LATEST NEWS  

HDC LOAN PRESERVES ONE OF NEW YORK CITY'S LARGEST AFFORDABLE HOUSING DEVELOPMENTS

New York, N.Y., April 9th, 2008 – The New York City Housing Development Corporation (HDC) closed on $73,900,000 in tax-exempt bonds for the moderate rehabilitation of 1,527 affordable apartments at Linden Plaza, a Mitchell-Lama development in Brooklyn. This project will benefit from favorable financing from HDC’s Low Income Affordable Marketplace Program (“LAMP”). To date, HDC has preserved 16,650 apartments through preservation activity, including Mitchell-Lama repair loans and grants.

The size of the loan, as well as the scale of the development, ranks this LAMP issuance as one of the Corporation’s largest. While many other large scale developments are becoming unaffordable for long-term tenants, the proposed financing structure for Linden Plaza will preserve it for the next years. Marc Jahr, President of the New York City Housing Development Corporation (HDC), said, “HDC remains committed to preserving the New York City’s affordable housing stock. Linden Plaza is an excellent example of HDC’s preservation program.”



ATTENTION DEVELOPERS
Taxable 80/20 Program Launched
 
Term Sheet ChangesHDC has re-launched its Taxable 80/20 Program, which combines HDC’s 1%-interest second mortgages with the use of taxable bonds to finance construction of building that include apartments for moderate- and middle-income tenants. Program Term Sheets.







FEATURE
2006 Annual Report
 
2006 Annual Report This year’s report highlights the significant accomplishments of fiscal 2006 – from our award-winning pooled financing of renovations on 10 senior housing buildings in Brooklyn and Queens to the conversion of a dilapidated 1850s-era Bronx mansion into housing aimed at grandparents raising their grandchildren to many other innovative renovation and construction projects. But the bulk of the report is dedicated to telling the remarkable story of the great growth we have experienced in the past three years and its culmination in ribbon cutting ceremonies and housing for hard working New Yorkers.