New York Attorney General Eric Schneiderman has been hard at work looking for ways to help New Yorkers who've been affected by the housing crisis. Today he's announcing that he's bringing 2,200 new or rehabbed affordable units to the city. Bank of America and Citigroup are providing $75M to bankroll the effort, The Real Deal reports. Some of that money will be used to create 1,500 affordable units outside the city. Bank of America and Citigroup paid out settlements of $16.7B and $7B, respectively, because of their mortgage bond practices ahead of the 2008 financial crisis. New York was given $1B of that amount. [TRD]
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