2024 Community Impact Awards: Milford Street Insurance Company

Publication: New York Housing Conference

Milford Street Association & Captive is a captive insurance company created to seek relief from ever escalating insurance costs. Originally led by Dick Ravitch, a group of affordable housing developers and managers chose to take control of their risks and risk pricing. The current insurance market pricing has made NYS affordable housing as currently constructed is nearly impossible to operate. Milford Street Association & Captive resembles a traditional insurance company, but its sole focus is to provide insurance coverage for affordable housing projects in NY. Membership requires properties have a regulatory agreement AND have received a subsidy from either the City, State or Federal housing financing agencies. In addition to savings on premiums the Association is focused on operational optimization by lowering operations risk to drive superior results.

Community Impact:
Every project signing up will recognize both immediate and long term savings. Affordable housing has been under attack from a number of people and factors. Keeping the buildings operating has generally become a negative cash situation and anything that can be done to reverse that trend will have an immediate and profound impact on the housing benefiting the residents in a number of ways. Indeed few things can have the dramatic impact on cash flow that the captive can have immediately.

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