New York, NY – Following approval by its Board of Directors at a meeting on August 5th, the New York City Housing Development Corporation (HDC) announced plans to issue up to $661 million in multi-family housing revenue bonds to support the financing of affordable housing associated with 13 developments across New York City, comprising 3,197 rental homes.
“The financing approved today reflects the creative approaches HDC is taking in partnership with HPD to advance much-needed affordable housing, while conserving resources and providing savings for the City,” said HDC President Eric Enderlin. “We must continue to advocate at the Federal level for the support needed to provide housing and economic stability to New Yorkers at a time they need it most. I applaud the dedicated teams at HDC and HPD for their ongoing efforts towards ensuring the creation of more diverse and equitable communities.”
“The value of the projects being financed today extend beyond housing and go to the very heart of what’s needed in the recovery,” said Louise Carroll, HDC Board Chair and Commissioner of New York City Department of Housing Preservation and Development. “Minority and women- owned business enterprises and local non-profit organizations will lead these developments and, with HDC’s partnership, the city can help turn affordable housing into a diverse engine of growth. Emerging from this crisis will take every New Yorker’s contribution and these projects help set that foundation.”
The proceeds of the bond financing, together with other funding provided by the Corporation, will allow for the creation of more than 980 affordable homes across four newly constructed developments under the City’s Housing New York 2.0 plan. Furthering the City’s commitment to diversity and strengthening the affordable housing industry, the development teams of the four projects slated to receive construction financing are led by minority and women-owned business enterprises and local non-profit partners. These project partnerships are highlighted below:
- Victory Commons in the Morrisania section of the Bronx will provide 94 extremely low-, very low-, and low-income New Yorkers with 100% permanently affordable homes and includes a 15 percent set aside for formerly homeless households. The two-building site incorporates church offices and a sanctuary for Victory Baptist Church (original owner and development partner), multi-purpose space, and parking. The project will be developed by a partnership led by Exact Capital, a minority business enterprise.
- Developed on formerly City-owned land in the Bedford Stuyvesant neighborhood of Brooklyn, 1921 Atlantic Avenue will serve 236 individuals and families from a range of incomes, including 15% dedicated to formerly homeless households and 86 permanently affordable apartments. The site will include recreation, retail, and parking space, as well as community facility space that will help to promote entrepreneurship, sustainability, housing assistance, healthcare and the arts. The project will be developed by a partnership between woman-led Dabar Development and minority business enterprise Thorobird Development.
- 163-units of senior housing dedicated to low-income and formerly homeless individuals aged 62 and over located in the Washington Heights neighborhood of Manhattan, will be developed by non-profit Riseboro Community Partnership and Coconut Properties.
- Breaking Ground, a local nonprofit organization, will convert and rehabilitate a former hotel in the DUMBO neighborhood of Brooklyn into 497 units of affordable housing, with 300 units dedicated to formerly homeless households who will benefit from supportive services provided by the Center for Urban Community Services (CUCS).
The funding approved will also support the refinancing of an additional 2,204 apartments across 9 developments in the Bronx, Brooklyn, Queens, and Manhattan, including the refinancing and rehabilitation of 462 apartments at Seaview Towers, a Mitchell-Lama rental development in the Far Rockaway neighborhood of Queens.
The Board also authorized HDC to provide additional cost-effective funding for the Baychester Murphy development. The rehabilitation of these 722 apartments in the Bronx was previously approved by the Board for financing under the NYCHA 2.0 PACT plan, which aims to bring improved quality of life to NYCHA residents, while ensuring permanent affordability, guaranteeing tenant protections, and maintaining public control.
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The New York City Housing Development Corporation (HDC) is the nation’s largest municipal Housing Finance Agency and is charged with helping to finance the creation or preservation of affordable housing under Mayor Bill de Blasio’s Housing New York plan. HDC also serves as a key financing partner in the rehabilitation of our city’s public housing stock under the NYCHA Permanent Affordability Commitment Together (PACT) initiative. Since 2003, HDC has financed more than 186,000 housing units using over $25 billion in bonds and other debt obligations and provided in excess of $3 billion in subsidy from corporate reserves and other available funds held by the corporation. HDC ranks among the nation’s top issuers of mortgage revenue bonds for affordable multi-family housing on Thomson Reuter’s annual list of multi-family bond issuers. In each of the last five consecutive years, HDC’s annual bond issuance has surpassed $1.6 billion. For additional information, visit: http://www.nychdc.com.
