New York City plans jump into the new qualified school construction bond market with $1.4 billion of these tax-credit bonds over the next two years, but not until federal government provides more guidance, city officials said.

The federal American Recovery and Reinvestment Act allocated $22 billion of the QSCBs under the new program to states and the 100 largest cities. New York City was allocated $699 million of the tax-credit bonds for this year and next.

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