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HDC Press Releases
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724 New Units of Affordable Housing
to be Constructed in New York City with
123 Apartments Reserved for
Formerly Homeless Tenants
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Financing made possible by the New York City Housing Development Corporation
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New York, NY, May 25, 2004
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The Members of the New York City Housing Development Corporation (HDC) approved today the use of $71.8 million of tax-exempt and taxable bond financing as well as $26.68 million of the Corporation's reserves. The financing will be used for the construction of 724 units of low- and middle-income housing, in five developments, located in the Bronx and Manhattan. One hundred and twenty-three of the new units will be reserved for formerly homeless tenants.
Four of the developments that received approval will be financed through HDC's Low-Income Affordable Marketplace Program (LAMP). This program provides financing for the creation of apartments made affordable to individuals and households making no more than 60% of Area Median Income (AMI) or $37,680 for a family of four. Loans are made possible to the developers through a combination of tax-exempt bonds for construction and permanent financing as well as monies through HDC's corporate reserves to make 1% second mortgage loans. The four developments will be constructed in the Bronx and will create 601 apartments with 123 reserved for formerly homeless tenants. In total, the Members approved the sale of $54.3 million in tax exempt bonds and the use of $22.44 million of the Corporations reserves for these developments.
- 962 Aldus Street, Bronx, NY - An 8-story, 164-unit building with 41 apartments reserved for formerly homeless tenants. HDC is providing $14.4 million in tax-exempt financing and $7.48 million through its corporate reserves.
- 941 Hoe Avenue, Bronx - An 8-story, 136-unit building with 41 apartments reserved for formerly homeless tenants. HDC is providing $11.9 million in tax-exempt financing and $7.48 million through its corporate reserves.
- 415 East 157th Street and 404 East 158th Street - Two 9-story buildings containing 165 units. HDC is providing $14.4 million in tax-exempt financing and $7.84 million through its corporate reserves.
- 1011 Washington Avenue at East 165th Street - An 8-story, 136-unit building containing 41 units reserved for formerly homeless tenants. HDC is providing $13.8 million in tax-exempt financing and $7.48 million through its corporate reserves.
HDC's Members approved the use of $17.5 million of taxable bonds and $4.2 million of corporate reserves for the Corporation's second development to be financed through its new Mixed-income program. This initiative creates economically diverse developments with income restricted apartments for low- and middle-income households as well as non-restricted, market-rate apartments. This development, Manhattan Court, is to be constructed on Manhattan Avenue between West 118th and West 119th Streets. The building will consist of 123 apartments, of which 25 will be reserved for low-income tenants earning less than 50% of AMI or $31,400 for a family of four. Eighty-seven apartments will be reserved for middle-income tenants with household incomes starting at $52,250. The remaining 10 units will not be income restricted and rented out at market rates.
Additionally, the Members also approved the refunding of two 80/20 developments previously financed by HDC. The first development, West End Towers located at West End Avenue between West 61st and West 64th Streets, contains 1,000 units. The Members approved the use $135 million in tax-exempt and taxable bonds to refund the original loan amount. For the second development Related-Westport Development which contains 371 apartments, the Members approved $130 million in tax-exempt and taxable bonds to refund the original loan amount.
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