Acting ahead of guidance from the U.S. Treasury, New York City yesterday announced it had designated areas that could use recovery zone facility bonds, a new tax-exempt bond program created by the federal stimulus package.

The New York City Industrial Development Agency and the New York City Capital Resource Corp. would issue the bonds, which the city expects to total approximately $200 million. The federal government has not yet set the total allocation of recovery zone bonds for either the city or the state.

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