Elected officials join Citibank and Bank of America to announce affordable housing plan amidst protest
In what is considered by some elected officials to be a significant step forward in aiding New Yorkers affected by the housing crisis, Attorney General Eric Schneiderman was joined by other elected officials and representatives from Bank of America and Citibank at a press conference held outside the Sunset Park Library late last month to announce that the two banks will help finance the construction of over 2,300 affordable housing units in New York City.
“The landmark settlements that my office along with my federal counterparts have negotiated with several banks have led to projects like the one we are now announcing today and have helped us to put New Yorkers on a path to recovery,” said Schneiderman.
The two banks are providing nearly $75 million in investment by providing low-interest loans for 32 new and renovated affordable housing projects, 19 of which are in New York City.