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John, do you know what a “social bond” is?
Social bonds are a type of municipal bond [[link removed]] that highlights certain projects to improve life for New Yorkers. Here at the Comptroller’s office, we’re using social bonds as a creative tool to support and bring attention to affordable housing projects and solve the housing crisis.
I’m proud to announce that NYC's historic third-ever issuance of social bonds [[link removed]] was a huge SUCCESS! We sold $820 million of social bonds that will help finance the development of over 4,300 affordable housing units.
At a time when New Yorkers are getting squeezed by lack of affordable housing, finding ways to preserve our affordable housing stock is an imperative. As analysis from our office shows [[link removed]] , nearly 30% of low-income renters across the five boroughs are severely rent-burdened, spending more than 50% of their pre-tax income on housing.
Plus, the good bond news doesn’t stop there. This latest sale also includes $680 million of bonds that will fund general capital projects – like the construction and repair of additional housing and parks. And today, we're announcing an upcoming sale of $1.5 billion of bonds through the Transitional Finance Authority. The proceeds from this sale will also be used to fund general capital projects.
In challenging times of high interest rates and economic uncertainty, I’m grateful that our Public Finance Team is constantly looking at market conditions to inform our strategy on saving the city money and investing in infrastructure through debt management and bond issuances [[link removed]] .
Learn more about municipal bonds and the Comptroller’s role in issuing and selling bonds. [[link removed]]
Thanks,
Brad
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Office of the New York City Comptroller
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Office of New York City Comptroller Brad Lander
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New York, NY 10007
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