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BRONX, NY-The city will add to its affordable housing stock through a $29-million financing package. The New York City Housing Development Corp. approved the use of the tax-exempt bond financing for the construction of two buildings here.

The new projects, each 12 stories and containing 111 apartments, will be located at opposite ends of the borough. Both will be financed through HDC's Low-Income Affordable Marketplace Program which provides financing for the creation of affordable apartments reserved for households earning no more than $42,540 per year for a family of four.

The Rev. Ruben Diaz Gardens Apartments will be built at 967 Kelly St. at Westchester Avenue in the Longwood neighborhood. Next to the residential component, the building will contain 20,000 sf of ground-floor retail space, 27,000 sf of office space on three stories and 53 underground parking spaces. It will occupy a site that was a parking lot and two one-story retail sites. HDC agreed to provide a $14-million mortgage loan from the sale of tax-exempt bonds.