The New York City Housing Development Corp. last week approved a slate of bond deals and its first conversion of escrow bonds under the federal New Issue Bond Purchase program.
Artemis Construction plans to use $45 million of tax-exempt bond proceeds to partially finance a mixed-income project in Manhattan’s Chelsea neighborhood. The 168-unit project will reserve 34 units for low-income renters earning up to 50% of area median income.
The HDC also approved $187 million tax-exempt bonds and the conversion of $110 million of escrow bonds issued under the federal New Issue Bond Purchase program. Proceeds will be used to build or renovate 1,622 units at 14 projects.
In addition, the agency approved $45 million of Liberty bonds — the third and final tranche allocated for the Beekman Tower project, a $680 million mixed-use tower in lower Manhattan being developed by Forest City Ratner Cos.