Agency Scores More Cap

The New York City Housing Development Corp. last week said it has received an additional $93.6 million allocation of private-activity bond volume cap that was made available under the federal housing bill that passed in July.

New York received $620 million of additional volume cap under the Housing and Economic Recovery Act of 2008, which allocated additional cap to all states.

The HDC, which provides financing for affordable housing in New York City, is the only issuer in the state to receive an additional allocation under the new law so far.

HDC president Marc Jahr said that the issuer plans to use the cap before the end of the year. With the additional allocation, the agency has received $441 million of volume cap this year.

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