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HDC’s Board Approves $30 Million in Bonds To Finance the Renovation of East Harlem’s Lexington Courts

NEW YORK, NY – December 3, 2009 – (RealEstateRama) — The New York City Housing Development Corporation (HDC) Board of Directors voted today to approve $30 million in tax-exempt Multi-Family Rental Housing Revenue Bonds for the rehabilitation of a development comprised of nine multifamily rental buildings, in the East Harlem neighborhood of Manhattan.

The Lexington Courts project involves the rehabilitation of a HUD financed development, formerly known as Met-Paca I and II, which spreads over a total of nine separate buildings, seven of which have elevators. The development consists of 229 units including one studio unit, 44 one-bedroom units, 117 two-bedroom units, 40 three-bedroom units, 22 four-bedroom units, 5 non-income generating superintendent’s units housed in 2 four-story, 2 five-story and 5 six-story buildings. Lexington Courts also contains an on-site management office in one building and eight commercial units located in four buildings.

The rehabilitation work to be completed will include the repair and installation of new windows, elevators, roofs, boilers, compactors and flooring; the reconfiguring of building lobbies, repairs to facades and a new security system. Individual units will be upgraded with new kitchens and new bathrooms. The project budget is approximately $12.3M in construction costs.

In addition, low income housing tax credit regulations allocate that 100% of the units will be set aside for families with incomes at or below 60% of the New York City Area Median Income, which is $46,080 for a family of four.

In separate actions today, the HDC Board approved the issuance of $850 million in tax-exempt Multi-Family revenue bonds for multiple projects and $43 million in taxable multi-family revenue bonds and cooperative housing mortgage revenue bonds for the Via Verde project in the Bronx.

About the New York City Housing Development Corporation (HDC):
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. Our programs are designed to meet the wide-range of affordable housing needs of the City’s economically diverse population. In partnership with the NYC Department of Housing Preservation & Development, HDC works to implement out Mayor Michael R. Bloomberg’s New Housing Marketplace plan to create of preserve 165,000 affordable housing units by 2014. Since the plan launched in 2004, HDC financed more than 43,000 homes for low- , moderate- and middle-income New Yorkers. The New York City Housing Development Corporation is rated AA by S&P and Aa2 by Moody’s.

Christina Sanchez, HDC  (212) 227-2644