Record-Breaking Year: Finances more than 7,300 Units
NEW YORK, N.Y. – February 10, 2009 – (RealEstateRama) – The New York City Housing Development Corporation (HDC) has posted another record-breaking year as the nation’s top issuer of affordable housing bonds. In 2008, the Corporation issued more than $1.3 billion worth of bonds in the calendar year, including approximately $500 million in tax-exempt housing revenue bonds, enabling HDC to finance the construction and/or preservation of 7,371 apartments.
According to the Affordable Housing Finance magazine, HDC is more active than agencies in New Jersey, California and Colorado combined. “I am so proud of what we have accomplished on behalf of the City of New York and its residents, especially during this time of economic hardship,” said HDC Chairman Marc Jahr.
HDC has earned this distinction only one other time and under very different market conditions: in 2006 the corporation was ranked first for both Single and Multi-Family projects nationwide. In 2004 and 2005, HDC was ranked number one in the category of Multi-Family Housing Bonds.
In 2008, the Federal Home Loan Bank of New York (FHLB) purchased a total of approximately $325 million of taxable bonds to empower HDC’s pledge of creating and preserving multi-family affordable housing throughout the five boroughs. HDC asked the FHLB-NY to purchase Housing Revenue Bonds Series J and K in an amount of $140 million to strengthen its commitment to Mayor Bloomberg’s $7.5 billion plan to develop and preserve 165,000 units of affordable housing in all five boroughs.
Tanya Towers, located in Manhattan’s East Village, and home to many elderly residents who are deaf or blind, is a development whose renovation has been financed with these bond proceeds.
New York City Housing Development Corporation
The New York City Housing Development Corporation (HDC) provides a variety of financing programs for the creation and/or 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 address the wide range of affordable housing needs of the City’s economically diverse population.
Contacts:
Christina Sanchez (HDC),(212)-227-2644,csanchez (at) nychdc (dot) com
