A.G. Schneiderman Announces $220 Million Multi-State Settlement With Deutsche Bank For Artificially Manipulating Interest Rates

Manipulated Interest Rates Harmed Government And Not-For-Profit Entities In New York And Throughout The Country

Schneiderman: Protecting The Integrity Of Our Financial Markets, And Making Sure That Banks Are Deterred From Wrongdoing, Are Two Of Our Top Enforcement Priorities. New York Is Committed To Maintaining The Strength Of The Financial Services Sector By Working To Keep It Free Of Manipulation And Fraud.

 Attorney General Eric T. Schneiderman today announced a $220 million, 45-state settlement with Deutsche Bank for fraudulent conduct involving the manipulation of U.S. Dollar (USD) LIBOR (the London Interbank Offered Rate) and other benchmark interest rates. Benchmark interest rates affect financial instruments worth trillions of dollars and have a widespread impact on global markets and consumers because LIBOR may determine how much they will be paid on their investments. New York and California led the working group of State Attorneys General investigating Deutsche Bank.  

“We will not tolerate fraudulent, manipulative or collusive conduct that interferes with or undermines confidence in our financial markets. Large financial institutions, like all other market participants, have to abide by the rules,” said Attorney General Schneiderman. “As a result of Deutsche Bank’s misconduct, government entities and not-for-profits were defrauded of funds that otherwise could have been used to benefit New Yorkers.”

Click here to read a copy of the settlement agreement.

From 2005-2010, a panel of 16 banks made USD LIBOR submissions that were supposed to reflect borrowing rates in the interbank market. A daily LIBOR rate was calculated by averaging the middle eight submissions. The investigation found that from as early as 2005 and continuing through the financial crisis, Deutsche Bank acted unlawfully. Specifically, the investigation found that Deutsche Bank defrauded counterparties by failing to disclose that: (a) Deutsche Bank made false or misleading LIBOR submissions; (b) Deutsche Bank’s traders attempted to influence other banks’ LIBOR submissions to benefit Deutsche Bank’s trading positions; and (c) Deutsche Bank was aware that other banks were manipulating their LIBOR submissions and that LIBOR was a false rate. As a result of this misconduct, Deutsche Bank employees and management knew or had strong reason to believe that Deutsche Bank’s and other panel banks’ LIBOR submissions did not reflect their true borrowing rates and that published LIBOR rates did not reflect the actual borrowing costs of Deutsche Bank and other panel banks.

Deutsche Bank employees did not disclose these facts to the affected governmental and not-for profit counterparties, even though these rates were material terms of the transactions. Government entities and not-for-profit organizations in New York and throughout the U.S., among others, were defrauded of millions of dollars when they entered into swaps and other financial contracts with Deutsche Bank without knowing that Deutsche Bank and other banks on the USD-LIBOR-setting panel were manipulating LIBOR.

According to the terms of the settlement, those entities with LIBOR-linked swaps and other investment contracts with Deutsche Bank will be notified if they are eligible to receive a distribution from a settlement fund of $213,350,000. The balance of the settlement payment will be used for the expenses of the investigation and for other uses consistent with state laws.

Deutsche Bank is the second of several USD-LIBOR-setting panel banks under investigation by the State Attorneys General to resolve the claims against it, and Deutsche Bank has cooperated with the investigation. The Attorney General’s Office benefits from the information and evidence provided by corporations that timely cooperate with the Attorney General’s investigations. Such cooperation can facilitate civil enforcement efforts, including restitution for victims of the offense.

Other states joining New York in the Deutsche Bank settlement include: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, District of Columbia, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Hampshire,  New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Utah, Virginia, Washington, West Virginia, Wisconsin and Wyoming. The investigation into the conduct of several other USD LIBOR-setting panel banks is ongoing.

