April 16, 2026

New York, NY – Today, New York City Comptroller Mark Levine unveiled a $4 billion commitment to strategic investments in affordable housing production and preservation through a new initiative titled the NYC Housing Investment Initiative. The investments respond to the City’s worsening housing crisis, which is driven in part by limited access to financing.

“Too many New Yorkers are struggling just to keep a roof over their heads,” said New York City Comptroller Mark Levine. “Solving this crisis takes action on all fronts. We’ve advanced critical zoning changes, but without financing, housing doesn’t get built. The NYC Housing Investment Initiative is about closing that gap, delivering the homes New Yorkers need, and making sound investments for the New York City retirement systems.”

The NYC Housing Investment Initiative will commit roughly $1 billion per year over the next four years to housing investments, and address the affordability crisis through:

• financing the creation of new mixed-income, workforce and affordable housing;
• preserving existing affordable housing before it is lost;
• supporting office-to-residential conversions that can add homes at scale;
• and using pension capital responsibly to generate risk-adjusted returns while addressing a critical city need.

As part of today’s announcement, Comptroller Levine unveiled the first round of investments and commitments that will be made as part of the NYC Housing Investment Initiative:

• Direct the Bureau of Asset Management to bring $750 million in investments to the boards for approval to create new mixed-income affordable housing; preserve existing affordable homes; and support office conversions that can add housing supply.
• Expand the Public Private Apartment Rehabilitation (PPAR) program through a new $500 million investment to support the construction, preservation and rehabilitation of housing across New York City and surrounding counties. The Community Preservation Corporation (CPC) will serve as the program administrator and servicer. In addition, Comptroller Levine is announcing a new 36-month rate lock and 40-year amortization for preservation and new construction.
• Recommend additional investment for approval in the AFL-CIO Housing Investment Trust (HIT) to finance large scale multifamily and affordable housing projects in New York City using union labor.

“Comptroller Levine’s $4 billion commitment represents a historic step in mobilizing the pension funds to address New York City’s housing crisis. This initiative sets a powerful model for how public capital can drive real impact by significantly expanding investment in the creation and preservation of our city’s housing stock,” said Rafael E. Cestero, CEO of The Community Preservation Corporation. “When the PPAR program was launched in 1984, it was groundbreaking in both its approach and the volume of new capital it brought to the City’s neighborhoods. The Comptroller’s modernization of the program, along with a $500 million infusion of new capital, will ensure it remains an important tool that delivers the resources our communities need to preserve and protect our housing stock. My thanks to the Comptroller and his team for their longstanding partnership and commitment to investing in a more affordable and equitable New York City.”

The NYC Housing Investment Initiative will more than double the size of the Big Apple’s five public pension funds’ housing investment exposure. As of the end of 2025, the system’s residential portfolio totaled approximately $2.8 billion. These investments are spread across a diverse range of housing types and programs, including the PPAR program, the AFL-CIO HIT, the RBC Capital Access program, multi-family housing, student and senior housing, and more.

The Comptroller’s Office oversees the five pension funds’ investments in housing and real estate. The program is aimed at achieving strong returns for members and beneficiaries while preserving and expanding the City’s housing supply stock. Since the early 90s, these investments have helped to create or preserve 199,000 units of housing. Since inception, the pension funds’ Economically Targeted Investments portfolio has exceeded the actuarial rate of return requirement.

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