Features, Finance, New York

NYC’s Pension Funds Invests in Affordable Housing

October 16, 2017

By Stephanie West

New York, NY — Comptroller Scott M. Stringer and the New York City Pension Funds have announced that $450 million will be allocated to support affordable housing across the five boroughs. The investment in Pension Funds will create tens of thousands of affordable homes and units citywide. City pension funds have created or preserved over 100,000 affordable units citywide.  The $450 million will be invested through a separately managed account with RBC Global Asset Management’s Access Capital Community Investment Strategy.

The Comptroller’s Office, in partnership with RBC GAM Access Capital, has created a first-of-its-kind program to support affordable housing for veterans in New York City. Each year at least $5 million will finance mortgages guaranteed by the Department of Veterans Affairs to veterans and their families living in New York City, with the goal of 10 percent of all capital invested through RBC GAM Access Capital going to these mortgages.

“We have to work together to make New York City more affordable – and we’re taking action in innovative ways through the Pension Funds. We’re demonstrating that you can simultaneously protect the retirements of hardworking New Yorkers while mitigating one of our city’s long-term challenges. This is undoubtedly a great thing,” New York City Comptroller Scott M. Stringer said. “We’re proud to have helped create and preserve over 100,000 affordable units citywide, and even more thrilled to launch a new effort to support our veterans. Through this initiative, we’re helping everyday families, adding long-term affordable housing, and strengthening our pension funds. This is going to have positive outcomes for many, many New Yorkers.”

“The announcement by Comptroller Scott Stringer of a massive investment from the City in affordable housing, in particular his commitment to providing Veterans with increased opportunities to obtain affordable housing throughout the five boroughs, is welcome news. Our City’s Veterans answered the call to defend our nation abroad, leaving their families and their City behind them as they put their lives on the line every single day. Being able to assist them in obtaining affordable housing is a meaningful way we can help repay them for their sacrifice. On behalf of the UFA and all its members we applaud the Comptroller for this investment in our City’s Veterans,” Uniformed Firefighters Association President Gerard Fitzgerald said.

October 16, 2017

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