NEW YORK, N.Y., June 11th, 2008 – The New York City Housing Development Corporation (HDC) issued $225,000,000 of tax-exempt and taxable Multi-Family Housing Revenue Bonds to finance the creation or preservation of a total of 2,130 units of affordable housing in the Bronx, Manhattan, Brooklyn and Queens.
$90,000,000 of tax-exempt bond proceeds will provide construction and financing under the Corporation’s New Housing Opportunities Program (“New HOP”) for the new construction of six developments containing a total of 704 units located in Manhattan, Brooklyn, Queens and the Bronx. The Corporation also anticipates utilizing approximately $67,000,000 of unrestricted corporate reserves to fund subordinate construction and permanent mortgage loans for these six projects.
The Corporation also issued $15,000,000 in taxable bonds to refinancing and restructuring permanent mortgage loans for “River Terrace” under the Mitchell Lama Restructuring Program (“MLRP”). The refinancing will preserve the affordability of River Terrace, a 431 unit cooperative located at 157-10 Riverside Drive in Manhattan. HDC has previously refinanced approximately 35 Mitchell Lama developments with over 15,000 units under its Mitchell-Lama Restructuring and Preservation programs.
Finally, approximately $120,000,000 in bond proceeds will be used to provide construction and permanent financing under the Low-Income Affordable Marketplace Program (“LAMP”) for the new construction of up to nine developments with a total of approximately 1,000 units located in the Bronx and Brooklyn. The Corporation anticipates utilizing approximately $45,000,000 of unrestricted corporate reserves to finance the five subordinate mortgages. In order to qualify for this subsidy, a portion of each development’s units (10-20%) must be reserved for persons determined to be homeless by The City of New York or for households earning no more than 40% AMI. As a result, 47 units are expected to be reserved for formerly homeless tenants 105 units are expected to be set aside for households at 40% AMI.
The New York City Housing Development Corporation (“HDC”) provides a variety of financing programs for the creation and preservation of multi-family affordable housing throughout the five boroughs of New York City. HDC is implementing Mayor Bloomberg’s New Housing Marketplace Plan to build and preserve 165,000 units of affordable housing over ten years. The New Housing Marketplace Plan is the largest municipal affordable housing effort in the nation’s history. Our programs are designed to meet the wide-range of affordable housing needs of the City’s economically diverse population.