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Final $320M Makes 2,285 Apartments Affordable

QUEENS, NY-The money will go to 27 properties in four boroughs. With this, the HDC's funds are tapped out for the year.

By Sean Ryan | Updated on June 14, 2007

QUEENS, NY-The NYC Housing Development Corp. will use $320 million in financing to build or preserve 2,285 units of affordable housing in Queens, Brooklyn, Manhattan and the Bronx.

The money taps out the HDC’s bond allocation for the year before the year is even half through. “We have submitted an innovative proposal to our legislators in Washington that would, if enacted, free up several hundred million in tax-exempt bonding capacity to create housing for hard-working New Yorkers this year,” says Emily A. Youssouf, HDC president, in a statement.

“Pending action by state or federal officials, HDC’s pipeline of $500 million in affordable housing developments for 2007 will have to wait until 2008,” she says. “The fear is that deals that are ready to close now may not be there in ’08.” HDC issued $1.65 billion of affordable housing bonds in 2006 and $1.54 billion in 2005.

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