The New York City Housing Development Corp. could issue bonds to finance the conversion of market-rate housing into affordable housing, New York City officials announced yesterday.

The Housing Asset Renewal Program would provide subsidies to developers of unsold condominiums, unrented apartments, and stalled construction who agreed to provide housing for moderate- and middle-income families. The pilot program would convert up to 400 units of housing and use $20 million of subsidies as well as bond financing.

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