The New York City Pension Funds will invest a total of $450 million to purchase and support non-predatory mortgages for everyday New Yorkers and support affordable housing across the five boroughs.
The investment of $450 million in pension funds will support and create tens of thousands of affordable homes and units citywide.
“We have to work together to make New York City more affordable — and we’re taking action in innovative ways through the Pension Funds,” said Scott Stringer, New York City Comptroller.
Since the Comptroller’s Economically Targeted Investment program began, the Pension Funds have created or preserved more than 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, which invests in non-predatory, agency-backed mortgages from both private and government affordable housing programs, such as th
