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HDC Press Releases
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NEW UNITS OF AFFORDABLE HOUSING
TARGETING NEW YORKERS
EARNING $17,000 UP TO $37,680
TO BE CONSTRUCTED IN THE
BRONX AND MANHATTAN
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Financing made possible by the New York City Housing Development Corporation
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New York, NY, March 15, 2005
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The New York City Housing Development Corporation (HDC), the nation's number one issuer of housing bonds for affordable housing, held a meeting of its Members today to approve financing for 411 new units of low-income housing. The Members approved the use of $84.7 million of tax-exempt and taxable bond financing for three developments to be constructed in the Bronx and one in Manhattan.
The three developments to be constructed in the Bronx were approved financing through HDC's Low-Income Affordable Marketplace Program (LAMP). LAMP provides financing to developers for the creation of apartments affordable to individuals and households making no more than $26,400 for an individual and up to $37,680 for a family of four. Loans are made by HDC through the use of proceeds from the sale of tax-exempt bonds. The owners of these new developments are comprised of a not-for-profit, Senior Living Options, Inc, and an entity whose principals are from Atlantic Development. In total, these new developments will create 389 new apartments. Construction is expected to begin May 2005.
- 645 Morris Avenue and 3000 Park Avenue -Two 8-story buildings containing a total of 209 apartments. Apartment size ranges from studio to three-bedroom apartments. HDC is providing a $23 million loan from the sale of tax-exempt bonds.
- 1904 Vyse Avenue - An 8-story building containing 96 apartments. Apartment size ranges from studio to three-bedroom apartments. HDC is providing a $10 million loan from the sale of tax-exempt bonds.
- 33 West Tremont Avenue - An 8-story building containing 84 apartments. Apartment size ranges from studio to three-bedroom apartments. HDC is providing a $9 million loan from the sale of tax-exempt bonds.
Financing through the 80/20 program also received Member approval for a new development to be constructed at 155 West 21st Street. Under this program, the proceeds generated through the sale of tax-exempt bonds are used to make a construction and permanent mortgage loan. In return for this low-cost financing, developers must set-aside 20% of the units for low-income tenants making no more than $17,600 for an individual and up to $31,400 for a family of four. This new building will be 15-stories with 109 apartment, 22 apartments will be reserved for low-income tenants. Construction has already begun and the building is expected to be completed by 2007.
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