Northeast

New York City has nearly selected all the projects for its $121 million allocation of Recovery Zone facility bonds, pending board approval, the conduit issuer said yesterday.

The Federal Housing Administration, insurer of nearly $20 million of North Philadelphia Health System Series 1997A bonds, will not acquire the borrower’s property and outstanding debt, as Bank of New York Mellon, trustee of the 1997 bonds, agreed to withdraw its notice of mortgage assignment to the U.S. Department of Housing and Urban Development.

Fitch Ratings Monday downgraded Philadelphia to BBB from BBB-plus and removed the credit from negative watch, affecting $1.1 billion of general obligation debt. The outlook is stable.

WASHINGTON — New York Liberty Bond issuers — including the Liberty Development Corp., which planned to sell $2.59 billion of the bonds this month to beat the current deadline — would have another year to put together deals under legislation introduced yesterday by the top tax writer in the House.

New York City this week will price roughly $1.4 billion of general obligation debt, including $616 million of taxable Build America Bonds, to help finance capital improvements.

Priscilla Almodovar, president and chief executive officer of the New York State Housing Finance Agency and the State of New York Mortgage Agency, resigned Friday.

New Jersey’s total bonded debt inched up to $33.87 billion at the end of fiscal 2009, up from the $31.86 billion outstanding in fiscal 2008, according to an annual debt report released last week.

New York’s largest housing finance agencies plan to sell more than $1 billion of bonds to Freddie Mac and Fannie Mae this month under a new federal program aimed at giving a shot in the arm to HFAs.

New Jersey lawmakers are working on legislation that would create a new authority to oversee the redevelopment of Fort Monmouth as the U.S. Army plans to leave the nearly 1,200-acre base in 2011.

The battle to rid New York State pension and retirement funds of pay-to-play and placement agent “kick-backs” crept steadily forward today after Elliot Broidy, founder and chairman of Markstone Capital Group, plead guilty to offering millions of dollars in bribes for investment contracts.