MAYOR DE BLASIO ANNOUNCES NEW PROGRAM TO SAVE CITY’S REMAINING AFFORDABLE MITCHELL-LAMA DEVELOPMENTS

Key piece of City’s accelerated 300,000-apartment affordable housing plan will invest $250 million to protect 15,000 Mitchell-Lama apartments at risk of flipping to market-rate

   Mayor Bill de Blasio today announced a new Mitchell-Lama Reinvestment Program to protect the long-term affordability of the City’s remaining Mitchell-Lama developments.  Nearly 20,000 of the City-supervised co-ops and rentals in New York City’s storied Mitchell-Lama buildings have left the program since 1989. The lure of raising rents to profit from the City’s real estate boom, or of selling once affordable co-op units for market-rate prices is an ever-present threat to this critical portfolio. The new program, with an initial infusion of $250 million, will target more than 15,000 homes over the next eight years to save Mitchell-Lamas where affordability is at risk.

Along with the Neighborhood Pillars program, the Mitchell-Lama Reinvestment Program is the second new initiative announced as part of the Mayor’s plan to accelerate the creation and preservation of affordable housing across the city by financing 200,000 affordable homes, and expand that goal to 300,000 affordable homes by 2026 – enough to house the entire population of Boston.

“From Coney Island to the Upper West Side and for decades, hundreds of Mitchell-Lama buildings have offered stable, affordable homes for New York working families. We cannot afford to lose one more of these homes. We’re investing to protect them for the seniors and families who helped build our neighborhoods, and for generations to come,” said Mayor Bill de Blasio.

Since the inception of the Mayor’s Housing New York Plan, the City has preserved, or extended the affordability, of 30 Mitchell-Lama developments with 11,000 residences. Of the approximately 100 remaining developments, with more than 45,000 homes, about two-thirds are affordable cooperatives, representing a significant source of affordable homeownership opportunity for New York City. The others are affordable rental apartments.

With an initial investment of $250 million, the City aims to prevent loss of these affordable homes and apartments by leveraging an array of financing tools to restructure existing debt, provide long-term tax benefits, and fund critical capital repairs.

Most Mitchell-Lama developments, originally funded by the federal government, date from the 1950s and 1960s, and many now need significant rehabilitation work. In addition to low-cost financing, the program will provide Mitchell-Lamas with extended property tax exemptions. These tools help reduce operating costs, which in turn works to keep rents and maintenance fees low for residents. In exchange for the benefits, property owners agree to keep the buildings affordable for at least 20 more years – extending their affordability for another generation or more.

Over the next eight years, the program will seek to preserve long-term affordability for 15,000 Mitchell-Lama residences, both co-ops and rentals.

“With the City’s existing affordable housing stock under increased threat, it’s more important than ever that we preserve our remaining Mitchell-Lama developments,” said City Housing Development Corporation President Eric Enderlin. “I look forward to working with the Mayor and HPD, as we ramp up our efforts to ensure that hardworking individuals and families have continued access to affordable homeownership and rental opportunities.”

“We are working on every front to shore up the affordability of our neighborhoods and saving our Mitchell-Lamas is a key priority.  As part of our push to accelerate and expand the Housing New York plan, this new program will expand our capacity to secure the remaining Mitchell-Lama developments, a vital source of affordable homeownership,” said Housing Preservation and Development Commissioner Maria Torres-Springer. “I want to thank the Mayor, my colleagues at HPD and HDC, and our many partners for their efforts to protect the long-term health and affordability of this critical stock of affordable housing for New Yorkers.”

Engel: Declaring Public Health Emergency for Opioid Epidemic a Step Forward, But Lacks Teeth

  Congressman Eliot L. Engel, a top Member of the House Energy and Commerce Committee, released the following statement on President Trump’s declaration of a public health emergency regarding the nation’s ongoing opioid epidemic:

“Today’s declaration is a step forward, but a delayed one that lacks real teeth. Though it is progress, we still cannot let the Administration and Congressional Republicans continue to promote policies that would take us backward.

“We will not successfully combat the opioid epidemic if Republicans continue their crusade against the Affordable Care Act (ACA). Prior to the ACA, more than a third of individual market policies did not cover substance use treatment. Now, thanks to the ACA, coverage of that treatment is guaranteed. Republicans’ ACA repeal bills would have also ended the Medicaid expansion and cut more than $800 billion from the Medicaid program, which has been a lifeline in affording people with substance use disorders access to treatment.

