Mayor Bloomberg and Shaun Donovan, commissioner of the Department of Housing Preservation and Development, today announced that the city's 10-year plan [PDF] to build or preserve 165,000 units of below-market rate housing has hit is midpoint, with 82,500 units financed [press release here].
Among the stats the city highlighted was its strikingly low foreclosure rate. Of the 17,109 homeownership units in the plan (most are rental, similar to the overall ratio citywide), just five have faced foreclosure.
Why?
The city keeps its owners on a shorter leash than the private market, steering buyers clear of subprime mortgages and other loans that could allow them to be overextended. read more »
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