Notice Details

The New York City Economic Development Corporation ("NYCEDC" or "EDC"), in coordination with the New York City Department of Housing Preservation and Development (“NYCHPD” or "HPD") and the New York City Housing Development Corporation (“NYCHDC” or "HDC"), is issuing this Request for Expressions of Interest ("RFEI") to solicit proposals from industry participants (each, an "Applicant," "Respondent," or "Firm") on structuring and operating an insurance program (the "Program") to reduce property and liability insurance costs for income-restricted affordable and rent-stabilized housing in New York City.

NYCEDC anticipates committing, on behalf of the City of New York (“the City”), up to $100 million over a three-year period as a one-time funding infusion to launch and sustain the Program. The structure, use, and guardrails around the $100 million investment will be informed by responses to this RFEI, but EDC's threshold expectations are clear: the Program must deliver policy outcomes over the long run while remaining financially solvent and self-sustaining, and the City's funding must, at a minimum, be preserved, with a preference for structures that generate a financial return. The Program is expected to operate indefinitely as part of the City’s affordable housing new construction and preservation system.

The Program seeks to ease costs for a population of income-restricted and rent-stabilized buildings which in large part have existing legal or contractual relationships with HPD and HDC. As lenders and regulators to many of these buildings, HPD and HDC monitor their financial and physical performance and act as key partners in asset management. As a result, the City has a distinct oversight role and regularly engages building owners about a range of operational issues, including insurance coverage.

NYCEDC seeks submissions from a broad range of industry participants, including insurance brokers, captive managers, insurance carriers and reinsurers, third-party administrators ("TPAs"), actuarial and risk advisory firms, program administrators, community development financial institutions ("CDFIs"), mutual insurance organizers, and other entities capable of operating at this scale. Joint ventures combining multiple entity types and proposals leveraging an existing vehicle or facility are equally welcome.

It is the policy of NYCEDC to comply with all federal, state and City laws and regulations which prohibit unlawful discrimination because of race, creed, color, national origin, sex, age, disability, marital status and other protected category and to take affirmative action in working with contracting parties to ensure certified Minority and Women-owned Business Enterprises (M/WBEs) share in the economic opportunities generated by NYCEDC’s projects and initiatives.

Companies who have been certified with the New York City Department of Small Business Services as Minority and Women Owned Business Enterprises (“M/WBE”) are strongly encouraged to apply. To learn more about M/WBE certification, NYCEDC’s M/WBE program, and programs to assist M/WBE in navigating current and upcoming opportunities on NYCEDC projects, please visit https://sbsconnect.nyc.gov/certification-directory-search/ and edc.nyc/opportunity-mwdbe.

An optional informational session will be held in person and virtually on Wednesday, July 8, 2026, at 2 P.M., at One Liberty Plaza, 14th Floor, New York, NY 10006. Those who wish to attend this session should RSVP to the RSVP web form, available at edc.nyc/RFPs no later than 5:00 p.m. ET on Friday, July 3, 2026. Meeting information will be emailed to those who RSVP for the session.

Respondents may submit questions and/or request clarifications from NYCEDC until July 10, 2026 at 5:00 P.M. Questions regarding the subject matter of this RFEI should be directed to the Q&A web form available at https://edc.nyc/rfps. Answers to all questions will be posted by Tuesday, July 21, 2026 to https://edc.nyc/rfps. Questions regarding the subject matter of this RFEI will not be accepted after 5:00 P.M. on Friday, July 10, 2026, however, technical questions pertaining to downloading and submitting proposals to this RFEI may be directed to RFPREQUEST@edc.nyc on or before Thursday, August 6, 2026.

Detailed submission guidelines and requirements are outlined in the RFEI, available as of Wednesday, June 24, 2026. To download a copy of the solicitation documents please visit https://edc.nyc/rfps. RESPONSES ARE DUE NO LATER THAN 4:00 P.M. ON Thursday, August 6, 2026. Please click the link in the “Deadlines” section of this project’s web page (which can be found on https://edc.nyc/rfps) to electronically upload a proposal for this solicitation. Please upload your response as a .zip file with your company name and the title of this project.