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New York & Tri-State  + Downtown New York  + Finance  | 

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. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing
  • ◦Policy/Gov't
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