NEW YORK (CBSNewYork) – In a first-of-its-kind initiative, New York City’s pension fund will help support efforts to make housing more affordable in the five boroughs.
As WCBS 880’s Rich Lamb reported, the city is pouring nearly half a billion dollars of pension fund money into backing 30-year mortgages for affordable housing.READ MORE: Cuomo Not Stepping Down After Investigation Finds He Sexually Harassed Multiple Women
“We need to be able to create housing programs that keep the people in the communities who built up our neighborhoods,” City Comptroller Scott Stringer said Thursday.READ MORE: Gov. Cuomo Sexually Harassed Multiple Women In Violation Of State And Federal Law, AG Investigation Finds
The pension fund money, which will still be earning between four and five percent, is intended to give the mortgages more attractive terms.
“We are not throwing money at people. There is a rigorous financial qualification, and we monitor this as a serious investment in terms of the overall asset allocation of the pension fund,” Stringer said.MORE NEWS: Lawmakers Call On Cuomo To Resign Or Be Removed From Office In Wake Of Sexual Harassment Investigation
The comptroller made a special note, saying part of the money is being set aside to help returning veterans get mortgages to buy affordable housing.