HDC Press Releases


New York City Housing Development Corporation

Reaches Milestone with Commitment to

Mayor Michael R. Bloomberg's

Affordable Housing Initiative
Over twenty-eight percent of its total new construction commitment financed in first year of program

New York, NY, June 11, 2004


The Members of the New York City Housing Development Corporation (HDC) approved today $110.5 million of bond financing with the use of $ 39.9 million of its corporate reserves previously approved to fund loans for fifteen affordable housing developments consisting of 1,054 apartments. This approval brings HDC's total plan commitment of creating affordable housing through Mayor Michael R. Bloomberg's New Housing Marketplace: Creating Housing for the Next Generation plan to over twenty-eight percent during the first year. Since the commencement of the plan HDC has provided financing of 3,310 apartments.

Through the New Housing Marketplace, HDC pledged $450 million through its corporate reserves to finance low-cost second mortgage loans for the new construction of 11,614 affordable apartments. These loans leverage other financing sources, including tax-exempt and taxable bond proceeds and are made through the Corporation's Low-income Affordable Marketplace Program (LAMP) and its middle-income, New Housing Opportunities Program (New HOP).

"At HDC we continue to place an emphasis in implementing affordable housing finance programs that meet the economically diverse needs of New Yorkers," stated Emily A. Youssouf, President of HDC. "We are pleased that our LAMP and New HOP programs are able to make such a significant impact in creating quality affordable housing for New Yorkers. This has been made possible through Mayor Bloomberg's New Housing Marketplace plan."

"Out of the $110.5 million in financing approved today, $44.5 million is being issued as tax-exempt bonds which are being coupled with $19.3 million in corporate reserves which previously received board approval. This funding is made available through HDC's LAMP program. The five developments are receiving construction and permanent loans for the creation of 487 apartments, 97 of which are reserved for formerly homeless tenants. LAMP finances the new construction and rehabilitation of apartments for families and individuals earning up to 60% of Area Median Income (AMI) or $37,680 for a family of four. The five developments are located in the Bronx:

  • Bergstol Apartments - 810 East 152nd Street, a.k.a. 633 Union Avenue is the new construction of an 8-story building containing 120 apartments, community space and 38 parking spaces.


  • Silverleaf Hall - 480 East 176th Street is the new construction of a 7-story building containing 118 apartments.


  • Freeman Gardens Apartments - 870 Freeman Street is the new construction of a 6-story building containing 36 apartments.


  • Claremont Park Apartments - 1450 Clay Avenue is the new construction of an apartment building with 98-units and ground-floor commercial space.


  • 725, 737 Fox Street - Newly completed rehabilitation and gut renovation of two contiguous residential buildings containing 106 apartments.


Through HDC's New HOP affordable housing program the remaining $66 million approved today will be issued as taxable bonds, in addition to $20.6 million previously approved to be used from the Corporation's reserves. Through this financing program apartments are reserved for middle-income families and individuals earning on average approximately $85,000 for a family of four. This financing will create over 500 apartments in ten newly constructed buildings including one cooperative development. The developments are located throughout New York City.

  • East 119th Street Cooperatives, New York, NY - 333 and 342 East 119th Street is the new construction of two cooperative apartment buildings containing 111 apartments and 54 parking spaces.


  • 138 East 112th Street, New York, NY - New construction of a 7-story building containing 43 apartments.


  • 130-136 West 112th Street, New York, NY- New construction of one 6-story building and the rehabilitation of one 5-story vacant building containing 41 apartments.


  • 201 West 148th Street, New York, NY - New construction of a 5-story building containing 25 rental apartments and 2,200 square feet of ground-floor retail space.


  • 15 West 116th Street, New York, NY - New construction of a 6-story building containing 38 apartments.


  • Bethany Place, New York, NY - New construction on a vacant lot and the rehabilitation of three contiguous apartment buildings which will result in on e 5-story building with 28 apartments.


  • Twin Pines Apartments, Bronx, NY - 860-868 East 165th Street is the new construction of a 5-story building with 28 apartments and 4,000 square feet of ground-floor retail space.


  • 1514 Sedgwick Avenue, Bronx, NY - New construction of an 8-story building containing 96 apartments and 75 parking spaces.


  • Yorkside Towers II, Queens, NY - 89-44 162nd Street is the new construction of an 8-story building containing 90 rental apartments and 3,341 square feet of commercial space.


  • Freeman Simpson, Bronx, NY - 1238 Simpson Street and 904-916 Freeman Street - Newly constructed 8-story residential building containing 67 apartments and 17 parking spaces.

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