NEW YORK, N.Y., April 24, 2008 – Today, The New York City Housing Development Corporation (HDC) issued $300,575,000 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 and Queens.
$110,020,000 of tax-exempt bond proceeds will provide construction and permanent financing under HDC’s Low-Income Affordable Marketplace Program for the rehabilitation and acquisition of three developments and the new construction of five developments, with a total of 839 affordable units located in the Bronx and Manhattan. Taxable bond proceeds of $37,885,000, will provide financing under the Corporation’s New Housing Opportunities Program for the development of five moderate-income projects with a total of 308 units located in the Bronx. HDC also anticipates using approximately $40,000,000 of unrestricted corporate reserves to fund subordinate construction and permanent mortgage loans for these five projects.
The Corporation also issued $40,000,000 in taxable bonds to refinance and restructure permanent mortgage loans for Big Six Towers under HDC’s Mitchell Lama Restructuring Program. The refinancing will preserve the affordability of Big Six Towers, a 983 unit cooperative located in the Woodside section of Queens. HDC has previously refinanced approximately 35 Mitchell Lama developments with over 15,000 units under its restructuring and preservation programs.
Finally, approximately $112,670,000 in bond proceeds will be used to refund outstanding bonds, including bonds which were originally issued by the Corporation as Auction Rate Securities (ARS), and to reimburse the Corporation for funds used by it to redeem previously issued ARS. Of this amount, $100,000,000 was placed with the Federal Home Loan Bank of New York (FHLBNY) as index bonds that will float based on the FHLBNY’s cost of funds.
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.
