Second Party Opinion: City of New York's General Obligation Bonds, 2025 Series D Taxable Social Bonds, Subseries D-1

S&P Global Ratings assesses City of New York's General Obligation Bonds, 2025 Series D Taxable Social Bonds, Subseries D-1 as aligned with Social Bond Principles, ICMA, 2023. The City, with a population of 8.3 million (July 2023 estimate), has the highest metropolitan area GDP of all U.S. metro areas and is a global hub for finance, leisure, and business tourism, universities, health care providers, and--increasingly--technology companies. The City established the HPD in 1978 to handle the development and maintenance of its affordable housing.

...The City, with a population of 8.3 million (July 2023 estimate), has the highest metropolitan area GDP of all U.S. metro areas and is a global hub for finance, leisure, and business tourism, universities, health care providers, and--increasingly--technology companies. The City established the HPD in 1978 to handle the development and maintenance of its affordable housing. HPD's mission is to promote the quality and affordability of the City's housing and the diversity and strength of its neighborhoods. HPD supports this mission by providing low-cost subordinate subsidy loans to finance affordable housing through various programs, including the Extremely Low- and Low-Income Affordability (ELLA) Program, the Supportive Housing Loan Program (SHLP), and the Senior Affordable Rental Apartments (SARA) Program. Between Jan. 1, 2014, and June 30, 2024, the City financed the construction or preservation of over 255,000 affordable housing units across the five boroughs of NYC....

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