The reduction of the bond financing threshold from 50% to 25% has reshaped the landscape for 4% LIHTC transactions — and in New York, where the City and State have long been at the forefront of creative bond financing, the implications are particularly significant. This panel brings together key voices from HDC, DHCR, and the investment banking and legal communities to examine how New York is ensuring capital is put to work for preservation, including current approaches to tax-exempt and 501(c)(3) bond financing for preservation, recycled bonds, emerging structures to close financing gaps, and what developers should expect as they bring preservation transactions to market.