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.
HDC last week also approved the purchase of $6 million of mortgage loans the U.S. Department of Housing and Urban Development has on properties that use federal subsidies.
“A fraction of these units are at risk of physical or financial failure and the city has been addressing problem buildings on a project-by-project basis,” HDC said in a press release statement. “The purchase of this portfolio is a preservation strategy that aims to provide a more organized, timely response to these buildings’ issues.”
Also last week, the New York State Housing Finance Agency approved $24.2 million of tax-exempt bonds to financing capital improvements at SelfHelp Kissena I and II, two senior housing developments in Queens, and up to $15.6 million of tax-exempt bonds to finance the construction of an 80-unit supportive housing development in the Bronx.