NEW YORK—The Federal Reserve Bank of New York will release “Alternative Investments in Community Development: 2025 Case Study of Managers of Multifamily Affordable Housing Private Investment Vehicles” on June 24, 2025, at 3 PM EDT.
The case study focuses on survey responses from managers of private investment vehicles in multifamily affordable housing. Most respondents say they anticipate raising more equity on an annualized basis in the two years ending in September 2026 than in the prior five years. Respondents also say they plan to increase their commitments to new construction significantly. Respondents have a median of 10,245 affordable housing units in their portfolios, most of which have tenant income restrictions.
The report follows a 2023 New York Fed case study on private investment vehicles in affordable housing. Data in the two studies are not comparable, as the first asked different questions and had different respondents. Both papers are part of the New York Fed’s Community Development efforts, which include a focus on household financial well-being.
