New York City Housing Development Corporation (HDC) Market Research Report
Background
The New York City Housing Development Corporation (HDC) is a municipal housing finance agency dedicated to increasing the supply of multifamily housing, stimulating economic growth, and revitalizing neighborhoods by financing the creation and preservation of affordable housing for low-, moderate-, and middle-income New Yorkers. Established in 1971, HDC operates as the nation's largest municipal Housing Finance Agency, consistently ranking among the top issuers of mortgage revenue bonds for affordable multifamily housing.
Key Strategic Focus
HDC's strategic focus encompasses:
- Financing Affordable Housing: Issuing bonds and providing subsidies to support the development and preservation of affordable housing units.
- Partnerships: Collaborating with city agencies like the Department of Housing Preservation and Development (HPD) and the New York City Housing Authority (NYCHA) to implement housing plans and initiatives.
- Economic Revitalization: Stimulating economic growth by investing in housing projects that revitalize neighborhoods.
Financials and Funding
HDC's financial activities include:
- Bond Issuance: In 2014, HDC issued $1.93 billion in bonds, financing 44 affordable housing developments comprising 8,152 apartments.
- Corporate Subsidies: Contributing over $117 million in corporate subsidies in 2014 to support affordable housing projects.
- Investor Equity: Leveraging approximately $700 million in investor equity through the Low-Income Housing Tax Credit program in 2014.
Pipeline Development
HDC's pipeline includes:
- Affordable Housing Units: Financing the construction and preservation of thousands of affordable housing units annually.
- Public Housing Rehabilitation: Serving as the key financing partner in the rehabilitation of the city's public housing stock under the NYCHA Permanent Affordability Commitment Together (PACT) initiative.
Technological Platform and Innovation
HDC employs various technologies to enhance its operations:
- Web Technologies: Utilizing platforms like Amazon EC2, Fastly, PHP, and Nginx to support its online presence and services.
Leadership Team
HDC's leadership comprises experienced professionals:
- Eric Enderlin: President, overseeing the corporation's strategic direction and operations.
- Adolfo Carrión Jr.: Chairperson and Member ex-officio of the Finance Committee.
- Harry E. Gould, Jr.: Vice Chairperson and Member, Mayoral Appointee, serving on the Audit, Finance, and Governance Committees.
- Jacques Jiha, Ph.D.: Member Ex-Officio of the Finance Committee.
- Charles G. Moerdler: Member, Gubernatorial Appointee, serving on the Finance and Governance Committees.
- Marc Norman: Member, Mayoral Appointee, serving on the Audit and Finance Committees.
- Denise Scott: Member, Gubernatorial Appointee, serving on the Audit, Finance, and Governance Committees.
- Preston Niblack: Member Ex-officio of the Finance Committee.
Leadership Changes
Recent leadership changes include:
- Eric Enderlin's Appointment: Continued service as HDC President under Mayor Adams' administration in 2022.
Competitor Profile
Market Insights and Dynamics
The affordable housing sector in New York City is characterized by:
- High Demand: A persistent need for affordable housing due to rising rents and population growth.
- Government Initiatives: Implementation of housing plans like "Housing Our Neighbors: A Blueprint for Housing and Homelessness" to address the affordability crisis.
Competitor Analysis
Key competitors include:
- New York State Homes and Community Renewal (HCR): A state agency financing affordable housing through various programs.
- Local Initiatives Support Corporation (LISC): A non-profit CDFI supporting community development initiatives nationwide.
- New York City Housing Authority (NYCHA): The largest public housing authority in North America, providing public housing in NYC.
- Related Companies: A real estate firm and the largest private owner of affordable housing in the U.S.
- Empire State Development Corporation (ESD): New York's principal economic development agency, involved in housing projects.
Strategic Collaborations and Partnerships
HDC's collaborations include:
- City Agencies: Partnering with HPD and NYCHA to implement housing plans and initiatives.
- Financial Institutions: Collaborating with entities like Goldman Sachs to provide equitable access to low-cost capital.
Operational Insights
HDC's operational strengths include:
- Financial Expertise: Consistently ranking as a top issuer of multifamily housing revenue bonds.
- Strategic Partnerships: Effective collaborations with city agencies and financial institutions to achieve housing goals.
Strategic Opportunities and Future Directions
HDC's future directions involve:
- Expanding Affordable Housing: Continuing to finance new construction and preservation projects to meet the city's housing needs.
- Innovative Financing: Developing new financial instruments and partnerships to attract investment in affordable housing.
- Technology Integration: Enhancing operational efficiency through the adoption of advanced technologies.
Contact Information
- Website: www.nychdc.com
- LinkedIn: New York City Housing Development Corporation
Note: Specific contact details such as address, phone number, and email are not provided in this report.
