Wednesday, July 30, 2014
Private-Public Partnership Commits $350 Million For Affordable NYC Housing
Citigroup and Morgan Stanley are joining with the city and other banks to provide longtime affordable-housing lender Community Preservation Corp. $350 million to invest in struggling NYC neighborhoods.
The cash infusion, which includes $75 million from Citigroup and $50 million from Morgan Stanley, will allow the nonprofit lender to spur the renovation of an estimated 7,500 units of affordable housing, most in low-rise buildings across the five boroughs.
NYC Mayor Bill de Blasio said the private capital was critical to making good on his $41 billion plan to create or preserve 200,000 units of affordable housing over the next decade….