Developers HDC is a mortgage lender for affordable multi-family housing.  Its programs offer private for-profit and non-profit developers with low-cost mortgage loans that support the new construction, acquisition, and rehabilitation of rental and cooperative housing to meet the demand of quality affordable housing for individuals and families whose wages span the economic spectrum. Funds are raised for HDC's financing programs through the sale of tax-exempt and taxable bonds in the municipal bond market. The Corporation's strong record of financial performance has enabled it to receive a credit rating of AA from Standard & Poor's Ratings Services. NEW TAXABLE 80/20 PROGRAM HDC has re-launched its Taxable 80/20 Program, which combines HDC’s 1%-interest second mortgages with the use of taxable bonds to finance construction of building that include apartments for moderate- and middle-income tenants. ‘MAKE WHOLE’ PROVISION HDC has begun using an innovative new bond structure that guarantees bond investors the return they expect and saves developers hundreds of thousands of dollars. By agreeing not to repay an HDC mortgage ahead of schedule or pay a penalty, developers can save up to 40 basis points on the cost of borrowing when using taxable bonds.