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HDC Press Releases
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The Members of the
New York City Housing Development Corporation
Approve $150 Million of Financing to Create
Affordable Housing in New York City
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New York, NY, October 21, 2003
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At a board meeting held today by the New York City Housing Development Corporation (HDC) $150,000,000 of tax-exempt and taxable bond financing was approved by the Corporation's Members through HDC's 80/20 program.
The first development presented to the Members was 92nd and First Residential Tower. The developers, principally owned by the John Buck Company, is developing a 32-story building in Manhattan which will contain a total of 195 rental apartments. Financing through HDC's 80/20 program was approved in the amount of $57,300,000. Fleet is providing a letter of credit to secure the bonds. Through the 80/20 program, 20% of the apartments will be reserved for low-income families earning no more than 50% of Area Median Income, or $31,400 for a family of four. In addition to the rental apartments, the development will include approximately 4,300 square feet of ground floor commercial space, plus cellar-level mechanical and tenant storage space.
Financing for another 80/20 development, located at 233 Atlantic Avenue in Brooklyn, NY, was approved by the Members. This development is a part of the City's downtown Brooklyn Plan. The financing, in the amount of $92,700,000, will fund the new construction of an 11-story building containing 320 rental apartments, 20,000 square feet of retail space, approximately 700 below grade parking spaces, and a 40,000 square foot YMCA facility. A direct letter of credit is being provided through HSBC. The developer is an entity principally owned by David Walentas of Two Tree Management.
The Members also approved Declarations of Intent for three developments currently under review by the Corporation, the total combined development cost is estimated to be $127,500,000. The Resolutions of Declarations of Intent were adopted by the Corporation's Members on behalf of the developers for tax code purposes.
In a ceremony following the board meeting HDC Chairperson, Jerilyn Perine, and HDC Acting President William Traylor, dedicated and re-named three rooms at the Corporation's office in the memory of three individuals that passed away this year and were an integral part of HDC's history. The Board Room was dedicated in the memory of Albert A. Walsh, HDC's first Chairman 1971-1972, the Law Library was dedicated in the memory of Bill Green, Vice Chairman 1994-2002 and the Conference Room was dedicated in the memory of Anthony B. Gliedman, Chairman 1979-1986.
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