From Blueprint to Breakthrough: Tackling Affordable Housing in New York City

Date: July 14, 2026

Publication: Amsterdam News

Finding an affordable place to live continues to be a challenge for many as widespread housing shortages persist across the U.S. Rising home prices and high interest rates have made homeownership inaccessible for a large portion of the population. Meanwhile, as rental demand increases, the number of renters facing affordability challenges is also growing.

The State of the Nation’s Housing 2025 report by Harvard University’s Joint Center for Housing Studies reveals that cost burdens for renters reached another record high in 2023. Similarly, the JPMorganChase Institute reports that renter affordability is declining, forcing people to devote more of their take-home pay to housing costs. There is a growing need for affordable housing across the U.S. and that rings true here in New York City.

Renewing a Brooklyn Community at Scale

In Canarsie, Bay View Houses is the kind of place where generations of neighbors have built their lives. JPMorganChase is helping finance the substantial rehabilitation of this 1,608-unit affordable housing development. The goal isn’t just to repair buildings; it’s to improve everyday living. Planned upgrades include brighter, more welcoming common areas; refreshed lobbies and entryways; enhanced security; free Wi‑Fi; ADA improvements; elevator upgrades; and even basic fixes that matter, like repaired sidewalks and fences. Families will also benefit from expanded outdoor and community features, including five playground areas and improved community facility spaces paired with social services for tenants. Part of the New York City Housing Authority (NYCHA)’s PACT Program, the Bay View PACT Partner team includes RDC Development – a joint venture between MDG Design & Construction and Wavecrest Management – and Infinite Horizons.

“The rehabilitation of Bay View Houses is about more than construction; it’s about strengthening the local Canarsie community. We’re creating safe, modern, and welcoming spaces that will support families for years to come,” said Matthew Rooney, CEO of MDG Design & Construction and Principal at RDC Development. “None of this progress would be possible without the support and partnership of the Tenant Association and every resident at Bay View Houses.”

Strengthening the Bronx’s Public Housing Stock

Edenwald Houses, in the Baychester neighborhood of the Bronx and listed on the National Register of Historic Places, is the largest public housing community in the Bronx and functions like a small town—dozens of buildings, thousands of residents and a daily rhythm that depends on functioning shared infrastructure and services. JPMorganChase provided support to help rehabilitate 2,030-units across 42 buildings, in addition to utility, common area and community facility upgrades. For residents, this kind of work is about more than construction, it’s about restoring reliability while respecting this community and history of the development: homes that are safer, better maintained and built to serve families for years to come. The project is part of the NYCHA PACT program, reflecting a sustained effort to keep a major piece of the Bronx’s affordable housing supply strong and stable.

“Our firm’s deep commitment to building and preserving affordable housing is made even stronger with steadfast partnerships at all levels, including financiers like JPMorganChase,” said Rick Gropper, Principal at Camber Property Group. “At Edenwald Houses, we were able to completely rehabilitate and revitalize over 2,000 homes with the support of the great team at JPMorganChase. We are grateful for this partnership, and encourage developers looking for a bank that truly believes in the power of community impact to join us.

Modernizing Homes in the Heart of Harlem

In Central Harlem, the Jackie Robinson Houses are focused on something many New Yorkers want for their neighborhoods: keeping longtime residents in place while bringing homes up to modern standards. JPMorganChase supported the redevelopment of 1,052 units of NYCHA public housing across 10 buildings. The renovations reach into the parts of a home that shape everyday comfort, including new unit interiors, common-area and accessibility upgrades and energy-efficiency improvements, along with major behind-the-walls work like full plumbing and electrical upgrades. And it’s not just a few touchups: the scope includes full kitchen and bathroom renovations, ventilation improvements and heating optimization/electrification—the kinds of improvements that help a building feel healthier and more dependable for the people who call it home.

“Our partnership with JPMorganChase is making it possible to truly elevate the daily quality of life for residents,” said Melissa Bindra, Principal at Vaya Development, a development partner for Jackie Robinson Houses. “Their commitment ensures that these affordable homes will continue to serve Harlem families and seniors at the standards they deserve for generations to come.”

“We’re proud of the far-reaching impact these projects are having and to work with these developers to uplift our communities and expand the supply of high-quality, affordable homes across New York City,” said Sharmi Sobhan, head of J.P. Morgan Community Development Banking’s East Region. “Every additional housing unit matters—and increasing the number that are affordable is critical.”

A broader commitment to New York City’s future

While these projects are foundational, the vibrancy of a community depends on much more. In New York City, the firm provides banking services to nearly 4 million customers and works across sectors to expand economic opportunity. Over the last five years, JPMorganChase has invested more than $130 million in local nonprofit organizations, supported 480,000 small business clients and delivered financial health education to thousands of residents—broadening access to banking, financial health resources, homeownership and other wealth-building tools.

“As we work with local stakeholders to expand housing options, JPMorganChase’s goal is to create inclusive economic opportunity for all,” said Robert Rodriguez, Divisional Manager, Business Banking and Chair, New York City Market Leadership Team at JPMorganChase. “When our communities thrive, we all thrive.”

Learn more about affordable housing and community development at jpmorgan.com/commercial-real-estate.

You can also read more about what’s happening in New York City at https://www.jpmorganchase.com/communities/new-york.

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