New $350M fund to be invested in affordable housing

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

TRD New York /
Jul.July 30, 2014 03:30 PM

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.

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


Related Articles

arrow_forward_ios
A rendering of 165 Broome Street (Credit: Handel Architects)

Nonprofit plans affordable housing development near Essex Crossing

Nonprofit plans affordable housing development near Essex Crossing
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
President Donald Trump (Getty, iStock)

Trump tweets that he “may END” Obama-era fair housing regulation

Trump tweets that he “may END” Obama-era fair housing regulation
City Council member Vanessa Gibson, Speaker Corey Johnson and City Council member Brad Lander (Getty)

Why the City Council abandoned affordable housing

Why the City Council abandoned affordable housing
Governor Andrew Cuomo and Mayor Bill de Blasio (Getty, iStock)

New York City indoor dining postponed indefinitely

New York City indoor dining postponed indefinitely
Barika Williams of Association of Neighborhood and Housing Development and Adam Weinstein, CEO of Phipps Houses

Affordable housing experts talk systemic change

Affordable housing experts talk systemic change
Mayor Bill de Blasio with 1 Central Park West and 1 Court Square (Getty; APOPS@MAS)

Mayor grabs privately owned public spaces for dining outside

Mayor grabs privately owned public spaces for dining outside
A new report finds homes still unaffordable for majority of Americans (iStock)

TRD Insights: Homeownership unaffordable for average wage earner across 75% of US counties

TRD Insights: Homeownership unaffordable for average wage earner across 75% of US counties
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...