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NYC Will Issue $400M Social Bonds to Finance Affordable Housing Projects
New York City will issue approximately $400 million of taxable general obligation social bonds in October, the city’s first issuance of social bonds. Proceeds will support more than 3,000 units of affordable housing in New York City.
“As demand for ESG investment opportunities grows, the City of New York aims to connect with new investors interested in putting their capital into municipal programs that support more sustainable communities,” said Comptroller Brad Lander.
This bond offering will finance projects currently in development under the New York City Department of Housing Preservation and Development’s Extremely Low- and Low-Income Affordability program, Supportive Housing Loan Program and Senior Affordable Rental Apartments program, totaling approximately 3,300 units.
Concurrently with the social bonds, the city will sell $950 million of tax-exempt fixed-rate bonds. Pricing for both the social bonds and the tax-exempt bonds is expected to occur on Oct. 4.
- ◦Development
- ◦Financing
- ◦Policy/Gov't
