Bonds Issued for Housing Creation, Preservation in NYC
- Jun 13, 2008
Continuing to do its part to fulfill Mayor Michael Bloomberg’s New Housing Marketplace Plan for the development and preservation of 165,000 affordable housing units over a 10-year period, the New York City Housing Development Corporation has issued bonds for the construction and conservation of nearly 2,200 such residences across the city’s five boroughs. The largest bond issuance of the group, supplied as part of HDC’s Low-Income Affordable Marketplace Program, was $120 million to provide permanent financing for the construction of 1,000 units to be contained within as many as nine new projects in the Bronx and Brooklyn. Under its New Housing Opportunities Program, HDC issued $90 million of tax-exempt bonds to finance more construction, this time for six new multi-family projects that will offer 704 units in the Bronx, Brooklyn, Manhattan and Queens. Additionally, River Terrace, a 431-residence cooperative on Riverside Dr. in Manhattan will benefit from $15 million in taxable bonds for the refinancing and restructuring of permanent mortgage loans on the property. Those bonds were issued as part of HDC’s Mitchell Lama Rest program. Finally, HDC signed off on up to $45 million in tax-exempt bonds for the development of a 12-story middle-income apartment building that will sit at 245 East 124th Street in East Harlem. The 182-unit project, the bonds for which were provided under the organization’s Mixed-Income Program, will encompass 37 low-income residences. The remaining units will consist of 55 middle-income units, and 90 market-rate units. The property will also feature approximately 8,400 square feet of commercial space, as well as parking to accommodate 120 vehicles. East 124th Street L.L.C., a joint venture involving Jonathan Rose Cos. and Lettire Construction, is spearheading the environmentally friendly endeavor. HDC, the number bond issuer for multi-family affordable housing in the United States, provides a range of financing programs for the development and preservation of affordable apartment residences across New York City. The organization has had a busy spring. In April, it issued just over $300 million in bonds for 2,130 affordable housing residences in the Bronx, Manhattan and Queens; and for the refunding of auction-rate securities.