FY 1990:
In December, HDC and HAC jointly provide $6.1 million in financing for Astoria Apartments in Queens, a 62-unit new construction development. This financing completes the Corporation's pipeline of Moderate Income Rental Housing Program projects. In total, 1,325 newly constructed and substantially rehabilitated units have been created through the program.

HDC expands its successful Development Services Program, revives its 80/20 rental housing program, which had been inactive for a number of years, and broadens its role with the advent of a new and unique program to finance limited-equity cooperative housing projects.

In March 1990, HDC sells $6.95 million of Mortgage Revenue Bonds to fund the underlying permanent mortgage of a 105-unit low- and moderate-income limited-equity coop in the South Williamsburg section of Brooklyn. This financing marks the first use in the nation of Mortgage Revenue Bonds to finance the permanent underlying mortgage of a cooperative housing corporation.

In September, HDC issues an additional $11.25 million in bonds to provide underlying permanent mortgages for six limited-equity coops in the South Bronx (West Farms and Highbridge).

HDC also finances its first unsubsidized 80/20 rental project in three years in August. The 522-unit development, at East 96th Street and Third Avenue, is financed through the proceeds of a $104.6 million tax-exempt refunding bond issue. The development includes 105 units of low-income housing.

HDC creates a new Working Capital Loan Program for not-for-profit sponsors of HPD's Special Initiatives Program projects, built on the successful completion of the first round of the Seed Money Loan Program for HPD's Capital Budget Homeless housing projects (by the end of 1990, fifteen of the eighteen projects had commenced construction). HDC provides up to $3 million in interest free loans to not-for-profit sponsors of 27 projects in Manhattan, Brooklyn and the Bronx with more than 1,800 apartments.

HDC conducts the second round of the Seed Money Loan Program, making loans to not-for-profit sponsors of four of the largest reconstruction projects in the City's history under HPD's Vacant Cluster Program. Two projects commence construction in 1990. Together, the four projects provide another 2,100 apartments.

FY 1991:
NCSHA recognizes HDC's Development Services Program as the "most outstanding" program in the nation serving low-income families through the provision of special needs housing.

HDC dramatically expands its successful Working Capital Loan Program for not-for-profit sponsors of homeless housing by committing $2.7 million of its reserves to provide loans to the sponsors of 42 Special Initiatives Program (SIP) projects developed by HPD. HDC also creates two completely new Working Capital Loan programs to complement the SIP initiative and commits $4 million to sixteen not-for-profit groups selected to renovate and manage occupied City-owned housing through HPD's Community Management Program (saving the program from budgetary cuts).

HDC develops a Working Capital Loan Program for two long-established neighborhood organizations which were creating innovative mutual housing associations to renovate, manage and acquire occupied City-owned housing in two Manhattan neighborhoods.

HDC approves a $5 million Bridge Loan to the Corporate Housing Initiative Limited Partnership (CHILP), created in order to facilitate corporate investment in special needs housing developments which receive Federal Low Income Housing Tax Credits. This loan enabled the not-for-profit sponsors of SRO's to provide services immediately.

HDC expands its Seed Money Loan Program by approving a $2.4 million loan to the Consortium for Central Harlem Development, Inc., which had committed to undertake the comprehensive redevelopment of a thirty-five-block area in Central Harlem (more than 2,200 units of rental and owner-occupied housing in the area known as Bradhurst).

The corporation's activities yield more than $40 million to assist New York City.

In February, HDC issues $103.5 million in bonds to refund an outstanding 1980 bond issue which had originally refinanced 8 Mitchell-Lama projects. HDC is able to pass through all of the up-front savings to New York City-A total of $16 million. The refunding will also realize ongoing savings for the City of $1.3 million per year for the next 30 years.

HDC utilizes its unrestricted reserves to purchase the City's interest in a Claim Payment Fund which the City originally established in connection with the refinancing of its Mitchell-Lama portfolio in the late 1970's, returning $24.7 million to New York City.

FY 1992:
The Tax Credit Bridge Loan Program is honored with the Meritorious Achievement Award from the Association of Local Housing Finance Agencies.

HDC sets aside $27 million of its own reserves to provide financing for 19 low-income projects which were allocated Federal Low Income Housing Tax Credits and received funding from HPD (providing nearly 1,000 units of affordable housing).

HDC approves a third round of Working Capital Loans for the not-for-profit sponsors of HPD's Special Initiative Program projects and a Seed Money Loan to fund the pre-development expenses of the second phase of the Bradhurst redevelopment project in Central Harlem.

