NEW YORK CITY BOARD OF EDUCATION RETIREMENT SYSTEM

[Pages:4]1

THE CITY OF NEW YORK OFFICE OF THE COMPTROLLER

1 CENTRE STREET NEW YORK, N.Y. 10007-2341

John C. Liu

COMPTROLLER

NEW YORK CITY BOARD OF EDUCATION RETIREMENT SYSTEM

INVESTMENT MEETING

SEPTEMBER 21, 2012

LOCATION:

Buck Consultants 1st Floor Lobby - Xerox Conference Center

245 Park Avenue New York, NY 10167

NEW YORK CITY BOARD OF EDUCATION RETIREMENT SYSTEM 2 INVESTMENT MEETING SEPTEMBER 21, 2012 PUBLIC AGENDA

I. Performance Reviews: (30 Minutes) ? Quarterly Review/Annual Review ? June 30, 2012 (Previously Distributed) ETI Quarterly Report ? June 30, 2012 Real Estate Quarterly Report ? March 31, 2012

II. July Monthly Performance Review: (20 Minutes)

III. CEM Benchmarking: (1 Hour)

IV. Infrastructure Education: (1 Hour)

Page

--6 13 21 45 78

APPENDICES:

? Basket Clause

115

? Liquidity Analysis

117

3

PUBLIC AGENDA

4

I. Performance Reviews:

5

Quarterly Review/Annual Review ? June 30, 2012 (Previously Distributed)

6

ETI Quarterly Report

The City of New York -Office of the Comptroller Bureau of Asset Management

7

BERS Economically Targeted Investments Quarterly Report

Collateral Benefits as of 06/30/2012

Public/Private Apartment Rehabilitation Program (PPAR)

Lenders*

CCD

CFSB

NCBCI

LIIF

All Lender Totals

Dollars

Units Dollars

Units Dollars Units Dollars Units Dollars

Units

Contractual Commitments

$800,000

n/a $2,000,000

n/a $500,000

n/a $1,500,000

n/a $4,800,000

n/a

Current Market Value

$279,414

n/a $120,991

n/a $50,517

n/a $98,356

n/a $549,277

n/a

Commitments 2Q 12

(included in total)

Bronx

$0

0

$0

0

$0

0

$0

0

$0

0

Brooklyn

0

0

0

0

0

0

69,980

47

69,980

47

Manhattan

0

0

0

0

0

0

0

0

0

0

Queens

40,000

54

0

0

0

0

0

0

40,000

54

Staten Island

0

0

0

0

0

0

0

0

0

0

Total

$40,000

54

$0

0

$0

0 $69,980

47 $109,980

101

Delivered 2Q 12

(included in total)

Bronx

$53,500

76

$0

0

$0

0

$0

0 $53,500

76

Brooklyn

0

0

0

0

0

0

0

0

0

0

Manhattan

0

0

0

0

0

0

0

0

0

0

Queens

40,000

54

0

0

0

0

0

0

40,000

54

Staten Island

0

0

0

0

0

0

0

0

0

0

Total

$93,500

130

$0

0

$0

0

$0

0 $93,500

130

Total Commitments

Bronx

$252,740

376

$0

0

$0

0

$0

0 $252,740

376

Brooklyn

123,560

128

0

0 18,327

33 106,181 118 248,068

279

Manhattan

74,405

49

40,948

30 156,477

206 233,111 246 504,942

531

Queens

40,000

54

0

0

0

0

0

0

40,000

54

Staten Island

0

0

0

0

0

0

0

0

0

0

Total

$490,705

607

$40,948

30 $174,804

239 $339,292 364 $1,045,750 1,240

Historical Investments

Bronx

$53,500

76

$0

0

$0

0

$0

0 $53,500

76

Brooklyn

81,116

124

0

0

0

0 108,209 174 189,325

298

Manhattan

98,278

204

119,839

167 51,246

66

0

0 269,363

437

Queens

40,000

54

0

0

0

0

0

0

40,000

54

Staten Island

0

0

0

0

0

0

0

0

0

0

Total

$272,894

458 $119,839

167 $51,246

66 $108,209 174 $552,188

865

*Lenders :

CitibankCommunity Development

Carver Federal Savings Bank

NCB Capital Impact

Low Income Investment Fund

Historical Investments Since Inception AII PPAR Lenders

Brooklyn $189,325

34%

Manhattan $269,363

49%

Brooklyn $248,068

24%

Current Commitments AII PPAR Lenders

Manhattan $504,942

48%

Bronx $53,500

10%

Staten Island $0 0%

Bronx Queens $252,740 $40,000 24%

7%

Staten Island $0 0%

Queens $40,000

4%

The City of New York - Office of the Comptroller

8

Bureau of Asset Management

BERS Economically Targeted Investments Quarterly Report

Collateral Benefits as of 06/30/2012

AFL-CIO Housing Investment Trust (HIT) Market Value $11.6 million *

NYC Community Investment Initiative (NYCCII)

NYCCII PHASE II 2006-2012

Multifamily Investments Detail

Borough Bronx Brooklyn Manhattan Queens Staten Island Total

Dollars $52,827,900

14,890,446 134,075,200

17,760,000 6,414,554

$225,968,100

Units 802

3,033 926

1,260 693

6,714

Single Family Investments Detail

Home Loans

Transactions Member Loans Total All NYC PF's

Bronx Brooklyn Manhattan Queens Staten Island Total

$192,898,759 776,987,340 173,004,333 793,077,043 314,019,951

$2,249,987,426

902 3,116

714 3,216 1,260 9,208

2

272

4

1,050

0

230

4

906

2

399

12

2,857

Grand Total NYCCI Phase II

$2,475,955,526

Other- NYC Metro Area **

$100,000,000 137 Units

NYCCI Phase I 2002 - 2005

Multifamily Investments Single Family Investments Total NYCCII Phase I

$249,123,500 348,300,563

$597,424,063

Units 12,337

n/a 12,337

Member Loans Total All NYC PF's

n/a

na

n/a

446

0

446

NYCCI Phases I & II

Multifamily Investments Single Family Investments Grand Total NYCCII Phases I & II

$475,091,600 $2,598,287,989 $3,073,379,589

Units 19,051

n/a 19,051

Member Loans Total All NYC PF's

n/a

n/a

12

3,303

12

3,303

*Interest is reinvested

**This investment is for a pediatric nursing facility in Yonkers, approximately 4 miles from the NYC border. It will finance a replacement facility for the Elizabeth Seton Pediatric Center, currently located in Chelsea, which is "one of only two pediatric nursing facilities in downstate New York, and the only one dedicated to long-term care." The new facility will have 137 beds and serve children from NYC, Westchester and Putnam Counties.

HIT Home Loans To BERS Members Phase II

Brooklyn 4

33%

Manhattan 0 0%

Queens 4

33%

Bronx 2

17%

Staten Island 2

17%

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