On Monday, September 15, 2025, the Federal Reserve Bank of New York hosted an in-person event exploring private capital investments in multifamily affordable housing. Panelists, including institutional investors and managers of multifamily affordable housing investment vehicles, explored the role of institutional capital in financing apartments for low- and moderate-income renters. Speakers also discussed a New York Fed case study on private investment in multifamily affordable housing and the challenges and opportunities for private investment in the space.
This event was of interest to leaders from pension funds, endowments, insurance companies, foundations, investment managers, community development organizations, banks, and affordable housing owners, developers, and managers.
See the agenda for timing of specific conference segments.
September 15, 2025
2:30pm-5:00pm
(Coffee and networking preceded event; reception followed.)
Federal Reserve Bank of New York
33 Liberty Street
New York, NY
This event was open to the public.
This event was open to the media. All remarks were on the record, with the recording to be made available afterwards. For media inquiries, please contact Ellen Simon at Ellen.Simon@ny.frb.org.
Agenda
| 2:30pm-2:40pm | Welcome Remarks (00:00:08)
Jonathan Kivell, Director of Community Investments, Federal Reserve Bank of New York |
| 2:40pm-2:55pm | 2025 Case Study of Managers of Multifamily Affordable Housing Private Investment Vehicles (00:01:53)
Carmi Recto, Community Development Specialist, Federal Reserve Bank of New York | Presentation |
| 2:55pm-3:45pm | Panel: Investment Managers (00:17:13)
Moderator: John R. Williams, President and Chief Operating Officer, Avanath Capital Management Nina Tschinkel, Director of Investor Relations, Impact & Communications, Catalyst Opportunity Funds Pamela West, Head of U.S. Affordable Housing & Portfolio Manager, Nuveen Alicia Glen, Founder & Managing Principal, MSquared Sydne Garchik, Founder & President, MRK Partners |
| 3:45pm-4:00pm | Break |
| 4:00pm-4:50pm | Panel: Institutional Investors (01:05:38)
Moderator: Rachel Diller, Senior Managing Director, Acquisitions & Chief Investment Officer, Bridge Workforce & Affordable Housing, Bridge Investment Group Cynthia Maasry, Managing Director, Mission Investments, Trinity Church Wall Street Dan Alger, Managing Director & Head of Urban Investment Group, Goldman Sachs Asset Management Filip Pinter, Senior Investment Officer, Real Estate, New York State Common Retirement Fund |
| 4:50pm-5:00pm | Closing Remarks (01:56:09)
Talor Crawford, Community Development Specialist, Federal Reserve Bank of New York |
