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HDC Press Releases
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The Members of the
New York City Housing Development Corporation
Approve $43.3 Million of Financing to
Create Affordable Housing
in New York City
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New York, NY, July 21, 2003
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July 21, 2003, New York, NY - At a regularly scheduled meeting of the New York City Housing Development Corporation's (HDC) board, five transactions, totaling $43.3 million, were presented to the members and approved. In addition to approving these items, the board's member's appointed a new Vice Chairman, Peter Madonia, to fill the position which was held by the late Bill Green. The board meeting was held at Harriet Tubman Gardens in Harlem at 2235 Frederick Douglass Boulevard, which was financed by HDC and has recently completed construction. Tubman is a 73-unit coop where sales prices are affordable to moderate and middle income New Yorkers.
Among the actions approved by the HDC board was the issuance of $11,000,000 in 501(c)(3) bonds for the acquisition of an 80-unit building located at East 53rd Street in Manhattan by the Animal Medical Center. The building will be used as a residence for the center's staff.
The board also approved $30,000,000 to enable HDC to make permanent mortgage loans which will create 1,000 - 1,200 units of affordable housing under HDC's Affordable Housing Permanent Loan Program (AHPLP). Through AHPLP HDC provides permanent first mortgage loans to finance newly constructed or rehabilitated developments in conjunction with subsidy programs of the New York City Department of Housing Preservation and Development (HPD), or other government lenders. HDC has already committed $117,500,000 through AHPLP to create 5,000 units of housing affordable to low- and moderate-income New Yorkers.
Another action of the board was the approval of a small predevelopment loan for $300,000 that will enable the nonprofit Phipps Houses to build housing for low income and homeless families at 1039 Boston Road in the Bronx. The seven-story, elevator building will contain a total of 42 rental units, of which 51% will be for homeless families and 49% will be for low-income families at risk of becoming homeless.
The board was also scheduled to vote on the use of Liberty Bond financing for a project to be developed by Rockrose at 2 Gold Street, also known as 95 Maiden Lane. The vote was delayed pending the review of certain allegations regarding the developer on another property that it owns at 45 Wall Street. Rockrose is a highly regarded developer within the real estate industry, and we look forward to the resolution of this matter.
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