OMB Director Solomon: $117.1 billion five-year capital plan and housing investments
Solomon presents the capital plan totaling $117.1 billion, including $4 billion in additional HPD capital for affordable housing, $500 million for NYCHA renovations, and $256 million for restoring vacant NYCHA units, with $5.6 billion total for NYCHA.
Turning now to the capital budget, the five-year capital plan totals $117.1 billion, growth of $4.1 billion over the preliminary capital plan.
The affordability crisis is exacerbated by an acute housing crisis, and the administration's block-by-block housing plan addresses the crisis head-on.
That is why we invested an additional $4 billion in the housing, in HPD agency capital funds over the five-year plan, and $500 million more in fiscal year 2031
to build and preserve affordable housing across the five boroughs.
We have also invested an additional $500 million in fiscal year 2028 for comprehensive NYCHA renovations.
and we're allocating $256 million from this fiscal year through fiscal year 2028, along with funds from the expense budget to restore vacant units so more families can move into safe, stable homes.
The capital plan includes a total of $5.6 billion for NYCHA, the most city capital devoted to NYCHA in recent history.
I look forward to working with you as partners to address the fiscal challenges ahead and identify resources that support our mutual priorities, including
keeping New York safe and clean, promoting education and public health, taking on the affordability crisis and making the city livable each and every day for the people who build it.
Thank you again for the opportunity to testify.
I'm happy to answer any questions that you have.