The recent op-ed (“Affordable housing initiative worked in the past and can work again today“), which claims that changes to the decades-old pricing formula for the New York City Retirement Systems (NYCRS) loan program have made it less useful, ignores its unique place and current performance in today’s market.
As the largest lender and only servicer for this product, we can tell you it is succeeding brilliantly in providing affordable housing across the city. Since 2016, CPC has originated on average $62 million per year in 18 loans, compared with its history prior to 2012 of $22 million per year in 22 transactions. Clearly, the data shows that while
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