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HDC Press Releases
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April
09, 2008
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HDC Loan Preserves One of New York City’s Largest Affordable Housing Developments
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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.”
Linden Plaza was
originally constructed
in 1972 under New York
State Mitchell-Lama
program, utilizing a
Section 236 HUD
mortgage. The 1,527-unit
complex consists of
four-seventeen story
buildings, one-eighteen
story building, six
townhouse complexes, an
immense courtyard and
plaza areas, and four
parking garages. A large
portion of the
development is
constructed over a NYCTA
subway car repair yard.
Linden Plaza also
includes several small
retail tenants.
A majority of Linden
Plaza tenants will
qualify for Enhanced or
“sticky” vouchers. These
vouchers will be granted
by The New York City
Department of Housing
Preservation and
Development (“HPD”) as a
part of a special
federal Department of
Housing Urban
Development (“HUD”)
allocation, designated
specifically for tenants
of Linden Plaza. The
vouchers will facilitate
payments up to the
newly-set Section 8
Market Rents. When
voucher tenants vacate
their units over time,
the units will remain
subject to rent and
income restrictions.
The current fee owner of
the Project is Linden
Plaza Associates, L.P.
The new owner will be
Linden Plaza
Preservation, L.P.
The New York City
Housing Development
Corporation (HDC)
provides a variety of
financing programs for
the creation and
preservation of
multi-family affordable
housing throughout the
five boroughs of New
York City. HDC is
implementing Mayor
Bloomberg’s New Housing
Marketplace Plan to
build and preserve
165,000 units of
affordable housing over
ten years. The New
Housing Marketplace Plan
is the largest municipal
affordable housing
effort in the nation’s
history. Our programs
are designed to meet the
wide-range of affordable
housing needs of the
City's economically
diverse population.
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