.