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HDC Press Releases
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New York City Housing Development Corporation
Has Record Year Creating More
Affordable Housing Throughout The City
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Nation's Fourth Largest Housing Finance Agency Approves Financing to Preserve Thousands of Mitchell-Lama Apartments
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New York, NY, November 22, 2004
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The New York City Housing Development Corporation (HDC) announced today, at an annual review meeting with its Members, that in Fiscal Year 2004, the Corporation issued a record number of bonds, in excess of one billion dollars. Over $899 million of that amount represents new mortgages. This amount is unparalleled to any other year in HDC's more than 30-year history. With level of bonds outstanding HDC, which is responsible for financing affordable housing throughout New York City, is ranked the fourth largest housing finance agency in the country, exceeded only by the States of California, New York and Virginia. This increase can be attributed to Mayor Bloomberg's mandate of creating or preserving 65,000 apartments, through 2008, under the Administration's New Housing Marketplace plan.
In the Mayor's plan, HDC is responsible for financing a portion of the 65,000 apartments, and has committed to financing the creation and preservation of 17,000 apartments over the five year period. To-date, HDC has financed over 2,300 new apartments for low-, moderate-, and middle-income, working households. Since the program's start eighteen months ago, HDC has financed over 6,000 apartments. By the end of calendar year 2004, HDC expects to have financed half of its commitment with more than 8,600 apartments created or preserved.
HDC President Emily Youssouf stated, "During the past twelve months almost every aspect of HDC has experienced growth, from the number of affordable units constructed, to the amount of mortgages issued and amount of private activity volume cap utilized. The Mayor's focus and commitment to affordable housing was clear, and we are starting to see the results of that vision. As positive as the results of 2004 are, 2005 promises to be as good or better. It is an exciting time to be at HDC."
HDC Chairman Shaun Donovan stated, "When Mayor Bloomberg issued his housing plan, New Housing Marketplace: Creating Housing for the Next Generation, he challenged the private sector to invest their equity, to put together sites and deals, and to be optimistic and aggressive about New York City's real estate future. The Housing Development Corporation's record-setting volume of new funding commitments demonstrates the private sector's willingness to invest and leverage the City's own investment in affordable housing. More than 26,000 of the 65,000 homes and apartments to be created or preserved under Mayor Bloomberg's housing plan are already in the development pipeline. That is 40% of the total during the first two years of the five-year plan, putting the Administration on track to meet its goal."
During today's meeting, the Members also approved the first group of bonds to be issued as part of the Mitchell-Lama Repair Loan and Refinancing Programs. Announced in June by Mayor Bloomberg, the goal is to preserve the affordability of these apartments and get as many of the 27,000 apartments in HDC's portfolio to opt-in to the Refinancing Program. This program allows the owners of the properties to refinance their existing mortgages which would then extend the mandatory affordability of these developments for the next 15 years, and in most cases for the full 30 year term of the new mortgage. The Members approved the refinancing for 38 developments, totaling 5,996 units. Eight developments, totaling 3,246 units were approved to receive repair loans.
The Members also approved over $37 million in tax-exempt bond financing and $17.5 million of HDC's corporate reserves, through its Low-income Affordable Marketplace Program (LAMP), to finance the construction of three affordable housing developments in the Bronx. The first development, Parkview Apartments, located at 871 Elton Avenue at 161st Street will create 110 apartments, Courtlandt Avenue Apartments located at 303 East 158th Street and 320 East 159th Street will create 167 apartments, and Louis Nine Boulevard Apartments located at 1471 Louis Nine Boulevard will create 95 apartments. As regulated by the LAMP program, these apartments will be rented out to tenants earning up to $37,680 for a family of four.
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