NEW YORK, NY – November 6, 2008 – (RealEstateRama) – The New York City Housing Development Corporation (HDC) today announced it has approved the issuance of three new Multi-Family Mortgage Revenue Bonds in the total amount of $88,000,000.
The 2008 Series A Bonds ($72,000,000) for the Bruckner by the Bridge project in the Bronx, New York will initially be issued as seven-day variable-rate obligations. The interest rate on the bonds will be reset weekly by Merrill Lynch & Co. (?Merrill Lynch?) in its capacity as Remarketing agent. Interest on the 2008 Series A Bonds will be exempt from Federal, state and local income tax. The Senior Manager and Remarketing Agent for the Bonds is Merrill Lynch & Co. The developer of the project is the Atlantic Development Group of New York City.
The 2008 Series B Bonds ($3,500,000) for the Bruckner by the Bridge project in the Bronx, New York, will be issued as fixed-rate obligations with the interest rate not to exceed 6.5%. Interest on the 2008 Series B Bonds will not be exempt from Federal income tax, but will be exempt from state and local income tax.
The 2008 Series A Bonds ($12,000,000) for the Hewitt House Apartments in the Bronx, New York, will initially be issued as seven-day variable-rate obligations. The interest rate on the bonds will be reset weekly by JP Morgan Securities Inc. (?JP Morgan?) in its capacity as Remarketing agent. Interest on the 2008 Series A Bonds will be exempt from Federal, state and local income tax. The developer of the project is the Arker Companies.
These bond issues are expected to provide for construction and permanent financing of these new developments in the Bronx. Taken together, the two developments will have a total of 502 apartments which will be rented to households earning no more than 60% of the 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. HDC?s programs are designed to meet the wide-range of affordable housing needs of the City’s economically diverse population.
Contacts:
Christina Sanchez (HDC) (212) 227-2644
