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State Provides $60M for Affordable Housing

NEW YORK CITY-The tax-exempt bonds will finance 454 housing units in Manhattan, Brooklyn and the Bronx. The funding is part of a $3-billion city-sponsored plan to build and renovate 67,000 units of affordable housing.

By Glen Thompson | Updated on February 12, 2003

NEW YORK CITY-The state will allocate more than $60 million in tax-exempt bond funding earmarked for affordable housing to the New York City Housing Development Corp, Governor George Pataki revealed yesterday. The bonds will provide financing for 454 apartments in Harlem, Brooklyn and the Bronx.

The newly appropriated funds are part of a five-year, $3-billion city plan to renovate and construct 65,000 affordable units. “The Governor’s allocation of $60.7 million of tax-exempt bonding authority to HDC will help enable us to implement our new five year plan to create and preserve 67,000 units of affordable housing,” says Mayor Michael Bloomberg.

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