HDC creates a new pilot loan program designed to assist small minority general contractors selected to rehabilitate the Bradhurst project.

In May, HDC dramatically expands the Tax Credit Bridge Loan Program by approving a $22 million loan to the New York Equity Fund 1992 Limited Partnership which enables 13 not-for-profit sponsors to substantially rehabilitate 664 apartments for low-income families.

HDC agrees to remit the interest earnings on the Bridge Loan to New York City, providing $6.75 million to further assist HPD.

In September, HDC authorizes an additional $2.45 million in loans for projects to provide 1,276 units of housing.

In July, the State Legislature approves a proposal which authorizes the creation of the New York City Residential Mortgage Insurance Corporation as a subsidiary of HDC (replacing the independent "old" Rehabilitation Mortgage Insurance Corporations). REMIC is given greater authority than its predecessor to insure mortgage loans as well as to provide 100% coverage for loans.

The State Legislature amends Section 421-a of the Real Property Tax Law to provide for enhanced real estate tax exemptions for newly constructed mixed-income rental housing.

HDC extends the real estate tax exemption period for 80/20's in Manhattan from ten to twenty years.

FY 1993:
HDC issues $164,645,000 in refunding bonds for Manhattan Park, a 1,107 unit 80/20 development on Roosevelt Island; the issuance enables HDC to acquire the previously defaulted mortgage from HUD.

HDC funds the reserves of REMIC, permitting the transfer of over $23,000,000 to the City of New York.

HDC approves the use of $7,525,000 of the corporation's reserves to provide construction and permanent financing at a 1% interest rate for the substantial rehabilitation of 175 units in four vacant building projects in Harlem, Washington Heights and the Bronx.

HDC issues $36,600,000 of variable rate bonds to enable a Beth Israel Medical Center affiliate to acquire two buildings on Manhattan's East Side containing 236 units for affordable staff housing.

HDC issues $27,600,000 in variable rate refunding bonds to refinance the defaulted mortgage of Columbus Gardens, a 162-unit 80/20 rental development on Manhattan's West Side.

HDC issues $8,400,000 in variable rate bonds to enable Montefiore Medical Center to acquire a 116-unit building in the Kingsbridge section of the Bronx for affordable staff housing.

HDC takes advantage of declines in long-term interest rates to issue $130,000,000 of fixed-rate bonds to refund four outstanding series of bonds issued in 1979 and 1983.

The Federal Home Loan Bank of New York approves HDC's application to become a non-member mortgagee of the bank. HDC is the first local housing finance agency in the nation to be granted non-member mortgagee status by any of the twelve regional Federal Home Loan Banks.

FY 1994:
Standard & Poor's confers its "Top Tier" designation upon HDC. Once again, HDC is the first local housing finance agency in the country to receive this designation. S&P praises HDC's continuity of skilled management, sophisticated portfolio oversight, prudent investment policies and its long-standing positive relationship with the City of New York.

HDC approves a second bridge loan to the 1992 New York Equity Fund. The $13,000,000 HDC bridge loan will enable the Fund to provide up-front equity to the not-for-profit sponsors of nine homeless and low-income rental housing developments containing 423 units which are being developed pursuant to the Low Income Housing Tax Credit Program.

HDC approves $500,000 to fund a fourth round of interest free working capital loans to the not-for-profit sponsors of eight homeless and low-income housing projects containing 148 units being rehabilitated pursuant to the City's Special Initiatives Program.

HDC issues $141,735,000 in tax-exempt bonds to finance the development of Manhattan West, a 1,000 unit 80/20 new construction project.

FY 1995:
In calendar year 1995, HDC sells nearly $147 million in tax-exempt bonds and $22 million in taxable bonds to finance the construction of 870 new apartments.

HDC Board members also approve two additional financings totaling $59 million which will create an additional 330 units.

HDC also commits more than $23 million of its own reserves to provide financing for additional low-, moderate- and middle-income rental housing, including $8.2 million for a 198-unit mixed-income rental project which commenced construction in October.

HDC expands its Development Services Program, setting aside nearly $1 million for Seed Money Loans to local business persons participating in HPD's Neighborhood Entrepreneurs Program.

HDC refunds over $51 million of outstanding bonds in June.

REMIC continues to grow, more than doubling the dollar amount of mortgages it committed to insure in 1994. In total, REMIC commits to insure mortgages for properties containing 701 rehabilitated apartments.

