NEW YORK (February 10, 2004) - The Members of the New York City Housing Development Corporation (HDC) approved the appointment of its Chief Financial Officer, Carol Kostik, at a meeting held today. Additionally, the Members approved Liberty Bond financing for 90 West Street

Ms. Kostik comes to HDC from the Nassau County Interim Finance Authority (NIFA), where she served as CFO. The state chartered entity was created in 1999 to oversee the financial recovery of Nassau County's government through the sale of both long-term bonds and notes for the county. Additionally, Kostik led NIFA to achieve a "AA" rating. Kostik also worked for eight years at Merrill Lynch & Co, in public finance. At the beginning of her career Kostik also held various positions at the New York City Department of Housing Preservation and Development (HPD).

HDC President, Emily Youssouf, stated "It is important to have a CFO with the right blend of public finance knowledge and experience as well as being able to oversee HDC's day to day financial transactions. Carol brings all of this experience with her and she will certainly make a great addition to HDC's executive management team."

The Members also approved financing for 90 West Street which is HDC's fourth Liberty Bond transaction. The developer, B.C.R.E - 90 West Street, LLC, whose principals are Richard Born, Ira Drukier and the Kibel Family, received $108,500,000 in Liberty Bond financing. The allocation will be used for the acquisition and conversion of a currently vacant 23-story office building into a residential rental apartment building. The building will contain 410 apartments, 80 parking spaces and 9,000 square feet of retail space. In total, HDC has issued $478.6 through the Liberty Bond Programs.