NHC member New York City Housing Development Corporation (HDC) recently approved the issuance of a bond totaling over $372 million to develop and maintain sixteen affordable housing units in the Bronx, Brooklyn and Manhattan. The bond will finance the development of 11 buildings, each with over 1,200 units, and protect seven existing developments with nearly 1,000 units each.
The bonds are a combination of tax-exempt and recycled funds and the developments they help to create will be counted in Housing New York, Mayor Bill de Blasio’s plan to create or preserve 200,000 homes in the next ten years. The goal of the plan is to combat New York’s rising shortage of affordable housing by providing affordable units for a variety of income levels, preserve existing properties, create jobs and increase community development.
“Each of these projects speaks to the core principles and values of the [Housing New York] plan,” said HDC President Gary Rodney. “[They speak to the] preservation of existing affordable housing; flexible financing innovations that spread our resources more widely; providing deeper affordability when possible, and creating community facilities, commercial and retail space that will further enhance and create economic empowerment in the neighborhoods they serve.” In total, the HDC Board of Directors voted to authorize use of over $600 million in bonds for affordable housing developments.
A total of 17 projects were approved and financed by the board in June.