“On top of sabotaging the ACA, Republicans have allowed funding for community health centers and the Children’s Health Insurance Program run dry, allowed cuts to safety net hospitals, and repeatedly failed to allot the funding needed to tackle this emergency head-on. While this declaration is positive, without additional funds to aid medical facilities that are already facing severe Republican cuts, it will not be enough to make a real impact.

“Rhetoric alone will not save lives. Congress must invest the funds needed to respond to the opioid epidemic and support proven public health interventions. This crisis will require real dollars, and I hope the Republican Majority will support the investment needed to turn the tide of this epidemic for good.”

New Yorkers for Mark Gjonaj

Dear Friends,

As we are reaching the final weeks of my NYC Council Campaign for the General Election on Tuesday, November 7th, I'm gathering my friends, family, and close supporters for one final push to help me over the line on Monday, October 30th at Pine Bar & Grill Restaurant on Eastchester Road.

 

This race has been a marathon, and you have been with me every step of the way. I am so grateful for your support and contributions to my campaign, and hope I can count on you to come and show your support on October 30th.

 

Please find below a flier with details of the event. As always, feel free to reach out to me at our campaign office located at 2018 Williamsbridge Road, Bronx, NY 10461 or call (718) 684-4888.

 

Thank you again.

Respectfully,

Assemblyman Mark Gjonaj & Senator Jeff Klein's - Halloween Events!

Assemblyman Mark Gjonaj & Senator Jeff Klein's

5th Annual Halloween Parade & Party

Saturday, October 28th,2017

Parade: 

Assemble at 1:30PM 

SE Corner of Pelham Parkway & White Plains Rd

Parade Kick-Off: 2PM

towards P.S 105

Party: 

P.S 105

725 Brady Avenue

Bronx, New York 10462

2:30PM-4:30PM 

For more information please call 718-409-0109.

Drug Dealer Charged In Manhattan Federal Court For Selling Heroin And Counterfeit Oxycodone Over The Internet

Defendant Arrested With Approximately 32 Kilograms of Illicit Prescription Pills In His Possession

  Joon H. Kim, the Acting United States Attorney for the Southern District of New York, James J. Hunt, the Special Agent-in-Charge of the New York Field Office of the Drug Enforcement Administration (“DEA”), Philip R. Bartlett, Inspector-in-Charge of the New York Office of the U.S. Postal Inspection Service (“USPIS”), James P. O’Neill, the Police Commissioner of the City of New York (“NYPD”), George P. Beach II, the Superintendent of the New York State Police (“NYSP”), and Angel M. Melendez, the Special Agent-in-Charge of the New York Field Office of the U.S. Immigration and Customs Enforcement’s Homeland Security Investigations (“HSI”), announced today the arrest of CRISTIAN RODRIGUEZ, who distributed through the U.S. mail heroin, oxycodone and other prescription drugs that were illegally sold over the Internet and on “dark web” marketplaces.  When RODRIGUEZ was arrested yesterday, the DEA and USPIS seized approximately 32 kilograms of prescription drugs that were in his apartment.  The defendant was presented yesterday before U.S. Magistrate Judge Ronald L. Ellis in Manhattan federal court.     

Acting Manhattan U.S. Attorney Joon H. Kim said:  “As alleged, Cristian Rodriguez used the anonymity of the internet to peddle massive quantities of addictive pain killers without valid prescriptions.  Hiding behind computers, Rodriguez and his co-conspirators allegedly sold and shipped multiple kilograms of highly addictive prescription drugs and potentially lethal opioids.  Thanks to the outstanding work of our law enforcement partners, Rodriguez has been arrested and his dangerous business has been taken offline.”

DEA Special Agent-in-Charge James J. Hunt said:  “Anonymity is a drug trafficker’s friend and law enforcement’s foe.  Yesterday’s street corner dealer has been replaced by the dark web that enables criminal activity and drug addiction.  Online illicit marketplaces challenge law enforcement, but this investigation demonstrates how joint efforts can lead to the arrest of an alleged major drug distributor based in New York City.”

