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$215M in Liberty Bond Funding Tabled

NEW YORK CITY-The New York State Housing Finance Agency's decision to award $340 million in Liberty Bond funding to three Downtown rental apartment projects…

By Glen Thompson | Updated on September 05, 2002

NEW YORK CITY-The New York State Housing Finance Agency’s decision to award $340 million in Liberty Bond funding to three Downtown rental apartment projects over the strenuous objections of housing advocates was thrown into limbo yesterday when a state agency voted to table aid for two of the buildings.

The Public Authorities Control Board, which oversees and reviews projects financed for public authorities, including HFA, turned down $100 million in federal funding for a 287-unit building to be located at 10 Liberty St. and another $115 million for the 264-unit Battery Park City Site 19B. The 293-unit 20 River Terrace property, currently under construction, was the only Liberty Bond project on the PACB’s agenda to pass. That building will receive will receive $125 million in federal funding through the $8-billion Liberty Bond Program.

State Comptroller Carl McCall, a non-voting member of the PACB, yesterday urged the agency to reject the three buildings’ funding applications. “This plan is bad housing policy and bad economic policy,” said the Democratic gubernatorial candidate. “We desperately need affordable housing in New York. Instead of using these scarce resources to meet this huge need, the [HFA} rushed through this plan to finance luxury housing."

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