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HDC
LOAN PRESERVES ONE OF
NEW YORK CITY'S
LARGEST AFFORDABLE
HOUSING DEVELOPMENTS
New York, N.Y., April
9th, 2008 – The New
York City Housing
Development Corporation
(HDC) closed on
$73,900,000 in
tax-exempt bonds for
the moderate
rehabilitation of 1,527
affordable apartments
at Linden Plaza, a
Mitchell-Lama
development in
Brooklyn. This project
will benefit from
favorable financing
from HDC’s Low Income
Affordable Marketplace
Program (“LAMP”). To
date, HDC has preserved
16,650 apartments
through preservation
activity, including
Mitchell-Lama repair
loans and grants.
The size of the loan,
as well as the scale of
the development, ranks
this LAMP issuance as
one of the
Corporation’s largest.
While many other large
scale developments are
becoming unaffordable
for long-term tenants,
the proposed financing
structure for Linden
Plaza will preserve it
for the next years.
Marc Jahr, President of
the New York City
Housing Development
Corporation (HDC),
said, “HDC remains
committed to preserving
the New York City’s
affordable housing
stock. Linden Plaza is
an excellent example of
HDC’s preservation
program.”
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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.