USPIS Inspector-in-Charge Philip R. Bartlett said: “The opioid crisis has become a national emergency impacting the lives of so many unsuspecting families.  Postal Inspectors, along with their law enforcement partners, are determined to put a stop to the distribution of illegal narcotics, safeguarding the American public.”

NYPD Commissioner James P. O’Neill said:  “This defendant attempted to use the anonymity of the internet to peddle heroin, counterfeit oxycodone, and other prescription drugs to those battling serious addiction.  Those who profit on at the expense of others’ well-being will be investigated and prosecuted, aggressively. Today’s arrest is the latest example of our continued commitment.”

NYSP Superintendent George P. Beach II said:  “This arrest is another example of how dedicated police work and strong law enforcement partnerships are succeeding in keeping dangerous narcotics from infiltrating our neighborhoods.  Criminals who illegally sell counterfeit prescription drugs are putting our communities as risk.  These pharmaceuticals, when not taken under the supervision of a doctor, can be highly addictive and destroy lives.  I commend the hard work of the Strike Force and all of our law enforcement partners as they fight to keep drugs off our streets and work to prevent prescription drug abuse.”

HSI Special Agent-in-Charge Angel Melendez said:  “These multi-agency task forces are essential in the fight against the illegal proliferation of potentially deadly and highly-addictive prescription drugs.  The arrest of the defendant and the significant seizures announced today ensure that these drugs will never make it into our communities to do untold harm.”

According to the allegations in the Complaint and statements made in Manhattan federal court:[[1]]    

Since at least May 2016, RODRIGUEZ and his co-conspirators anonymously sold and distributed controlled substances over the Internet via online marketplaces and “dark web” sites.  RODRIGUEZ shipped various prescription drugs, including counterfeit oxycodone, which was actually made of heroin and other substances, to individuals across the United States.  RODRIGUEZ maintained a stockpile of these drugs in his apartment in the Bronx, New York.  A search of RODRIGUEZ’s residence at the time of his arrest uncovered, among other things, approximately 32 kilograms of prescription drugs, shipping supplies, drug paraphernalia, money transfer records, and electronics typically used in the operation of online narcotics distribution schemes.                

           

RODRIGUEZ, 43, of the Dominican Republic, was charged with one count of distributing and possessing with intent to distribute heroin and oxycodone, which carries a maximum sentence of 20 years in prison.  The maximum potential sentence is prescribed by Congress and is provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge. 

Mr. Kim praised the outstanding investigative work of the U.S. Postal Inspection Service and the DEA’s New York Organized Crime Drug Enforcement Strike Force.  The Strike Force comprises agents and officers of the DEA, the New York City Police Department, Homeland Security Investigations, the New York State Police, the U.S. Internal Revenue Service Criminal Investigative Division, the Bureau of Alcohol, Tobacco, Firearms and Explosives, the U.S. Secret Service, the U.S. Marshals Service, the New York National Guard, the Clarkstown Police Department, the U.S. Coast Guard, the Port Washington Police Department, and the New York State Department of Corrections and Community Supervision.  The Strike Force is partially funded by the New York/New Jersey High Intensity Drug Trafficking Area (“HIDTA”), which is a federally funded crime fighting initiative and part of the Organized Crime Drug Enforcement Task Force (“OCDTEF”) program.

In an effort to help prevent prescription drug abuse and theft, the DEA and its local law enforcement, community, and tribal partners are offering the public its 14th opportunity in seven years to rid their homes of potentially dangerous expired, unused, and unwanted prescription drugs.  This Saturday, October 28, 2017, from 10:00 a.m. to 2:00 p.m., individuals can take pills and other solid forms of medication to one of almost 5,000 collection sites manned by more than 4,000 partners nationwide.   Individuals can find nearby collection sites at www.DEATakeBack.com  The service is free and anonymous, no questions asked.

