Consultant Services, Outside Counsel for Affordable Housing Insurance Program RFP

New York City Economic Development Corporation (“NYCEDC” or “EDC”) invites law firms and lawyers to submit proposals for the provision of outside legal counsel services in connection with NYCEDC’s structuring and operating of an affordable housing 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. NYCEDC's threshold expectations for this Program are as follows: 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 the New York City Housing Preservation and Development (“NYCHPD” or “HDC”) and the New York City Housing Development Corporation (“NYCHDC” or “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 anticipates that outside counsel services will include advising on, and providing representation of NYCEDC (and when requested, governmental agencies) on various aspects of tax, insurance, corporate governance and public finance law related matters including, but not limited to, the structuring of the Program, the investment of the capital, and the ongoing governance of the Program.

NYCEDC plans to select a consultant on the basis of factors stated in the RFP which include, but are not limited to: the quality of the proposal, experience of key staff identified in the proposal, experience and quality of any subcontractors proposed, demonstrated successful experience in performing services similar to those encompassed in the RFP, and the proposed fee.

Inquiries

Respondents may submit questions and/or request clarifications from NYCEDC no later than 5pm on Monday, November 2, 2026. Questions regarding the subject matter of this RFP should be directed to the Q&A web form here. Answers to all questions will be posted by Monday, November 9, 2026. Questions regarding the subject matter of this RFP will not be accepted after 5pm on Monday, November 2, 2026, however, technical questions pertaining to downloading and submitting proposals to this RFP may be directed to [email protected] on or before Monday, November 16, 2026.

Submission Guidelines

Detailed submission guidelines and requirements are outlined in the RFP, available as of October 23, 2026.

Please submit your response via electronic upload by clicking here and uploading your proposal.

Responses are due no later than November 16, 2026 at 4:00 PM. Please submit all documents in a single .zip file labeled with your company name. The Chrome Browser is the preferred method for uploading.

M/WBE

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 (MWBEs) share in the economic opportunities generated by NYCEDC’s projects and initiatives.

This project has Minority and Women Owned Business Enterprise (“M/WBE”) participation goals, and all respondents will be required to submit an M/WBE Participation Proposal with their response. To learn more about NYCEDC’s M/WBE program, visit http://edc.nyc/opportunity-mwdbe. For the list of companies who have been certified with the New York City Department of Small Business Services as M/WBE, please go to the https://sbsconnect.nyc.gov/certification-directory-search/.

NYCEDC established the Contract Financing Loan Fund programs for Minority, Women and Disadvantaged Business Enterprise (M/W/DBE) interested in working on public construction projects. Contract Financing Loan Fund facilitates financing for short-term mobilization needs such as insurance, labor, supplies and equipment. Bidders/subcontractors are strongly encouraged to visit the NYCEDC website at http://edc.nyc/opportunity-mwdbe to learn more about the program.