NYC to issue third round of ‘Social Bonds’ to fund affordable housing

September 18, 2024 Brooklyn Eagle Staff

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CITYWIDE — NEW YORK CITY WILL ISSUE about $820 million of taxable, fixed rate “General Obligation Social Bonds” in October 2024 to generate funds to build affordable housing, Mayor Eric Adams and Comptroller Brad Lander announced Wednesday.

Proceeds from the sale will support prior spending on the construction and development of more than 4,300 affordable housing units under HPD’s Extremely Low-and Low-Income Affordability program, Senior Affordable Rental Apartments program and Supportive Housing Loan Program. This will be the city’s third issuance of social bonds.

“Social bonds have been an important tool to support the reimbursement of crucial affordable housing projects throughout the five boroughs and are a creative way for New York City to tap into the growing investor demand for socially sustainable investments,” Lander said in a release.

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