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HDC Press Releases
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GOVERNOR RELEASES FUNDS TO HELP
NYC BUILD AFFORDABLE HOUSING
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Tax Exempt Bonds Will Help Construct New Housing in Brooklyn, Harlem and the Bronx
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New York, February 11, 2003
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Governor George E. Pataki today announced that he is making available $60.7 million in tax exempt bonds to the New York City Housing Development Corporation (HDC), providing funds to help construct 454 new housing units in Brooklyn, Harlem and in the Bronx.
The State is helping in every way possible -- inside and outside of the budget -- to get New York City through these challenging fiscal times," Governor Pataki said. "I know that new housing is one of the City's top priorities, and I am committed to putting State resources behind these vitally needed projects that will make it possible for more hard working New Yorkers to have access to safe, affordable homes for themselves and their families."
Mayor Michael R. Bloomberg said, "The Governor's allocation of $60.7 million of tax-exempt bonding authority to HDC will help enable us to implement our new five year plan to create and preserve 67,000 units of affordable housing. We are grateful in these tough economic times for the State's support and the confidence that the Governor has shown in the City's housing plan."
The HDC, the nation's leader in providing creative and innovative financing for affordable housing, utilizes the Private Activity Tax-Exempt Bond Volume Cap Authority to fund housing projects throughout the five boroughs. HDC will use the $60.7 million capacity allocation to issue tax-exempt rental housing bonds pursuant to the provisions of Section 142 of the Internal Revenue Code.
Charles A. Gargano, Chairman of Empire State Development, said, Governor Pataki's swift action will help Mayor Bloomberg deliver affordable housing to the people of New York City. This is wonderful news and is the latest example how the partnership between the Governor and Mayor is improving this great City."
Mayor Bloomberg recently announced a five year, $3 billion housing plan to build and preserve 65,000 affordable units. Under this plan, HDC will leverage a new pool of $500 million of its own assets to finance affordable housing. The funds announced today will provide financing for a number of projects in the Mayor's plan, including: Construction of a 136-unit mixed-income project in Downtown Brooklyn on a site currently owned by the Empire State Development Corporation; Conversion of an abandoned theater in Brownsville, Brooklyn into 84 units of low-income housing; Construction of 130 units of low-income housing on Washington Avenue between East 168th and East 169th Streets in the Bronx; and Construction of 104 units of mixed-income housing on Manhattan Avenue in Harlem.
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