New York, NY —

The Bloomberg Administration's 10-year housing plan is making good progress., according to a report by the city's Indepedent Budget Office. WNYC's Cindy Rodriguez reports:

REPORTER: The plan's goal is to produce 165,000 apartments for low- and middle-income New Yorkers by 2013. Four years into the plan, nearly 40 percent of the housing has, at a minimum, been financed. According to the report by the city's Independent Budget Office, 75 percent of the apartments are for low-income people. The rest are for more middle-income New Yorkers.

The report says much of the progress was made by preserving older apartments. They were either renovated or refinanced to stay cheap. More new construction is expected going forward. But the report says financing for it might be a challenge, because of a potential lack of funds at the state and the federal level.

For WNYC, I'm Cindy Rodriguez