Affordable Housing Fund - $20 Million

Commitment Title

Affordable Housing Fund - $20 Million

Commitment

Columbia University shall pay $20 million to the Affordable Housing Fund in two installments of $10 million each. 

Upon the issuance of a Building Permit for the first Stage 1 New Building, Columbia University shall pay $10 million to the Affordable Housing Fund.

The City of New York is responsible for administering the Affordable Housing Fund.  In accordance with the commitment's commencement, Columbia deposited $10 million in January 2011 in an escrow account, established by the City of New York, with the Corporation Counsel of the City of New York acting as escrow agent. 

The City and Empire State Development (ESD) confirm that Columbia’s obligation to make the payment described above has unconditionally been satisfied. 

Upon the earlier of:

(a) Columbia’s receipt of temporary certificates of occupancy for the occupancy of 1.2 million GSF for all New Buildings,

 OR

(b) Columbia’s receipt of a temporary certificate of occupancy for a New Building on Development Sites 6, 8, 9, or 10, 

Columbia shall pay an additional $10 million to the Affordable Housing Fund, as instructed by the City.