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New York

New $350M fund to be invested in affordable housing

Money coming from NYC Retirement Systems, Citi Bank, Wells Fargo, Morgan Stanley, others

From left: Scott Stringer and Bill de Blasio
From left: Scott Stringer and Bill de Blasio

Mayor Bill de Blasio and Comptroller Scott Stringer will establish a $350 million fund to support affordable housing.

The proposal is seen as a step forward in the mayor’s plan to create and preserve 200,000 affordable units over the coming decade.

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The money comes from the New York City Retirement Systems, Citi Bank, Wells Fargo, Morgan Stanley and other financial institutions in the city.

The funding will allow the Community Preservation Corporation to loan money to housing developers for acquisition, construction, rehabilitation and preservation of affordable housing.

The $40 million investment from the five New York City Retirement Systems will help with the creation and preservation of an estimated 7,500 units of affordable housing statewide. One of the developments that will be financed is 170 Ogden, L.P., consisting of three multi-family buildings that house 65 units in the Bronx. CPC provided a $7.8 million construction loan and a $1.7 million permanent loan through the retirement systems. — Claire Moses

Tags
Affordable HousingBill De BlasioScott Stringer