“This financing will mean more shovels in the ground and more New Yorkers protected from soaring rents,” says the Mayor. “We're in the midst of an affordability crisis that demands everyone work together as never before, and we are incredibly proud to be working with the Comptroller, CPC and major financial institutions like Citi, who are putting real skin in the game to spur affordable housing across the city.”

Adds Stringer, “The five New York City Retirement Systems have agreed to invest $40 million towards CPC's affordable housing, construction loan program. For the last three decades, the NYCRS have had a policy of investing in economically targeted investments, which benefit low-, middle- and moderate-income New Yorkers. This is not only an investment that is good for our residents but also one that is good for the city's pension funds.”

Notes Citi CEO Michael Corbat, “New York has been Citi's home for more than 200 years, and we have made it a priority to support the City's growth and development throughout that time."

The new capital will be used to finance developments like 170 Ogden, which consists of three extensively renovated multi-family buildings containing 65 units in the Highbridge section of the Bronx. CPC provided a $7.8 million construction loan and a $1.7 million permanent loan through the New York City Retirement Systems to the Highbridge Community Development Corporation for building renovations.

“A stable housing base is critical for communities to thrive,” asserts Jeff Barker, Bank of America New York City president. “Over the past four decades, CPC has made affordable housing a reality for countless individuals and families in some of the city's most underserved neighborhoods, and this partnership will significantly expand on those efforts.”

“Wells Fargo is proud to have made a $50M initial commitment to reinvigorate CPC's lending activity, which supports the Mayor's ambitious Housing New York plan and meets a critical need for capital to build and preserve low and middle income homes throughout New York State,” says Alan Wiener, group head, Wells Fargo Multifamily Capital.

Said Deutsche Bank's Gary Hattem, managing director, community development finance group, “Deutsche Bank is pleased to be able to grow its support of CPC and further its mission of providing capital for the development and preservation of affordable housing in New York City. CPC will play an essential role in efficiently aggregating private capital and aligning it with public resources to advance Mayor de Blasio's ambitious but critically important 200,000 unit Housing New York plan.”