NYC is banking on Common to deliver affordable beds

New York City is jumping into bed with two co-living firms to build affordable housing.

The city’s Department of Housing Preservation and Development said Tuesday it will work with Common and Atlanta-based PadSplit — along with each firm’s development partner — to create co-living units.

The announcement is the result of a pilot program HPD launched last year, dubbed ShareNYC, offering developers public funds to create income-restricted units in co-living buildings. HPD selected three proposals from an open application process and is now moving into pre-development where financing for each project will be determined.