The largest municipal development authority in the United States, the HPD, was established in 1987 with the goal of providing, improving, and constructing affordable housing within reach in New York City, while also managing the urban planning program for rental subsidies. Today, it stands as the largest municipal development authority in the U.S., operating with budgets in the billions of dollars and responsible for building and preserving hundreds of thousands of housing units within reach in one of the most expensive cities in the world.
Since its establishment, the department has provided around $8.5 billion to advance its goals, and in the coming decade, it intends to invest an additional $9.1 billion in creating housing for the next generation. The focus of this investment and effort is directed towards the rehabilitation and revitalization of existing buildings. Out of the 16,000 housing units allocated in 2011, approximately 12,000 were old or vacant buildings that were renovated, transformed, and underwent a "180" to become habitable apartments. The rest of the housing units were built from the ground up.