An affordable place to call home
Living in the same city where you work fosters a critically important connection to the community and people you serve. Yet for firefighters, police officers, teachers, nurses and millions of other low- and moderate-income workers in urban areas, it can be a herculean challenge to find safe, affordable housing near where they work. Since the housing and economic crash of 2008, cities have failed to keep pace with the demand for housing for low- and moderate-income renters and owners, forcing too many workers to live away from the communities that need them most.
When the private market doubles down on amenity-rich, city-center housing, neighborhoods become simply too expensive for all but the highest paid workers to afford. And while many municipalities and state governments are taking laudable steps to invest in subsidized housing to serve the homeless or those living in poverty, unfortunately, low- and moderate-income workers still face a dearth of affordable housing options and continue to be priced out of the cities where they work.
Amalgamated Bank understands this critical gap in the urban housing market, and has been working to help fix it for more than 80 years. Back in the 1940s, Amalgamated Bank helped fund the first union-supported housing development in the country, housing 700 moderate-income families at first, and eventually growing to house over 1,400 families. In 1957, we offered home loans to the shareholders of the Park Reservoir Housing Cooperative in the Bronx, the state’s first affordable development created under the Mitchell-Lama Housing Program.
Our work to create affordable housing options continues to this day:
- More than half of our commercial real estate loans are made in low- and moderate-income neighborhoods, helping workers afford to keep living in the communities they serve.
- Our loan programs fuel construction of affordable multifamily housing in New York across all five boroughs, Nassau County, the Hudson Valley, and Washington, D.C.
- We’ve redoubled our efforts to finance the development of multifamily and mixed use properties located in areas and priced at a level that will allow middle income households to return to the cities where they work.
- Through our Responsible Contractor Policy, we work to ensure that we increase job opportunities for low and moderate income workers.
As the bank with values, we take our role in addressing the nation’s housing shortage seriously. Working families are the backbone of our nation’s economy and, unless they are given the opportunities they need to succeed, we will continue to watch cities become unaffordable to all but the very affluent. We take pride in our ability to offer financing for affordable housing to help counter this trend. Every member of the workforce should have the opportunity to live in the city in which they work and a chance to feel invested in a neighborhood they’ve helped to create.
Learn more about our work creating affordable housing