New York City Mayor Eric Adams has announced that the city will issue $460 million in taxable, fixed-rate General Obligation Social Bonds this month to fund the creation of nearly 2,200 new affordable housing units. The move reinforces the Adams administration’s innovative financial approach to addressing the city’s housing crisis and comes amid renewed confidence from global credit rating agencies in New York City’s fiscal stability and growth.

This marks the fourth issuance of Social Bonds under Mayor Adams’ leadership and continues his administration’s streak of financial discipline. In a strong vote of confidence, all four major credit rating agencies — Moody’s, S&P Global Ratings, Fitch Ratings, and Kroll Bond Rating Agency (KBRA) — reaffirmed New York City’s robust bond ratings and stable outlook for the eighteenth consecutive time. Their assessments reflect faith in the city’s long-term financial management, revenue recovery, and post-pandemic resilience.

Mayor Adams, on Monday, October 6, hailed the announcement as part of his administration’s ongoing effort to tackle the city’s “generational housing crisis” through bold and creative solutions. “When it comes to building affordable housing, our administration has used every tool possible,” he said. “Issuing Social Bonds exclusively for housing is another example of how we’re thinking outside the box to finance and build more homes for working-class New Yorkers. This $460 million sale will support nearly 2,200 new affordable units, while reaffirming the city’s reputation for responsible fiscal management.”

Social Bonds allow municipalities like New York to attract socially conscious investors who seek to fund initiatives with measurable community benefits. Since 2022, New York City has issued over $1.92 billion in Social Bonds, helping to finance more than 12,100 affordable homes across the five boroughs. With this latest sale, the city’s total issuance will reach $2.38 billion, supporting the development of more than 14,300 affordable units since Mayor Adams took office.

Proceeds from the upcoming bond sale will reimburse spending by the Department of Housing Preservation and Development (HPD) through three critical programs: the Extremely Low- and Low-Income Affordability (ELLA) Program, which will provide 1,152 units; the Senior Affordable Rental Apartments (SARA) Program, with 190 units; and the Supportive Housing Loan Program (SHLP), supporting 856 units. More than 80 percent of these units will serve households earning 60 percent or less of the Area Median Income (about $97,200 for a family of four). Additionally, 790 of the new apartments will be designated for formerly homeless individuals and families.

The Adams administration has prioritized housing affordability as a key pillar of its agenda. Through citywide initiatives and record capital investments, it has already created, preserved, or planned over 426,800 homes, including at least 250,000 affordable units over the next 15 years. These efforts form part of a broader $25.8 billion commitment to housing under the city’s 10-Year Capital Plan.

Financial experts continue to praise the city’s strong fiscal management. Moody’s maintained its Aa2 rating, citing New York’s “record-high employment-to-population ratio, strong property values, and expanding economy.” S&P Global Ratings upheld its AA rating, noting the city’s “resilient economy and sound governance.” Fitch Ratings, which upgraded the city’s rating from AA- to AA in 2023, credited New York’s “exceptionally strong budget controls and record post-pandemic recovery.” KBRA, assigning an AA+ rating, highlighted the city’s “institutionalized financial management practices” and its position as a “global business and cultural center.”

The bond sale and credit affirmations follow the passage of the $115.9 billion Fiscal Year 2026 Budget, which Mayor Adams has called the “Best Budget Ever.” The budget prioritizes affordability, safety, and quality of life while eliminating income taxes for eligible low-income New Yorkers for the first time in city history. It also includes an accelerated $1.8 billion capital commitment for the city’s housing programs, expediting the construction and rehabilitation of nearly 6,500 additional homes.

Mayor Adams praised the city’s ongoing financial resilience and dedication to working-class families. “These ratings and investments confirm that New York City’s fiscal house is in order,” he said. “We’re not just balancing budgets — we’re building communities. Every bond we issue, every dollar we invest, brings us closer to a more affordable, livable, and inclusive city.”

With this fourth issuance of Social Bonds and continued affirmation from global rating agencies, New York City remains a model for urban fiscal innovation — using financial strength to tackle one of its greatest challenges: ensuring that every New Yorker has a place to call home.

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