Media Advisory

New York Fed to Release Case Study on Pension Fund Investments in Affordable Apartments

February 23, 2024

NEW YORK—The Federal Reserve Bank of New York will release “Alternative Investments in Community Development: A Case Study of Pension Fund Investments in Multifamily Affordable Housing” on February 29, 2024, at 10 AM.

The case study focuses on investment commitments that pension funds surveyed by the New York Fed made in affordable housing for a five-and-a-half-year period ending in June 2023. It details the funds’ plans to invest more in affordable rentals over the next two years, and the proportion of the funds’ overall real estate holdings currently invested in affordable housing. The case study also explores the proportion of the funds’ investments in affordable rentals made through closed-end funds versus open-end funds, a distinction that may play a role in determining whether apartments stay affordable in the future.

The case study was developed as part of the New York Fed's Community Development efforts, which have three areas of focus: health, household financial well-being, and climate risk.

Ellen Simon
(347) 978-3036
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