City budget deal allocates $2B for housing, restores library funding

Mayor Eric Adams’ administration has reached a deal with the City Council on a budget that undoes at least some of the cuts he had previously imposed and adds new funding for housing construction, according to City Hall and a person familiar with negotiations.The mayor’s office announced Thursday evening that it had agreed to fully restore $58 million in cuts to the city’s three public library systems, which would have ended weekend service, and undo a separate $53 million cut to cultural institutions. The preliminary deal also includes $43 million in new recurring funding for the libraries, according to the source, who requested anonymity to discuss ongoing talks. (Gothamist first reported the restored funding.)Additionally, the Adams administration has agreed to commit $2 billion in new capital money for housing over the next two years, the source confirmed. That funding, first reported by the Daily News, comes after affordable housing advocates had warned that production would drop under Adams’ most recent spending plan, unless funding were increased by at least $800 million.Details of the deal are expected to be announced on Friday in a traditional “handshake” at City Hall between the mayor and Council Speaker Adrienne Adams.“Since day one, our administration has been laser focused on delivering for working-class New Yorkers and by working side-by-side with our partners across the hall, we are proud to announce a full restoration of funds to both our libraries and... Continue reading at 'Crains New York'

[ Crains New York | 2024-06-27 23:09:36 UTC ]

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