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Financing Aids Increase of Affordable Housing Stock

BRONX, NY-A $29-million tax-exempt bond package will go toward the construction of two apartment buildings here for low-income working families. Each building will have 12 stories but they will be on opposite ends of the borough.

By Barbara Jarvie | Updated on April 12, 2006

(To read more on the multifamily market and the debt and equity markets, click here.)

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.

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