HDC Press Releases


522 New Units of Affordable Housing to be

Constructed in the Bronx and Brooklyn for

New Yorkers Earning up to $37,680
$20 Million Senior Housing Development to be Constructed

New York, NY, June 14, 2005


The New York City Housing Development Corporation (HDC), the nation’s number one issuer of bonds for affordable housing, held a meeting of its Members today to approve financing for 522 new units of affordable housing as part of Mayor Bloomberg’s housing initiative The New Housing Marketplace: Creating Housing for the Next Generation. The new units to receive approval brings HDC’s overall total of creating and preserving units through this initiative to over 9,000 apartments. The Members approved the use of $56 million of tax-exempt bond financing, as well $26.1 million from HDC’s corporate reserves for five developments to be constructed in Brooklyn and the Bronx.

A new housing development in Brooklyn for senior residents received Member approval to use a $13 million loan made from the sale of tax-exempt bonds and a 1% interest second mortgage loan in the amount of $7.5 million from HDC’s corporate reserves. Kings County Residence will be located on Albany Avenue, on the grounds of Kings County Medical Center and adjacent to the long-term care facility, Susan McKinney Nursing Home. The development of this new six-story 173-unit development will help ease overcrowding conditions that many other senior facilities have been experiencing. Eighteen of the units will be designated for the formerly homeless and the remaining units are expected to be assisted through Section 8. Financing is made possible through HDC’s Low-Income Affordable Marketplace Program (LAMP). LAMP provides financing to developers for the creation of affordable apartments reserved for tenants earning no more than $17,000 for an individual and up to $37,680 for a family of four.

The Members also approved financing through the LAMP program for four developments to be constructed in the Bronx, creating a combined total of 349 units. These loans are made by HDC though the use of proceeds from the sale of tax-exempt bonds and through second mortgages made at a 1% interest from its corporate reserves.

  • Westchester Triangle Apartments – A seven-story building to be located at 871 Westchester Avenue, containing a total of 70-units with apartment sizes ranging from studio to two-bedroom apartments. Twenty-one units will be reserved for the formerly homeless. HDC is providing a $9.7 million loan from the sale of tax-exempt bonds as well as a 1% second mortgage loan of $3.9 million from its corporate reserves.


  • Jacob’s Place – A 63-unit development to be located at 2342-2350 Webster Avenue with apartment sizes ranging from one-bedroom to two-bedroom apartments. The building will reserve seven units for the formerly homeless. HDC is providing a $7 million loan from the sale of tax-exempt bonds and a 1% second mortgage loan of $2.8 million from its corporate reserves.


  • La Casa del Sol – A 12-story building to be located at 3463 Third Avenue, containing 114-units with apartment sizes ranging from studio to three-bedroom apartments. Thirty-four of the units will be reserved for the formerly homeless. HDC is providing a $13.5 million loan from the sale of tax-exempt bonds as well as a 1% second mortgage loan of $6.3 million from its corporate reserves.


  • East Clarke Place Apartments – A 13-story building to be located at 15 East Clark Place Avenue, containing a total of 102 units with apartment sizes ranging from one-bedroom to three-bedroom apartments. Thirty units will be reserved for the formerly homeless. HDC is providing a $12.5 million loan from the sale of tax-exempt bonds as well as a 1% second mortgage loan of $5.6 million from its corporate reserves.


The New York City Housing Development Corporation (HDC) is the nation's number one issuer of bonds for multi-family affordable housing. Established in 1971 as a public benefit corporation, HDC facilitates the creation of affordable housing throughout the five boroughs by providing below- market financing. Most of HDC's loans are financed through the issuance of tax-exempt or taxable bonds, as well as through mortgages made directly from its corporate reserves.

HDC has a seven-member governing body. Shaun Donovan, the Commissioner of the New York City Department of Housing Preservation and Development (HPD), is ex-officio Chairperson. Martha E. Stark, the Commissioner of the New York City Department of Finance (DOF), and Mark Page, the Director of the office of Management and Budget (OMB), also serve as ex-officio members. The Mayor and the Governor both appoint two members to HDC's governing body. Harry E. Gould, Jr. and Peter Madonia are Mayoral appointees, with Mr. Madonia serving as Vice Chairperson. Michael Kelly and Charles O. Moerdler were appointed by the Governor.

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