Through HDC’s Mixed-Income Program, the Members approved a $50 million loan made from the sale of tax-exempt bonds for a 163-unit development located at 89 Murray Street in Lower Manhattan. The development known as Site 5B of the Washington Park Urban Renewal area will be in a single 10-story building on top of a two-story retail base. The building will reserve 33-units for families earning no more than 50% of the City’s Area Median Income (AMI) and 44-units will be reserved for families earning up to 175% of the AMI. The remaining 85-units will be rented at market rates. This program finances the development of low, middle and market rate apartments throughout the City providing a deeper level of affordability across many different economic levels. The Lower Manhattan Development Corporation (LMDC) will also provide a $15 million second mortgage loan.

The Members also approved the largest Senior Refinancing transaction that HDC has done-to-date. This $95 million tax-exempt bond transaction for the refinancing and rehabilitation of 10 properties with a total of 998-units will be done through HDC’s Section 202 Preservation Program. The corporation is able to rehabilitate and upgrade housing for seniors originally financed through HUD’s Section 202 Program. This initiative allows tax-exempt bond financing to be used to refinance the original HUD mortgage, reducing interest rates significantly. In addition, the tax-exempt financing qualifies the development for as-of-right “4%” Federal Low Income Housing Tax Credits. Progress of Peoples Development Corporation (POP), a not-for-profit corporation established as the housing development affiliate of Catholic Charities of Brooklyn and Queens owns the buildings. Nine of the properties are located throughout Brooklyn and one property is located in Astoria, Queens.

Financing was also approved for the use of $50 million in tax-exempt and taxable bonds for the preservation of 1,342-units through HDC's Mitchell-Lama Preservation Program, which includes a Mortgage Restructuring Program and a Repair Loan Program. This fourth transaction will bring the program total to more than 28 developments and 12,138 units preserved. Through these program initiatives, in exchange for low cost financing and funds for capital improvements, owners agree to maintain the affordability of their developments for a minimum of 10 to 15 years.

Two of the developments that received member approval will be financed through HDC’s Low-Income Affordable Marketplace Program (LAMP). LAMP provides financing to developers for the creation of affordable apartments reserved for tenants earning no more than $17,000 for an individual and up to $37,680 for a family of four. The developments will be constructed in Brooklyn and the Bronx and will create 345 units of affordable housing. In total, the Members approved the sale of $49.6 million in tax-exempt bonds and the use of $7 million of the Corporation’s reserves for these developments:

• The Schermerhorn Development – An 11-story building to be located at 160 Schermerhorn Street in downtown Brooklyn, containing a total of 217-units. 109-units will be reserved for formerly homeless single adults. The development will also include supportive services for tenants, program offices, a multi-purpose room, meeting rooms, exercise and community room as well as an exterior community terrace. HDC is providing a $30 million loan from the sale of tax-exempt bonds. The developer of the building is Common Ground Community Housing Development Fund Corporation, Inc.
  
  
• Urban Horizons II Development – A building consisting of a six-story wing and a seven-story wing containing 128-units to be located at 1330 Intervale Avenue and 1337 Louis Nine Boulevard in the Bronx. Apartment sizes range from one-bedroom to three-bedroom apartments. 39-units will be reserved for the formerly homeless. The development will also include 6,834 square feet of commercial space, a laundry room and associated parking. HDC is providing a $19.6 million loan from the sale of tax-exempt bonds and a 1% second mortgage loan of $7 million from its corporate reserves.

The New York City Housing Development Corporation (HDC) is the nation's number one issuer of bonds for multi-family affordable housing. Established in 1971 as a public benefit corporation, HDC facilitates the creation of affordable housing throughout the five boroughs by providing below- market financing. Most of HDC's loans are financed through the issuance of tax-exempt or taxable bonds, as well as through mortgages made directly from its Corporate reserves.

HDC has a seven-member governing body. Shaun Donovan, the Commissioner of the New York City Department of Housing Preservation and Development (HPD), is ex-officio Chairperson. Martha E. Stark, the Commissioner of the New York City Department of Finance (DOF), and Mark Page, the Director of the office of Management and Budget (OMB), also serve as ex-officio members. The Mayor and the Governor both appoint two members to HDC's governing body. Harry E. Gould, Jr. and Peter Madonia are Mayoral appointees, with Mr. Madonia serving as Vice Chairperson. Michael Kelly and Charles O. Moerdler were appointed by the Governor.