NEW YORK (WABC) -- New York City Mayor Bill de Blasio is working with several major banks to put $350 million toward his plan for affordable housing.
The administration wants to create or rehabilitate 200,000 units of affordable housing over the next decade.
The city will contribute $20 million to the project, with millions more coming from Citigroup, Wells Fargo, Morgan Stanley and Bank of America.
The entire plan is estimated to cost $41 billion.
De Blasio said Wednesday that the fund will be administered by the Community Preservation Corporation, a nonprofit construction financier.
On the private side, Citigroup will contribute $75 million.
Wells Fargo will give $50 million, while other institutions like Morgan Stanley and Bank of America will give smaller amounts.
New York City, banks set $350 million for affordable housing
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