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New York City Comptroller William C. Thompson, Jr., on behalf of the New York City Pension Funds, is issuing a request for proposals to expand the Funds' Economically Targeted Investments (ETI) program.

"By expanding the ETI program, we will create and rehabilitate affordable housing for hardworking New Yorkers," Comptroller Thompson said. "These investments are an effective way to revitalize communities and help stimulate our City's economy."

The ETI program is designed to provide the Funds with investments that earn a market rate-of-return that is proportionate to the risk assumed and fill capital gaps in New York City. Additionally, the investments must provide collateral benefits to New York City and, in particular, to the City's low-, moderate- and middle- income communities. Such benefits may include the rehabilitation or creation of housing, economic development and job creation. Currently, ETI programs include agreements with several lending institutions to originate mortgages or invest in mortgage-backed securities.

There is no deadline for proposal submissions; however, the Comptroller and the Funds will determine the cutoff date in the future.

"Leaving the RFP open-ended will increase the opportunities for new and creative proposals that address the Funds' economically targeted investment goals," Thompson said. "We are opening up this RFP to many types of entities, including financial institutions, insurance companies, not-for-profit corporations and foundations."

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