Bronx housing advocates call on FDIC to preserve affordable housing

Advocates are asking the FDIC, who is now responsible for selling the bank’s assets off, to select a buyer that is committed to preserving affordable housing for New York City residents.

News 12 Staff

Apr 3, 2023, 11:58 PM

Updated 381 days ago

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A Bronx congressman and housing advocates are calling on the Federal Deposit Insurance Corporation (FDIC) to preserve affordable housing in the Bronx.  
Officials claim the recent collapse of Signature Bank has left thousands of local housing units at possible risk. According to Rep. Ritchie Torres, the bank’s housing portfolio consists of 80,000 individual housing units in 3,000 properties in New York City that have mortgages with the bank.  
Advocates are asking the FDIC, who is now responsible for selling the bank’s assets off, to select a buyer that is committed to preserving affordable housing for New York City residents.  
“The affordable housing crisis is in danger of deepening, and we have to protect our affordable housing stock from the threat of speculation and displacement,” said Torres.  
Jim Buckley, of the University Housing Program, says there are nearly 500 real estate properties in the borough that are currently for sale. Advocates say they’re concerned loans may end up refinanced at a higher interest rate, negatively impacting maintenance and other needed services.  
Torres says that the chairman of the FDIC has assured him its commitment in continuing to preserve affordable housing for New Yorkers.


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