REMIC receives an A+ rating from Fitch Investors Service, which will enable HDC to sell bonds for the permanent financing of a 65-unit 80/20 in Queens (The Bristol). The Fitch rating also allows the City pension system, a major purchaser of permanent loans for affordable housing, to lower rates for such loans by 20 basis points.

HDC sells $18,675,000 in bonds to finance a 148-unit 80/20 on Jane Street in Greenwich Village.

HDC conducts a second $150 million bond issue for a 722-unit 80/20 on West 59th and Columbus Avenue.

HDC provides $7.5 million from its own reserves to finance a first mortgage at a rate of 8% as well as a $700,000 second mortgage at a 1% interest rate to help finance the construction of the Two Bridges development (198 units).

FY 1996:
In December, the board members approve two additional bond issues totaling $59 million for two projects which will contain 330 rental units.

HDC commits to provide an additional $15 million to expand its permanent loan program for buildings renovated in conjunction with funds from HPD.

In calendar year 1996, HDC sells $130,440,000 of tax-exempt and taxable bonds to finance the construction of 861 units.

HDC completes a $217,310,000 refunding of all General Housing Bonds; generating significant present value savings and releasing the City and State from their obligations as the refunding bonds are backed by the financial strength of the mortgages and other assets of HDC.

FY 1997:
In December, S&P confers a "AA" rating on HDC's general obligations. HDC is the first and only local housing finance agency in the nation to receive a general obligation rating from S&P. Of the eleven state housing finance agencies whose general obligations have been given an investment grade rating by S&P, only one is rated higher than HDC's. In awarding the rating, S&P notes HDC's "superior agency management" and "proven expertise in financial management, underwriting and oversight."

REMIC commits to insure over $23 million of mortgages on 26 projects containing 1,139 units of affordable housing. This represents a more than 150% increase in the dollar volume of insurance from the previous year.
Fitch Investors Service upgrades REMIC's rating to "AA-" from "A+" in May.

HDC issued $5,620,000 to tax-exempt bonds for The Bristol, a 65-unit 80/20 development in Flushing, Queens, to provide the permanent loan which is then insured by REMIC.

In calendar year 1997, HDC issues $51,650,000 of new tax-exempt bonds to finance 17 developments containing 856 units of low-income housing.

For the third time, members authorize the commitment of an additional $15,000,000 of its reserves to fund AHPLP, bringing the corporation's total commitment to $45,000,000 over the previous three years.

HDC privately places $30,000,000 of taxable bonds with the Federal Home Loan Bank of New York to enable HDC to insure that funds would be available for this latest round of AHPLP as well as a new pilot program designed to spur the creation of moderate- and middle-income rental and cooperative housing.

HDC continues to provide Seed Money Loans to support HPD's low-income housing initiatives with rely upon not-for-profit sponsors.

In 1997, HDC begins to work with the owners of several Section 8 subsidized developments facing significant physical problems and management deficiencies.

FY 1998:
HDC increases its focus on middle-income housing at the request of Mayor Giuliani. HDC initiates the New Housing Opportunities Program (New HOP), specifically designed to increase the supply of housing affordable to middle-income New Yorkers, and the first such program to assist this market in more than twenty years.

The rehabilitation of St. Agnes Parochial School into 421 DeGraw Street is one of first New HOP projects. HDC provides $9.4 million in first and second mortgage loans to fund 90 new units.

In one year, HDC commits to finance fifteen projects that will add more than 1,000 new housing units to the City's inventory.

Based on this initial success, HDC authorizes a second round that is expected to produce an additional 1,200 apartments.

HDC financing makes possible the first ever assisted living residence specifically for low-income seniors in New York City, the 127-unit deSales Residence in East Harlem.

100% LITE (Low-income Tax-Exempt) Program, in existence for two years, has already financed the rehabilitation and new construction of 27 developments containing 1,285 units of housing for families earning less than 60% of the Area Median Income.

Internally, HDC conducts a review and assessment of organizational structure and technological capacities, leading to extensive streamlining and updating of diverse general corporate operations and procedures.

FY 1999:
Since 1994, HDC has invested or committed to invest more than $1 billion in affordable housing development which has produced over 11,000 new or rehab housing units.

In the two-and-a-half years of activity of New HOP, 2,000 units have been financed.

HDC develops the Taxable 80/20 program, a moderate-income financing program modeled after the tax-exempt 80/20 program, only the 80% of the units are income-restricted for moderate wage earners.

HDC issues a total of $240.4 million in new tax-exempt and taxable bonds that finance 2,000 new units of affordable housing.