New York City Housing Authority reports and official releases

NYC Reaches $112.4B Budget Deal, Reverses Library Cuts, Allocates $2B for Housing

Jun 28, 2024, 01:39 PM

New York City Mayor Eric Adams and the City Council have reached an agreement on a $112.4 billion budget for the fiscal year 2025. The budget deal includes significant investments in affordable housing, with $2 billion allocated for building and preserving housing over the next two fiscal years. Additionally, the deal reverses proposed cuts to the New York City library system, ensuring $43 million in annual funding for libraries. The budget also restores funding to cultural institutions, parks, early childhood education, and other vital services. This agreement marks a significant victory for the City Council, which successfully pushed to reverse many of the mayor's proposed cuts.