New York City will issue $820 million in taxable fixed-rate general obligation social bonds in October 2024 to fund the construction of over 4,300 affordable housing units, as announced by Mayor Adams and Comptroller Lander.
Proceeds from the bond sale will support previous investments in affordable housing through specific programs. Social bonds have proven significant in reimbursing such crucial projects across the city.
Comptroller Brad Lander emphasized that social bonds are a key tool in meeting the city’s affordable housing needs while also catering to the increasing demand for socially responsible investments among investors.
This marks the city’s third issuance of social bonds, reflecting a commitment to affordable housing solutions while fostering investment in socially sustainable projects.
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