The New York State Housing Finance Agency last week approved $50.9 million of bonds for three affordable housing projects.
The issuer said in October that it was trying to get 17 deals and a total $150 million to market by the end of the year, but that target won’t be met due to the difficulty in obtaining liquidity and the weak market for federal low income housing tax credits. Of those deals, the agency has approved eight and it hopes bring those to market by the end of the month, spokesman Phil Lentz said.
The deals approved last week were for a senior housing project in the town of Ulster, a new affordable housing development in Yonkers, and preservation of Mitchell-Lama housing in Peekskill. In addition to bond proceeds, the projects will use other subsidies and funds.
The largest approval was for up to $32 million to be sold on behalf of L+M Development Partners, which plans to construct a $55.8 million, 11-story apartment building in Yonkers. Most of the 152 units will be set aside for households earning no more than $60,960 a year for a family of four.
Omni New York LLC plans to use the proceeds of up to $10.5 million of bonds to finance the acquisition and rehabilitation of Wesley Hall, a 118-unit senior citizen Mitchell-Lama project in Peekskill. In addition to bond proceeds, the project will use federal tax credits, a $3.1 million grant from the state and other subsidies.
The agency also approved up to $8.4 million of bonds on behalf of developer Steven Aaron, to build Birches at Chambers, a 67-unit affordable senior citizen housing development in Ulster. The project will cost $15.5 million.