Peck on city-backed insurance program details
Peck details the insurance program partnering with HTC and HPD, aiming to issue policies for 20,000 units next year and 100,000 by 2030, with expected 5-7x return in city capital subsidy savings.
This April, we announced the first city-backed insurance program to help New Yorkers stay in their homes, give building owners the support they need to make repairs, and building affordable housing more affordable.
The insurance program will reduce the cost of property and liability insurance for affordable and rent-stabilized housing.
EDC is partnering with HTC and HPD to develop and execute the insurance program, which aims to
aims to issue new insurance policies for 20,000 units of housing next year and 100,000 homes by 2030.
Additionally, the city expects a five to seven times return measured in city capital subsidy savings.
Lower insurance costs help to increase property level income, which supports larger property level loans and reduces the subsidy capital required in new construction and preservation deals.
This program uses the city's purchasing power to lower insurance premiums for affordable housing and rent-stabilized apartments, helping our investments reach more New Yorkers and is a key part of the city's housing plan.