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    NORTH AMERICAN Newsline                                                   JULY 03, 2026    |  The Indian Eye 24

             Mamdani Administration Takes on Skyrocketing

                           Insurance Costs with First-of-its-Kind

                       City-Backed Housing Insurance Program

                 Launching with $100 million City investment, program aims to insure 20,000

                                           homes next year and 100,000 homes by 2030

            OUR BUREAU                                                                                            fordability and stability of housing
                                                                                                                  for New Yorkers.”
            NEW YORK, NY
                                                                                                                      Mayor Mamdani first announced
                    ayor Zohran Kwame Mam-                                                                        plans  for  a  City-backed  housing  in-
                    dani and New York City                                                                        surance program in April. Since then,
            MEconomic           Development                                                                       HDC, in coordination with HPD and
            Corporation  (NYCEDC)  Interim                                                                        NYCEDC, has selected Pinnacle Ac-
            President & CEO Jeanny Pak an-                                                                        tuarial Resources as an independent
            nounced the next step toward launch-                                                                  risk consultant to provide actuarial
            ing  a  first-of-its-kind  City-backed                                                                analysis and technical support as the
            housing insurance program, with NY-                                                                   City designs and implements the pro-
            CEDC releasing a Request for Ex-                                                                      gram.
            pressions of Interest (RFEI) to help                                                                      Through the RFEI, NYCEDC
            design the initiative.                                                                                is seeking submissions from a broad
                Developed in partnership with                                                                     range of industry participants, in-
            the Department of Housing Preser-                                                                     cluding  insurance brokers, captive
            vation and Development (HPD) and                                                                      managers, insurance carriers and re-
            the New York City Housing Develop-                                                                    insurers, third-party administrators,
            ment Corporation (HDC), the RFEI   “When private markets fail to deliv-  terim President & CEO Jeanny Pak.   actuarial and risk advisory firms and
            seeks proposals to design, structure   er, government has a responsibility   “Through this RFEI, we’re calling on   other entities capable of operating at
            and operate an insurance program   to  step  in.  This  City-backed  insur-  a broad range of industry partners to   this scale. Joint ventures and propos-
            capable of reducing premiums by at   ance program will lower costs, pro-  help  shape  and  deliver  this  first-of-  als that leverage existing vehicles or
            least 20% for a meaningful share of   tect affordable and rent-stabilized   its-kind program—one that can re-  facilities are also encouraged.
            the City’s affordable and rent-stabi-  homes and ensure that more money   duce housing costs at scale for New   Responses will undergo a phased
            lized housing stock.              goes to repairs, maintenance and im-  Yorkers, particularly those in afford-  evaluation process coordinated by
                As insurance costs continue to   provements that tenants can actually   able and rent-stabilized homes.”    NYCEDC, HPD and HDC.
            soar, affordable housing providers   see. Today’s RFEI is a critical step to-  “The release of this RFEI re-  Submissions are due August 6,
            are being forced to divert resources   ward building a program that makes   flects the City’s commitment to tack-  2026, at 4 p.m. ET. NYCEDC will
            away from maintenance, repairs and   our housing system more affordable   le some of the most critical challeng-  host an informational session, avail-
            tenant services. Every $100 increase   and stable for the people who call it   es impacting the affordable housing   able both in person and virtually, on
            in insurance costs requires $1,200   home.”                         industry,” said HDC President Eric   July 8, 2026, at 2 p.m. ET. Addition-
            in additional City capital for new    “Affordable and rent-stabilized   Enderlin. “HDC is proud to part-  al information about the RFEI, in-
            affordable housing transactions. By   housing is a lifeline for many New   ner with our colleagues across City   cluding proposal requirements and
            lowering those costs, the City can   Yorkers – but rapidly increasing in-  government to identify innovative   RSVP  instructions  for  the  informa-
            stretch public dollars further, finance   surance costs are threatening this   solutions to address rising insurance   tional session are available through
            more affordable homes and improve   vital part of our housing stock. This   costs and protect the long-term af-  NYCEDC.
            housing quality for tenants.      City-backed insurance program will
                The City-backed insurance pro-  help lower the cost of operating hous-
            gram is a key commitment in Block   ing, ensuring that our investment in
            by Block, the Mamdani administra-  affordable housing goes further to
            tion’s comprehensive housing plan.   serve New Yorkers,” said Leila Bo-
            The administration is investing $100   zorg, Deputy Mayor for Housing and
            million over the next three years   Planning. “I’m grateful for the work
            to launch the program as part of a   of the EDC, HDC, and HPD teams
            broader effort to preserve affordabil-  and experts who are designing an ef-
            ity, improve housing conditions and   ficient, effective program to put New
            reduce the cost of operating housing   York City’s housing on more stable
            across New York City.             footing.”
                “Skyrocketing insurance costs     “This announcement reflects the
            are draining resources from the af-  kind of bold, decisive action needed
            fordable housing New Yorkers de-  to confront New York City’s housing
            pend on,” said Mayor Mamdani.     crisis head-on,” said NYCEDC In-

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