Financing Aids Increase of Affordable Housing Stock

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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.