HDC Board Approves the Appointment of Gary D. Rodney As President
March 3, 2014, New York, NY – Today, The New York City Housing Development Corporation (HDC) Board approved the appointment of Gary D. Rodney as President. Nominated by Mayor Bill de Blasio, Mr. Rodney will play a key role in implementing the administration’s vision of creating and preserving 200,000 units of affordable housing over the next decade.
Mr. Rodney brings more than 15 years of experience in affordable housing development, including serving in various roles at HDC from 2001 – 2006, beginning his career at the agency as a project manager and rising to Vice President for Development. Most recently he served as Executive Vice President for Development at Omni New York LLC, a real estate development company focusing on affordable housing. In his role at Omni, Rodney was directly responsible for securing the acquisition and preservation of 5,500 units of affordable housing in New York and Massachusetts—with an aggregate transaction value of approximately $950 million. Prior to joining Omni, Rodney was the Director of Development for BFC Partners, a New York City-based real estate development company that specializes in green, mixed-income and mixed-use developments in neighborhoods around the City.
He received his B.A. from the University of Rochester in 1997 and a Masters of Urban Planning from New York University’s Robert F. Wagner Graduate School of Public Service in 1999.
“I am honored and thrilled to return to HDC as President and I thank Mayor de Blasio for this extraordinary opportunity. I know first-hand what a remarkable organization HDC is and that it is unequaled in its powerful capacity to create access to capital and finance affordable housing projects,” said President Rodney. “It’s clear that while we have tremendous challenges ahead in crafting a plan to execute the Mayor’s promise to create or preserve 200,000 units of affordable housing, I have no doubt that we have the expertise and the ability to get the job done.”
According to the Bond Buyer, HDC topped all affordable housing bond issuance for 2013, issuing almost $1.85 billion in bonds (the most ever for HDC), including three of the 10 largest housing issues. In 2013, HDC issued almost $675 million in new money private activity bonds, $230 million in recycled bonds, $140 million in taxable bonds and $142 million in refunding bonds. In addition, HDC transferred recycling proceeds in excess of $112 million to the State HFA helping free up additional volume cap for affordable housing projects. To date, multifamily bond recycling, made possible by a the tax code change championed by HDC in 2008, has created more than $900 million in financing authority and has been used to provide part of the financing for almost 20,000 units of housing.
Financing provided by HDC in 2013 totaled $1.371 billion in new money and more than $164 million in HDC subsidy funds, of which $120 million was funded from HDC reserves. This financing led to the construction of 4,382 units of affordable housing and the preservation of 3,253 units. Not counted in these totals was HDC’s largest 2013 deal that provided the New York City Housing Authority with funds to perform repairs at up to 40 of its developments. That deal alone combined a $500 million new issue with a $200 million refunding of debt issued in 2005.
NYC Housing Development Corporation (HDC):
Since 2000, HDC has issued roughly 10% of all the multi-family housing revenue bonds in the U.S. and since 2003 HDC has raised more than $6.7 billion in financing for affordable housing developments, including providing in excess of $1 billion in subsidy from its corporate reserves. In Affordable Housing Finance magazine’s annual listing of the nation’s top ten funders of multifamily housing, HDC is the only municipal entity on the list. In 2013, HDC was the third largest affordable housing lender in the U.S. after Citi and Wells Fargo, beating out Bank of America, JPMorgan Chase and Capital One. Since 2003, HDC has partially financed the creation or preservation of nearly than 74,000 affordable units. Multifamily buildings financed by HDC contain more than 1.7 million square feet of commercial space. For additional information, visit: www.nychdc.com.