By Jennifer Glickel
BATTERY PARK CITY — The Battery Park City Authority agreed Monday to distribute money from its fund to help close budget gaps for New York City and the state, as well as create affordable housing in the city.
The city and the state will each receive $200 million from the the BPCA to help minimize budget gaps, according to an agreement made between the BPCA, the mayor and the city comptroller.
The city's Housing Development Corporation will receive an additional $200 million to build affordable housing. New York City will receive another $261 million from BPCA to fund capital projects.
The Authority's money comes from rent Battery Park City homeowners are required to pay for the land their homes stand on.
The BPC fund received an unusually high injection of over $200 million this year because of rent money they are getting from Goldman Sachs for their new building at 200 West Street.
In order to use BPC funds, the deal required the approval of Mayor Bloomberg, City Comptroller John Liu, and the Battery Park City Authority board, which officially made former City Comptroller Bill Thompson its chairman at Monday's meeting. Liu and Bloomberg signed off on the deal and, on Monday morning, the BPC Authority board unanimously approved it as well.
"The intent of this money going to affordable housing is still met," Thompson said at the Authority board meeting.
As comptroller, Thompson opposed the governor's move to use BPC funds to float city and state debt, but as the BPCA board's chairman he strongly endorsed it, citing the fiscal crisis.
"These are dire financial times, and we're looking on both a city and state level," Thompson said at the meeting.
"It’s an extraordinary time, where both [the city and the state] are under great stress."