The charges contained in the Complaint are merely accusations, and the defendant is presumed innocent unless and until proven guilty.

 

[1] As the introductory phrase signifies, the entirety of the text of the Complaint and the descriptions of the Complaint set forth below constitute only allegations, and every fact described should be treated as an allegation.

A.G. Schneiderman Announces Guilty Plea Of Ringleader In Upstate New York Cocaine Trafficking Ring

Cedric James Will Face Up To 12 Years In Prison For Selling Hundreds Of Thousands Of Dollars Worth Of Cocaine

16 Defendants Have Now Pleaded Guilty As Part Of Operation Wrecking Ball, Which Uncovered A Drug Trafficking Ring That Operated In Albany, Schenectady, And Rensselaer Counties

Pleas Are Latest In AG’s SURGE Initiative To Crackdown On Suburban & Upstate Traffickers – Part Of Multi-Faceted Approach To Tackling The Opioid Epidemic

  Attorney General Eric T. Schneiderman announced the guilty plea of Cedric James of Brooklyn, NY, the ringleader of a drug trafficking ring that distributed cocaine throughout Albany, Schenectady, and Rensselaer counties. James will face up to 12 years in prison at sentencing. The drug takedown was part of the Attorney General’s “Operation Wrecking Ball,” which charged 19 individuals with 226 crimes; to date, 16 defendants have entered guilty pleas. Today, James pled guilty to Criminal Sale of a Controlled Substance in the Second Degree.

The investigation – dubbed “Operation Wrecking Ball” due to the fact that several conspirators referred to powder cocaine as the “Miley Cyrus” over wiretaps – included hundreds of hours of physical surveillance and wiretapping, as well as the execution of numerous search warrants in Brooklyn and Schenectady in February 2017. The search warrants resulted in the seizure of more than three pounds of bulk cocaine with an approximate street value of $147,000, 35 firearms, over $63,000 in cash, and large quantities of drug paraphernalia, including scales, packaging, and cutting agents.

“Too many New York families are struggling with the scourge of addiction that’s fueled by those trafficking narcotics into our communities,” said Attorney General Schneiderman. “My office will continue to use every tool available to us—from cracking down on drug traffickers to removing barriers to addiction treatment to reducing doctor shopping—to protect our communities as we take on this epidemic.”

The following defendants have now pleaded guilty as part of Operation Wrecking Ball:

• Joseph Berghela, of Albany, pled guilty on September 11, 2017, to Attempted Criminal Sale of a Controlled Substance in the Third Degree. He will be sentenced to 3 years in state prison.
• Derrick Carrington, of Albany, pled guilty on September 19, 2017, to Attempted Criminal Possession of a Controlled Substance in the Third Degree. He will be sentenced to 2 ½ years in state prison.
• Ladawn Harris, of Albany, pled guilty on September 11, 2017, to Criminal Sale of a Controlled Substance in the Third Degree. He will be sentenced to 7 years in state prison.
• Clifford Jackson, of Schenectady, pled guilty on July 21, 2017, to Criminal Possession of a Controlled Substance in the Third Degree. He will be sentenced to 7 years in state prison.
• Lewis Labshere, of Schenectady, pled guilty on August 30, 2017, to Criminal Possession of a Controlled Substance in the Second Degree. He will be sentenced to 7 years in state prison.
• I’Quan Mayo, of Albany, pled guilty on October 12, 2017, to Attempted Criminal Possession of a Controlled Substance in the Third Degree. He will participate in a drug treatment program.
• Deanna McCargo, of Albany, pled guilty on September 27, 2017, to Criminal Sale of a Controlled Substance in the Third Degree. He will be sentenced to 7 years in state prison.
• Octavius Mills, of Schenectady, pled guilty on September 8, 2017, to Criminal Possession of a Controlled Substance in the Third Degree. He will be sentenced to 5 years in state prison.
• Christopher Mozone, of Albany, pled guilty on August 23, 2017, to Attempted Criminal Possession of a Controlled Substance in the Fifth Degree. He will be sentenced to 2 years in state prison.
• Neiki Ricks, of Albany, pled guilty on August 14, 2017, to Attempted Criminal Sale of a Controlled Substance in the Third Degree. He will be sentenced to 6 years in state prison.
• Summer Saglimbeni, of Schenectady, pled guilty on September 8, 2017, to Criminal Sale of a Controlled Substance in the Third Degree. He will be sentenced to 3 years in state prison.
• Traevon Shannon, of Albany, pled guilty on October 10, 2017, to Attempted Criminal Possession of a Controlled Substance in the Fourth Degree. He will be sentenced to 5 years’ probation supervision.
• Meghan Wilkinson, of Schenectady, pled guilty on August 17, 2017 to Attempted Criminal Sale of a Controlled Substance in the Third Degree. She will participate in a drug treatment program.
• Frances Wright, of Schenectady, guilty on September 19, 2017, to Attempted Criminal Sale of a Controlled Substance in the Third Degree. He will be sentenced to 3 years in state prison.
• Laquan Wright, of Schenectady, pled guilty on August 23, 2017, to Criminal Possession of a Controlled Substance in the Second Degree. He will be sentenced to 10 years in state prison.

