The New York City Housing Development Corp. at its monthly board meeting last week approved the refunding of tax-exempt bonds issued last year to finance student housing serving Queens College.

A $70 million issue will refund bonds sold on behalf of Q Student Residences LLC to fund the construction of a 144-unit student housing development. The borrower is controlled by the nonprofit Queens College Special Projects Fund Inc. Capstone Development Corp., a for-profit developer, is developing the project, which is 90% complete.

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