Overview
- New York City will put $1 billion per year for four years into the NYC Housing Investment Initiative to build and preserve affordable, mixed-income, and workforce housing and to support office-to-residential conversions.
- Comptroller Mark Levine outlined an initial $1.25 billion, with $750 million in deals to go before pension boards for approval and $500 million to expand the Public Private Apartment Rehabilitation program run by Community Preservation Corp.
- Loans in the expanded rehabilitation program include a 36-month interest-rate freeze and a 40-year payback period to help owners fix buildings and keep rents stable.
- City Hall also launched a backstop insurance plan for affordable and rent-stabilized buildings that targets coverage for 20,000 units by 2027 and 100,000 by 2030.
- The push revives a long pension role in housing that produced 199,000 preserved or new units, even as a 2013 post‑Sandy investment later posted more than $127 million in losses.