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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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