NEWYORK: New York City Mayor Eric Adams announced that New York City will sell $460 million of taxable, fixed-rate General Obligation Social Bonds in October 2025, helping to support the creation of thousands of units of affordable housing.
Additionally, Mayor Adams announced that — for the 18th consecutive time in this administration — the independent, internationally-recognized credit rating agencies Moody’s Ratings, S&P Global Ratings, Fitch Ratings, and Kroll Bond Rating Agency have all affirmed the city’s strong bond ratings and stable outlook.
Selling bonds to investors generates resources that the city uses to build and maintain its world-class infrastructure, and, in this case, will be used to support the construction and development of nearly 2,200 units of affordable housing in New York City.
Social Bonds exclusively supporting affordable housing in New York City have only been issued during the Adams administration, and this is the city’s fourth issuance of Social Bonds since 2022.
“When it’s come to tackling our generational housing crisis, our administration has gotten creative as we’ve used every tool possible to tackle our generational housing crisis,” said Mayor Adams.
“From our historic ‘City of Yes’ plan to our neighborhood rezonings, we have never been afraid to take the bold and necessary steps to build more housing for working-class New Yorkers. Issuing Social Bonds exclusively for housing is yet another example of how we are thinking outside the box to finance and spur more affordable housing. With this latest sale of $460 million of General Obligation Social Bonds, we will support the construction of nearly 2,200 additional units of affordable housing. And because of our work and more, the leading credit rating agencies have, once again, affirmed our administration’s strong fiscal management. Our administration has consistently stepped up to the plate, skillfully managing crises after crises while making our economy stronger and boosting investor confidence. And while we have made great strides, we will never stop fighting to make our city more affordable, more livable, and the best place to raise a family.”
Social Bonds allow the city to take advantage of demand for investment opportunities while addressing core policy objectives, including investing in programs and initiatives that can make the city more affordable for working-class New Yorkers.
The city’s first three sales of Social Bonds — all of which took place under the Adams administration — totaled $1.92 billion and helped finance over 12,100 units of affordable housing across the city. Following the upcoming transaction, the city will have sold $2.38 billion of Social Bonds since 2022 to help finance over 14,300 units of affordable housing.
The upcoming issuance of Social Bonds to support the building of more affordable housing follows yet another record-breaking year by the Adams administration for producing and connecting New Yorkers to affordable homes.
