The New York City Housing Development Corp.’s board of directors authorized $721 million, including $564 million in bonds, to finance the construction and preservation of 5,205 affordable homes.
Following Monday’s action, the corporation announced plans to issue the tax-exempt multi-family housing revenue bonds and provide more than $157.3 million in additional financing to fund work on 17 affordable housing developments across the Bronx, Brooklyn, Queens, and Manhattan.
The latest bond issuance combines allocations of new private activity bond volume cap and recycled volume cap.
According to the corporation, this funding will provide enough housing for an estimated 13,000 New Yorkers through the creation and preservation of more than 5,200 affordable homes, furthering Mayor Bill de Blasio’s goals under Housing New York, the mayor’s five-borough, 10-year plan to create and preserve more than 200,000 units.
“Amidst growing threats in Washington to the programs that underlie much of our work, the city continues to work closely with our partners across all levels of government to push out robust financing solutions,” said HDC president Eric Enderlin.
HDC is the nation’s largest municipal housing finance agency. Since 2003, its has financed more than 120,000 housing units using over $13.7 billion in bonds, and provided in excess of $1.6 billion in subsidy from corporate reserves.
In each of the past four years, it has issued more than $1 billion in bonds.
The latest funding round will make possible nine new construction projects that will create 1,732 units created, including six projects financed under HDC’s Extremely Low & Low-Income Affordability program and three under HDC’s Mix & Match program.
Projects include two new 100% affordable housing developments on underused land at NYCHA’s Ingersoll Houses in Fort Greene, Brooklyn; and Mill Brook Houses in the Mott Haven, Bronx.