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NORTH AMERICAN Newsline MAY 31, 2024 | The Indian Eye 24

Mayor Adams, Comptroller Lander, Public Advocate

Williams and Pension Trustees Celebrate $60 Million

Investment that will preserve 35,000 Rental Units

New York City Employees Retirement System’s $60 Million Investment Advances Affordable

Housing Stabilization and Delivers for New York City Retirees

OUR BUREAU a working people’s agenda.”
“I’m thrilled to see NYCERS’
NEW YORK, NY
$60 million investment in Commu-
ew York City Mayor Eric Ad- nity Stabilization Partners, a joint
ams, New York City Comp- venture with some of the most expe-
Ntroller Brad Lander, New rienced affordable housing provid-
York City Public Advocate Jumaane ers in New York City,” said Deputy
Williams, and trustees of the New Mayor for Housing, Economic De-
York City Employees’ Retirement velopment, and Workforce Maria
System (NYCERS) on Wednesday Torres-Springer. “This Economi-
announced an investment of up to cally Targeted Investment not only
$60 million to preserve rent-stabi- infuses a new source of capital into
lized housing units impacted by the preserving a critical source of hous-
sudden collapse of Signature Bank ing for thousands of New Yorkers,
last spring. The investment was made but it will also deliver for retirees
in Community Stabilization Partners over time. I commend the comp-
— a joint venture led by Community troller and other NYCERS trust-
Preservation Corporation with Re- ees for joining our administration
lated Fund Management and Neigh- in demonstrating what is possible
borhood Restore HDFC — leading public safety, rebuild the economy, sult of the bank’s collapse — is an through sound local investments
affordable housing providers in New and make this city more livable for enormous team effort, and we are like this.”
York City. hardworking New Yorkers and this proud to be part of it.” Through the $60 million in-
investment is a step toward all three “We should be using every tool vestment — which NYCERS vot-
The investment represents the of those goals.” available to address the housing and ed on in March 2024 — NYCERS
“Today’s announcement is a homelessness crisis, and this invest- has become a 25 percent partner in
largest single investment by shining example of creative and ment is a strong safeguard against Community Stabilization Partners.
NYCERS in preserving New York prudent investments we can make the unsteady practices of some finan- NYCERS is partnering with Relat-
to preserve existing housing that we cial institutions and housing stock ed Fund Management, Communi-
City’s rent stabilization stock simply cannot afford to lose,” said that is falling apart,” said Public ty Preservation Corporation, and
and will both advance the stabi- Comptroller Lander. “Expanding Advocate Williams. “Any serious af- Neighborhood Restore due to their
and protecting our affordable hous-
extensive expertise and deep roots
fordable housing plan has to heavily
lization of much-needed afford- ing supply through sound investment invest in preservation, and together in preserving and expanding afford-
able housing and deliver com- decisions is a major priority of my with my trustee designee, I’ve been able housing. Community Preser-
proud to support this investment in
vation Corporation has been a de-
office, in partnership with NYCERS
petitive returns for retirees. trustees. I am grateful to my fellow both the tenants and retirees of New cades-long partner of NYCERS in
trustees for their work to secure this York City. I thank all of the partners their efforts to secure strong returns
“Today, we are proud to an- opportunity and thrilled to collabo- involved in advancing this historic for pension members and beneficia-
nounce a $60 million investment rate with Community Preservation investment, which will help provide ries, while investing in expanding
from our NYCERS pension fund Corporation, Related Fund Manage- both financial security and housing the city’s affordable housing supply.
that will go toward preserving 35,000 ment, and Neighborhood Restore stability for New Yorkers.” This investment is part of the
units of affordable housing,” said who have decades-long experience “This NYCERS investment in Economically Targeted Investment
Mayor Adams. “This housing is crit- ensuring that New Yorkers have an affordable housing shows how we program of the five New York City
ical to making our city more afford- opportunity to afford to live in the can deploy investments to contin- Retirement Systems, managed by the
able and livable for working-class city they love. I also want to praise ue making New York an accessible New York City Comptroller Office’s
New Yorkers, and I want to thank ev- the diligent work of the FDIC, HCR, place to live while protecting the Bureau of Asset Management, and
eryone who came together to make HPD, and advocates, including hard-earned pensions of our city is aimed at achieving strong returns
sure we got this deal done, including ANHD and UNHP, who sounded the workers,” said First Deputy May- for members and beneficiaries while
Community Preservation Corpora- alarm on Signature’s lending practic- or Sheena Wright. “The continued helping to preserve some of the city’s
tion, Related Fund Management, es and worked tireless to organize partnership between the mayor, the stock of rent regulated housing. In-
Neighborhood Housing Restore, tenants within these buildings. Pre- trustees of the pensions systems, the cluding today’s investment, NYC-
our trustees, and our partners in la- serving the nearly 35,000 rental units comptroller, and the private sector ERS has invested nearly $700 million
bor. When we came into office two in the Signature portfolio — which demonstrates how the City of New in rental apartments in the city, with
years ago, we had a mission: protect could have faced grave risks as a re- York can collaborate to implement 19 real estate fund managers.

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