New York Risk Reduction and Insurance Affordability

Helping nonprofit affordable housing providers reduce property risk, improve safety, and access more stable insurance options.

The New York Risk Reduction and Insurance Affordability Pilot (RRIA) is a statewide initiative designed to help nonprofit affordable housing owners reduce insurable risk, strengthen building operations, and explore more affordable and transparent insurance options, including captive insurance models. Created through New York State’s FY 2026 Enacted Budget, the pilot will provide eligible organizations with targeted risk assessments, technical assistance, mitigation planning, and potential financial support to implement practical risk reduction strategies.

HPN and the Urban Homesteading Assistance Board (UHAB) are administering the pilot in partnership with New York State Homes and Community Renewal. Together, the organizations will work directly with nonprofit affordable housing providers across New York State to assess property risk, support mitigation efforts, and help participating organizations prepare for captive insurance participation or other insurance affordability strategies.

The pilot is intended for nonprofit affordable housing owners and operators in New York State who are interested in reducing property risk and improving long-term insurance affordability. For a property to be eligible, it must be subject to a regulatory agreement or supervised by a New York State housing agency and owned by a nonprofit sponsor. Eligible participants may include organizations that own or operate multifamily affordable housing properties or portfolios and are willing to participate in data collection, property risk assessment, technical assistance, and mitigation planning.

Participating organizations should be prepared to share relevant claims, loss, property, and operational information; engage staff in assessment and training activities; and consider implementation of recommended risk reduction strategies. Final eligibility and participation requirements will be confirmed through a program intake and review process.

Rising insurance costs are placing significant pressure on affordable housing providers, threatening long-term property stability, operating budgets, and the preservation of affordable homes. Through this pilot, HPN will help connect housing providers with technical expertise, risk mitigation resources, and shared learning opportunities that can strengthen building operations and support more stable insurance pathways. The goal is not only to assist individual organizations, but also to test scalable approaches that can benefit the broader affordable housing sector.

• Property-level risk assessment and tailored mitigation recommendations
• Technical assistance from risk, insurance, and affordable housing experts
• Support identification and implementation of safety, maintenance, and loss-prevention strategies
• Opportunity to access resources to support eligible mitigation activities and captive insurance participation
• Assistance preparing for captive insurance participation or related insurance affordability strategies
• Peer learning with other nonprofit affordable housing providers
• Improved understanding of claims trends, risk drivers, and insurance readiness

Interested nonprofit affordable housing providers are encouraged to submit an Interest Form. HPN will review eligibility and readiness, request additional information as needed, and work with selected organizations to begin the assessment and planning process.

Please contact Christi Smith, Director, Innovation and Partnerships