Members of the New York City Housing Development Corp. approved the issuance last week of $56 million of tax-exempt bonds to help construct five developments in Brooklyn and the Bronx.
Bear, Stearns & Co. will price $35 million of the bonds on Wednesday. In addition to the tax-exempt bond proceeds, the developments will receive a 1% second mortgage loan made from the HDC's corporate reserves.
Some of the units will be set aside for the formerly homeless. They are part of Mayor Michael R. Bloomberg's $3 billion, 65,000-unit initiative, the New Housing Marketplace: Creating Housing for the Next Generation. The HDC has created or preserved more than 9,000 apartments under this program to date.
The housing agency was the state's 11th-largest issuer of debt in 2004, with a volume of $1.12 billion, according to data from Thomson Financial. New York City was the state's largest issuer, with $7.3 billion of bonds.
