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The Fortune Society's $42 million project features 114 units, including 50 units for low income residents.

The rest will go to formerly homeless New Yorkers and families with a history of incarceration.

"By giving ex-offenders a stable, long-term living environment, a supportive peer network, and access to job seeking counseling and and health care services they need we really can try to ensure that more of these New Yorkers beat the odds and get their lives back on track," said Bloomberg.

"I was fortunate to have this as a foundation, a place to start, to rebuilt my life. I was blessed to have the fortune society behind me, people that has been incarcerated, people that had rebuilt their lives, different stages of transition. And it was important for them to tell me what I was going to face, because I was away from society for 30 years," said Angel Ramos.

The Fortune Society provides housing and support to men and women reentering the society after spending time in prison.