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    4. Nixon Peabody serves as co-underwriter counsel on social bonds, supporting 3,276 affordable housing units for the City of New York

      Media

    Nixon Peabody serves as co-underwriter counsel on social bonds, supporting 3,276 affordable housing units for the City of New York

    Oct 18, 2022

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    Mitch Simon

    Media Relations Specialist

    • Office +1 312.977.9281
    • msimon@nixonpeabody.com
    New York, NY—International law firm Nixon Peabody LLP is pleased to have served as co-underwriters’ counsel to the City of New York in connection with its most recent issuance of $400 million of general obligation bonds, with a special subseries designated as “Social Bonds.” 

    The net proceeds of the subseries are being used to reimburse the city for prior spending on affordable housing that contributes to the social goals of the city. The City of New York has established strategic plans to, among other things, create or preserve 300,000 affordable housing units, including for the homeless, by 2026 and increase the overall housing supply, which is mapped to the 2015 United Nations’ Sustainable Development Goals. 

    The city’s Department of Housing Preservation and Development (HPD) administers three key programs (among others) that it supports using the proceeds raised under its social financing framework. The three programs are the ELLA Program, which funds the new construction of low-income multi-family rental projects; the SHLP, which provides low-interest loans to develop permanent supportive housing with on-site social services; and the SARA Program, which provides gap funding for affordable housing for low-income seniors. Specifically, the social bonds support the financing of 3,276 affordable housing units.

    Nixon Peabody’s deal team included partners Chris Reitzel and Angelica Valencia, counsel Jeff Pohl, and associates Katharine Stack and Sebastian Torres of the Project Finance and Public Finance practice. 
     

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    • Scott R. Singer

      Partner
      • New York City
      • Office:+1 212.940.3182
        Mobile:+1 917.886.5967
      • ssinger@nixonpeabody.com
      Scott R. Singer
    • Roderick N. Devlin

      Partner
      • New York City
      • Office:+1 212.940.3737
      • rdevlin@nixonpeabody.com
      Roderick N. Devlin
    • Virginia Wong

      Partner / Practice Group Leader, Project Finance & Public Finance
      • New York City
      • Office:+1 212.940.3028
      • vwong@nixonpeabody.com
      Virginia Wong
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      • kbaynes@nixonpeabody.com
      Katherine C. Baynes
    • Ernest W. Chung

      Counsel
      • New York City
      • Office:+1 212.940.3006
      • echung@nixonpeabody.com
      Ernest W. Chung
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