NYC rapidly spends down Neighborhood Development Fund
The former 75th Police Precinct Station House in East New York. Eagle file photo by Lore Croghan
The city has been rapidly spending money from a fund designed in 2015 to improve neighborhoods rezoned under the mayor’s housing plan. Of the $1 billion in the fund, the Economic Development Corp. has spent, or plans to spend, $362 million in East New York, Far Rockaway, East Harlem and the area around Jerome Avenue in the Bronx, according to Crain’s New York.
Critics charge that if the city spends this much money on four neighborhoods, there will be less funding available for other areas down the road. “The administration should be looking at housing needs and capital improvements by neighborhood for the whole city,” Moses Gates of the Regional Plan Association told Crain’s. The City Planning Department, however, says spending this money in anticipation of more residents moving into these areas is the right thing to do.
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