New York City, banks set $350 million for affordable housing

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.