Two officials say the mayor's office has agreed to allocate as much as $5 billion.
Mayor Eric Adams is agreeing to unlock $5 billion in city funding to secure a deal on his sweeping housing plan, according to three city officials with direct knowledge of the arrangement.
The last-minute deal includes funding for sewers, streets and open spaces, along with additional staffing at housing agencies, the sources said. The money will also subsidize affordable housing construction and preservation, in exchange for City Council support for the housing plan, according to the same officials. They all requested anonymity to discuss the plan ahead of an official announcement.
Administration officials agreed to the Council’s funding demands during the final stretch of negotiations on Thursday morning, after talks were held up overnight, according to two of the officials. The deal comes asBecause he's considering a run for City Council, here are your early links: Art banana sold, this week in toilet paper hoarding, Verrazzano Bridge turns 60 and more.
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