New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
NYC Pension to Preserve Affordable Housing with $60M Fund
New York City’s $86 billion pension fund for civil employees, NYCERS, is investing up to $60 million in a nonprofit-led partnership to preserve nearly 35,000 rent-stabilized units affected by the collapse of Signature Bank, Bloomberg reported.
The partnership, led by the Community Preservation Corp., will own a 25% stake and include Related Fund Management and Neighborhood Restore HDFC. The deal aims to protect affordable housing, with the majority of units in Manhattan and the Bronx.
Signature Bank’s failure in 2023 raised concerns about its loan portfolio, including rent-stabilized buildings. The FDIC offloaded $33 billion of commercial property loans, including the rent-regulated portfolio, which now includes about 35,000 units, 80% of which are rent-regulated. The investment is part of NYCERS’ program to generate market-rate returns through affordable housing investments.
- ◦Financing
