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HDC Press Releases
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December
8, 2006
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MAYOR BLOOMBERG ANNOUNCES NEW YORK CITY HOUSING DEVELOPMENT CORPORATION HAS ITS BIGGEST YEAR EVER
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— HDC is the Largest Issuer of Affordable Housing Bonds in the Nation —
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Michael Lam / NYC Housing Development Corp. |
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Before: An empty lot between 115th and 116th Street across the avenue from 1400 on Fifth. |
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Bong Yu, PC |
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After: 1405 Fifth Avenue Apartments, an 8-story building with 81- affordable apartments and 8,200 square feet of retail space.
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December
8, 2006 – Mayor Michael
R. Bloomberg, Housing
Development Corporation
(HDC) President Emily A.
Youssouf and HDC Board
Chairman Shaun Donovan
today announced that in
2006 HDC will provide
$1.8 billion to finance
the construction or
preservation of more
than 9,000 affordable
apartments. This is the
largest volume of
financing and the
greatest number of
apartments built or
preserved in one year
since the corporation
was chartered 35 years
ago. HDC functions like
a private mortgage bank
for affordable housing
in New York City. Its
operations are
self-financing, and it
does not use any tax
levy dollars.
“Private market
initiatives can serve
the public good,” said
Mayor Bloomberg. “HDC,
which serves only New
York City, this year has
issued more bonds for
affordable apartment
buildings than any other
city or state agency in
the nation. It has been
a banner year for HDC,
and as a result we are
continuing to make
record levels of
investments in the
future of all five
boroughs.”
“I am proud to say that
all our hard work
creating new programs
and restructuring old
ones has given us
another record year,”
said HDC President
Youssouf. “These
programs are attracting
private capital, and
private developers, into
affordable housing at a
rate never seen before
in New York City. The
25,500 apartments that
we have financed under
the
New Housing Marketplace
Plan are the very real
results of this
innovation.”
“HDC can celebrate
another great year
helping to create and
preserve affordable
homes for thousands of
New Yorkers,” said HDC
Board Chairman and
Housing and Preservation
Development (HPD)
Commissioner Shaun
Donovan. “The Mayor’s
New Housing Marketplace
Plan is the largest
municipal affordable
housing plan in the
nation’s history and we
are ahead of target with
almost 49,000 units
financed so far.
Conventional wisdom says
that you can’t build
affordable housing in a
strong market, but New
York City is saying the
opposite. The Mayor’s
Plan actually harnesses
the strength of our
booming housing market
to build affordable
housing and HDC’s
innovative financing is
a sterling example of
how we are doing that.”
The financing provided
by HDC is in the form of
low-cost mortgages made
by pooling the proceeds
of the sale of
tax-exempt and taxable
bonds with money lent
from its corporate
reserves. These
mortgages are provided
to developers for the
construction and
preservation of
affordable housing. HDC
programs are designed
for multi-family rental
housing and cooperative
developments and serve a
wide range of income
segments, from very-low
to middle-income
tenants.
HDC’s final board
meeting for 2006 was
held today. The
Corporation agreed to
provide up to $550
million in financing to
build or preserve more
than 2,000 affordable
apartments across all
five boroughs. These
approvals bring the
total investment HDC
will make in housing
this year to $1.8
billion, which includes
$1.7 billion in bond
proceeds and more than
$92 million in
low-interest loans from
HDC’s corporate
reserves.
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Michael Lam
/ NYC Housing Development Corp. |
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Before: An empty lot in the Melrose section of the Bronx. |
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Magnusson Architecture & Planning, PC |
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After: 500 East 165th Street, an 8-story building with 129 affordable apartments containing more than 4,600 square feet of commercial space.
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Some of the developments represented in today’s approvals include:
The Bronx
HDC today agreed to
provide at least $71.5
million in financing for
buildings in the Bronx
that will be reserved
for households earning
no more than $42,540
annually for a family of
four, including these
four buildings:
- 500 East 165th
Street in Morrisania,
which will have 129
affordable apartments
and more than 4,600
square feet of
commercial space
- The Monterey at 4278
Third Avenue in East
Tremont, which will have
97 affordable apartments
- 1926 Crotona Parkway
in Crotona Park, which
will have 96 affordable
apartments reserved for
people aged 62 and over
- 1785 Walton Avenue
in Morris Heights, which
will have 63 affordable
apartments also reserved
for senior citizens
Brooklyn
Today, HDC approved $22 million for financing of two buildings in Brooklyn:
- A new building to rise on a vacant lot at 346 Bergen Street in Boerum Hill, which will provide 24 apartments for middle-income families
- The conversion of the underused first six floors of the YWCA at Third and Atlantic Avenues into 84 apartments for low-income women
Manhattan
Developments from the Lower East Side to East Harlem were approved today as HDC agreed to provide at least $172 million for affordable housing in Manhattan, including:
- The construction of a 12-story building at Houston and Pitt Streets with 263 apartments for low-income households, many of them formerly homeless individuals who will have access to social services provided in the building; this building will replace a vacant Boys Club
- Construction of an eight-story, 81-unit building to be built at 1405 Fifth Avenue, between 115th and 116th Streets, across the avenue from 1400 on Fifth, an earlier HDC-financed building; this building will also include 8,200 square feet of retail space.
- Preservation of the 125 apartments at Casabe House, a senior citizen’s residence at 143 East 120th Street in East Harlem; today’s approval will allowed for enhanced social services and continued affordability for the low-income elderly residents of the building
- Construction of the Casablanca, a 48-unit middle-income rental building to replace the parking lot at 121-125 East 110th Street in East Harlem.
Queens
HDC today approved at least $49 million in financing for three buildings in Queens containing 484 apartments. Specifically:
- A 184-unit apartment building for low-income seniors will replace the 43,000 square foot municipal parking lot owned by the New York City Department of Transportation at 29th Street between Hoyt Avenue South and Astoria Boulevard near the Triborough Bridge approach in Astoria
- Preservation financing for two towers in Springfield Gardens with 300 apartments for seniors located at 166-01 Linden Boulevard.
Staten Island
HDC approved $25 million in financing today for the redevelopment of the Markham Gardens public housing project on the island’s north shore into a privately-owned mixed-income neighborhood with 23 three-story buildings containing a total of 240 apartments.
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