The New York City Housing Development Corp. will issue $462.2 million in multi-family housing revenue bonds, it announced Wednesday after its board of directors approved the move.

The funding will advance so-called affordable-housing lending activities under Mayor Michael Bloomberg’s new housing marketplace plan. 

According to the agency, the board authorized $288.04 million in tax-exempt bonds to fund construction or preservation and renovation of 15 developments throughout the city. About $270 million in private activity bond volume cap and $18 million recycled tax-exempt bonds will finance the developments, which contain 2,219 units.

The agency will also issue $120 million in taxable bonds to purchase and finance loans from the corporation and refunds some outstanding bonds. It will also recycle $54.2 million in tax-exempt bonds for projects it expects to close in 2015 or 2016.

Eight of the developments containing 710 apartments will be new construction and seven containing 1,509 apartments will be preservation deals, according to a statement. Three developments containing 316 units entail the preservation and rehabilitation of housing for elderly persons. 

Along with bond sale proceeds, the agency also said it will allocate more than $36 million in corporate subsidy to these developments.

The new housing marketplace plan is an initiative to finance 165,000 units of affordable housing for half a million New Yorkers by the close of fiscal 2014. For every dollar the city invests, the plan has leveraged $3.43 in additional funding for a total commitment of more than $21 billion.

To date, the plan has funded the creation or preservation of more than 147,893 housing units citywide.

“Bringing the 15 projects approved today to completion would be unthinkable without HDC bonds and subsidy,” said city housing preservation and development commissioner Mathew Wambua.

The proposed 69-unit Rubin Wolf Residences in the Williamsbridge section of the Bronx is named after long-time employee Rubin Wolf, who died in late 2011, months after his retirement following 48 years at the agency. Arker Cos. of Floral Park, N.Y., is the developer.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.