The New York City Acquisition Fund is a unique $230 million partnership that finances the purchase of land and buildings for affordable housing. The fund gives smaller developers the financing they need to compete against big investors with "deep pockets". Without this funding, affordable housing risks being replaced by luxury housing built by speculators who have no qualms about displacing tenants and their families. Many of these renters have lived in the same apartment building for decades, faithfully paid their rent and taxes, sent their children to nearby schools, and contributed to the unique character of their neighborhoods. The NYC Acquisition Fund team is currently consulting with the cities of New Orleans, Atlanta, Chicago, and Los Angeles, each of whom is developing similar programs.
