The New York City Housing Development Corp. last week approved $269.3 million of tax-exempt bonds and notes to finance the construction and permanent financing for affordable housing projects.
The HDC also approved the sale of $37.6 million of tax-exempt notes to redeem its only remaining series of auction-rate securities.
The debt will be sold on the agency’s open resolution, which pools bond proceeds to provide mortgages for housing developments. The HDC currently has $2.7 billion of bonds outstanding on its open resolution. The debt has financed 916 mortgages.
The HDC plans to market up to $95 million of Series 2009H bonds to provide initial financing for one or more of 30 eligible developments. Among them is Albee Square, a mixed-use development in downtown Brooklyn for which the New York City Capital Resource Corp. expects to issue $20 million of recovery zone facilities bonds. The project is expected to use a $400 million mortgage to finance the construction of 810 units of housing, of which at least 20% will be set aside as affordable based on income formulas, according to HDC documents.
The HDC plans to market $9 million of Series 2009F bonds to partially finance the acquisition and renovation of 81 units of low-income housing in five buildings in Manhattan on behalf of Bridge Revitalization LP. It also approved the issuance of up to $100 million of Series 2009I bonds, primarily to reimburse the agency for loans made from its corporate reserves. It also approved up to $27.7 million of Series 2009J bonds to refund debt issued in 1998 and 1999.
The HDC’s board also approved the appointments of Ellen Duffy as senior vice president for debt issuance and finance and David Frankel as finance commissioner.