Charges against another three defendants remain pending. 

The Attorney General’s Organized Crime Task Force (OCTF) has now taken down 25 large drug trafficking gangs, made more than 580 felony narcotics arrests, and seized more than $1.5 million and more than 2,000 pounds of illegal drugs since 2011. In the past several months alone, Attorney General Schneiderman’s new Suburban and Upstate Response to the Growing Epidemic (“S.U.R.G.E.”) Initiative—a crackdown on New York’s growing heroin, opioid, and narcotics trafficking networks—has resulted in removing 260 alleged traffickers and dealers off New York’s streets, through Operation Bricktown, Operation Un-Wise, Operation Gravy Train, Operation Bloodsport, and Operation Pipeline.

Since 2010, Attorney General Schneiderman has launched a multi-pronged strategy to tackle New York's constantly evolving heroin and opioid epidemic, including settlements with health insurers to remove barriers to treatment and enforce Mental Health Parity Laws; the I-STOP system, which has successfully reduced “doctor shopping” by 90%; the Community Overdose Prevention program, equipping law enforcement with naloxone; a multistate investigation into the opioid crisis; and more.

The charges are merely accusations and the defendants are presumed innocent unless and until proven guilty in a court of law.

MAYOR DE BLASIO TO COMPLETE AFFORDABLE HOUSING PLAN 2 YEARS AHEAD OF SCHEDULE, ACCELERATE PACE AND EXPAND GOALS

City will boost production to 25,000 apartments annually, administration sets new goal of 300,000 apartments by 2026 

  Mayor Bill de Blasio today announced that his administration is now on track to build and protect 200,000 affordable homes by 2022, two years ahead of schedule. With the addition of new tools, programs and funding, the City will ramp up to securing 25,000 affordable apartments annually by 2021 and beyond—a pace it has never before reached. With that machinery in place, the City is taking on a new goal: 300,000 such apartments by 2026, enough for the entire population of Boston or Seattle.

In the coming days, the Mayor will unveil a battery of new programs designed to realize this new goal. Those efforts will target seniors, homeowners and tenants in existing affordable housing who need protection.  To accelerate, the plan will require an additional $150 million per year in the current 4-year financial plan. This will bring the City's investment in achieving 100,000 more homes to about $1.3 billion per year over nine years. Future financial plans will reflect the commitment.

“We’ve kept our promises to New Yorkers, and now it’s time to go farther and faster. Like Mayor Koch before us, we are building an engine that will keep families in safe, decent and affordable homes for decades to come. We will keep this a city for seniors, veterans, working families and the middle class,” Mayor Bill de Blasio said.

“Every year, we have pushed this plan deeper to reach more people in more neighborhoods. Completing this plan two years early means tens of thousands more families will come home sooner to homes they can afford. I am so proud of our agency teams and all our partners who are building an engine for affordable housing that will continue building and protecting homes for years to come,” said Deputy Mayor for Housing and Economic Development Alicia Glen.

