FROM 
OUR 
PRESIDENT

Dear Partners,

I am pleased to present you with HDC’s 2024 Annual Report.

As we celebrate the milestones HDC has achieved over this past year, it’s important to take a moment to reflect on the unique time we are in. While there is no denying the challenges facing the affordable housing community – from our industry partners to the residents we serve – there is also incredible opportunity ahead.

As we work together through these uncertain times, it is more important than ever to center ourselves around the core mission of our work: to expand New York City’s supply of affordable homes and to strengthen the well-being of communities citywide. Despite some of the obstacles that we may face in the months and years ahead, we look forward to collaborating with all our partners – united by that shared purpose – to continue meeting the housing needs of New Yorkers.

In 2024, HDC issued $2.3 billion in bonds and utilized more than $204 million in corporate reserves and additional subsidy to finance the creation and preservation of 5,242 affordable homes, along with the rehabilitation of 3,884 units of public housing citywide. HDC also significantly contributed to New York City’s record production of supportive homes and units set aside for formerly homeless households. Thanks to the hard work and dedication of our entire team, HDC was again the top issuer of multifamily housing revenue bonds and ranked 26^th overall among municipal issuers nationwide.

In 2024, HDC helped finance over 5,200 affordable homes and rehabilitate more than 3,800 public housing units across the city.

Over the course of the year, we also saw our elected leaders at the local and state levels take decisive action by enacting a series of policy solutions that will boost housing production across New York City. In April, Governor Hochul and the State Legislature passed a sweeping package of new housing incentives, including 485(x) – a replacement for the 421(a) program with deeper affordability requirements and higher construction wages – along with an increase to the city’s Floor Area Ratio (FAR) cap and a new tax abatement to spur office-to-residential conversions. In December, the New York City Council passed the Mayor’s “City of Yes” proposal that will reduce key zoning barriers to development, offer density bonuses for developers building affordable units in high-density neighborhoods, and make it easier to build three-to-five story residential buildings in commercial areas. HDC looks forward to working with all of our agency partners to leverage these new resources and further combat our city’s unprecedented housing shortage.

This year’s annual report pays special attention to the direct impact of our work on the lives of New Yorkers by highlighting the stories of just a few of the hundreds of thousands of residents who live in affordable homes financed by HDC. Further into the report, you will find testimony from four New Yorkers who all successfully secured apartments through Housing Connect. We encourage you to read each of their inspiring stories to learn more about the wide array of direct and indirect benefits that a stable, decent, affordable home can provide.

On behalf of the entire HDC team, I want to thank all our partners for their continued commitment to delivering high-quality, affordable homes across New York City. By leveraging our industry’s deep expertise, strong partnerships, and shared mission, I am confident that we will rise to the occasion and meet whatever challenges lie ahead.

Eric Enderlin

HDC President