Last week, Mayor de Blasio released the FY 22 Preliminary Budget. The Network is encouraged to see HPD’s total FY 22 capital budget is proposed at $1.45 billion. We were also pleased to see the FY 21 budget updated at $1.43 billion. This includes a restoration, announced in November, of the $466 million that had been cut in the spring.
Fiscal Year 2022 begins on July 1, 2021. We will be watching vigilantly to ensure that no further cuts are made during the budget process, which continues with the City Council response and the Executive Budget, typically released in April.
Looking further into the future, the Preliminary Ten Year Capital Strategy includes $10 billion for HPD, $2.5 billion of which is for Special Needs Housing, encompassing senior and supportive housing.
We are still analyzing the potential impact to social services in the expense budget and will follow up with more information as we have it.