NYC Pension to Invest $60 Million to Preserve Affordable Housing.

New York City's $86 billion pension fund for civil employees, NYCERS, is investing $60 million in a partnership led by the Community Preservation Corp. The partnership aims to preserve nearly 35,000 rent-stabilized units affected by the collapse of Signature Bank. Signature Bank's failure raised concerns about the impact on its loan portfolio of rent-stabilized buildings. The investment by NYCERS is part of a program overseen by the city comptroller's office to generate market rate returns through investments in affordable housing and economic development. Currently, less than 1% of the pension fund's assets are invested in financing affordable and workforce housing. [Extracted from the article]