NEW YORK, N.Y., April 30, 2008 – Today, The New York City Housing Development Corporation (HDC), closed a $36,880,000 tax-exempt construction and acquisition loan for a new, low-income, 227-unit, rental housing development. The project, Las Casas, will be located in the Morrisania section of the Bronx and is being financed as part of HDC’s Low Income Affordable Marketplace Program (LAMP). In addition to the tax exempt bond financing, HDC provided two subordinate loans to the project, totaling approximately $19,000,000.
Las Casas will consist of an 11-story and a 12-story building, with approximately 52,000 square feet of commercial space, a laundry room and associated parking. The project will provide housing for tenants with incomes at or below 60% of the Area Median Income. 47 of the units will be reserved for formerly homeless residents.
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.
