Economically Targeted Investment
Successes For New York City Pension Funds
"Revitalizing New York City Neighborhoods,
While Protecting and Growing the Invested Assets"
Before
After
East Harlem
After $500,000 Mortgage
Gut Rehab -
8 Apt. + commercial space
Pension Fund Investment
Before
After
West Farms, Bronx
After $ 438,000 Mortgage
+1,605,339 HPD Investment
Gut Rehab -
41 Apts Created
Pension Fund Investment // HPD/OTHER
Investment
Before
After
Flatbush, Brooklyn
After $327,474 Mortgage
Gut Rehab -
created 18 owner occupied
Apts + 3 stores
Pension Fund Investment / HPD/OTHER
Investment
Before
After
Crown Heights, Brooklyn
After $430,584 Mortgage +
$1,059,065 HPD Investment
25 Apts. created
Pension Fund Investment / HPD/OTHER
Investment
Before
After
Corona, Queens
After $685,000 Financing
24 Apts. New Construction
Pension Fund Investment
Before
After
Clinton Hill, Brooklyn
After $850,000 Mortgage
34 Co-op units built
Pension Fund Investment
These images dramatically show how public pension funds, when invested prudently, can be used to invest in our communities. The City's Pension Funds through its Public/Private Apartment Rehabilitation Program provided the permanent 30 year financing for all of the projects pictured here. Some pension fund projects have additional financing provided by HPD and almost all have J-51 tax abatements. As a long term investor, the pension funds have the ability to offer forward-rate commitments for up to two years. These forward commitments spur private lenders to make short-term construction loans as the permanent financing is already in place. It also makes the expenses predictable so that building owners borrow only what the future income of the building can support. The Pension Fund Investments are 100% guaranteed by either SONYMA (State of New York Mortgage Agency) or by NYC REMIC (New York City Residential Mortgage Insurance Corporation).
For more information on these projects or other Economically Targeted Investments (ETIs) , contact Kathy Martino, Director of ETIs at Kathy.Martino@comptroller.nyc.gov.
