New York City Mayor Eric Adams has launched the "Housing-at-Risk Task Force" to rescue housing projects at risk of forfeiting the expired 421- a tax reduction, his office said in a press statement. Adams created the program through an executive order signed on Wednesday.
The order empowers the task force to work with representatives of relevant departments, including Environmental Protection, Buildings, Housing Preservation and Development and City Planning and local authorities and external parties.
Adams' administration said at the core of the task force's responsibilities is ensuring that housing projects that began construction before the 421-a expiration date on 15 June last year do not forfeit the tax benefit on condition of completion by June 15, 2026.
The task force is expected to save up to 50 projects, delivering at least 5,000 affordable housing units.
The mayor also announced the appointment of Leila Bozorg, the national affordable housing expert, as the new housing executive director. He said Bozorg would be part of the expanded housing, economic development, and workforce team under the leadership of the deputy mayor, Maria Torres-Springer.
Adams said these efforts were part of his administration's commitment to cutting the red tape and making affordable housing accessible for all New Yorkers.
"We are not waiting to move forward on our ambitious housing agenda," said Adams. Torres-Springer echoed Adams's view and raved about Bozorg's appointment, adding that her wealth of experience would realize the administration's ambition for safe and affordable housing.
"New York is enormously lucky to have Leila as the executive director for housing. Leila is a first-class public servant with decades of experience in housing in New York and Washington, D.C. Her talents, work ethic, and compassion are unmatched and will benefit New Yorkers across the five boroughs as we combat our city's housing crisis," she said.