Mayor de Blasio announced the first new program today. The “Neighborhood Pillars” program will deploy a $275 million public-private fund to target fast-changing neighborhoods where aggressive speculators threaten traditional rent regulated apartment buildings. Through the largest program of its kind in the United States, the City’s Department of Housing Preservation and Housing Development Corporation will provide financing to non-profits and other mission-driven organizations to purchase older rent-regulated buildings to keep them affordable and keep current tenants in place. The program will secure an additional 1,000 affordable homes each year—7,500 total—putting those buildings in good hands before bad actors put tenants at risk of illegal rent hikes, harassment or eviction.

The program will help mission-driven non-profits grow and will take advantage of their ability to identify the buildings most at risk of speculation and rapid turnover. It will leverage funding from private-sector banking partners and philanthropic organizations.

Learn more about the new “Neighborhood Pillars” program here.

“The gains we have made to date through Housing New York are borne out not just in the numbers, but in the people we are reaching through the affordable housing we build and preserve. We are excited to act even more boldly and decisively by tackling this new, more aggressive goal and by deploying more tools to safeguard affordability,” said Housing Preservation and Development Commissioner Maria Torres-Springer.  “I want to thank the Mayor, my colleagues at HPD and HDC, and our many partners for their tireless work and commitment to ensuring New York is a more just and equitable city for generations to come.”

“We are proud to stand with the Mayor as he expands the City’s commitment to the people of New York with an accelerated housing plan,” said Housing Development Corporation President Eric Enderlin. “Together with our many dedicated partners we have set a solid course to reach the ambitious goals of Housing New York and are primed to amplify our production of affordable housing to reach even more New Yorkers in need.”

When the de Blasio administration took office, it inherited a strong foundation of affordable programs capable of building and protecting approximately 15,000 homes each year. Since 2014, the City has increased that pipeline to more than 20,000 per year. The new annual target of 25,000 per year represents a 66 percent jump from pre-2014 levels, and will represent a sustained level of production never before achieved by the City.

To date, the City has secured 77,651 affordable homes—enough for more than 200,000 New Yorkers. The City’s efforts to reform and accelerate affordable housing have included:

·  More housing for the lowest-income New Yorkers than ever before: Over 40 percent of all affordable homes secured last year served individuals making less than $33,500 or $43,000 for a family of three. New programs like ELLA (Extremely Low and Low Affordability) are now among the largest drivers of affordable housing in the city.

 ·     More protections to keep New Yorkers in their homes: Rent regulated tenants saw two consecutive years of rent freezes, the City is funding free legal services for all tenants facing eviction, a new Anti-Harassment Task Force is laying criminal charges against landlords who put tenants’ safety at risk, and targeted preservation efforts are keeping hundreds of buildings affordable.

 ·  A new paradigm for building: Permanent affordable housing is now mandatory in newly-rezoned residential buildings and neighborhoods, the City has passed reforms improving the quality and lowering the cost of affordable home construction, and tax incentive programs now require at least 25 percent of new apartments to be affordable—with no tax breaks at all for luxury condos.

 ·   A bigger network of housing providers: More partners than ever are building and protecting affordable housing in the city. Non-profit organizations are involved in a third of all affordable projects, the City is cultivating MWBE partners with special requests for proposals, and City worked with Enterprise to fund a number of emerging Community Land Trusts.        

         No stone left unturned: The City has added more affordable housing into existing projects like Lighthouse point on Staten Island and the Domino Sugar site in Williamsburg. The City has put two-thirds of its remaining public lots suitable for housing into production, and leveraged opportunities to add housing to City projects like the renovation and expansion of the Sunset Park library and at Brooklyn Bridge Park.

The Mayor made today’s announced at CAMBA Gardens II, one of the first new affordable and supportive housing construction projects undertaken under the Mayor’s housing plan in 2014. Today, tenants are moving into 293 brand new homes in Prospect Lefferts Gardens.