NEW YORK, N.Y., April 2, 2013 – The New York City Housing Development Corporation (HDC) has posted another record-breaking year, ranking first on Thomson Reuters list of multi-family bond issuers and third in Affordable Housing Finance Magazine’s annual ranking of affordable housing lenders. From January through December 2012, the Corporation issued $1.065 billion in bonds and provided more than $1.8 billion in financing that was raised from the sale of bonds and the provision of other corporate subsidies. Over the course of the year, HDC financed the construction and/or preservation of 11,400 apartments.
According to the Affordable Housing Finance magazine, HDC is the third largest affordable housing lender in the U.S. after Citi Community Capital and Wells Fargo, surpassing both Bank of America Merrill Lynch and JP Morgan Chase Bank.
“New York City’s Housing Development Corporation is, again, ranked number one on Thomson Reuters,” said HDC President Marc Jahr. “I am proud of the fact that not only do we consistently outperform most national banks, but that we operate in the black, year in and year out, allowing HDC to further assist developers of affordable housing by providing millions in direct subsidy from our corporate reserves. I thank our partners in New York State for their generous allocation of bond volume cap, which they know we will use efficiently and in service of the public.”
“HDC acts as our affordable housing bank and as the means for developers to efficiently access inexpensive capital,” said Mathew M. Wambua, HDC Board Chairman and Commissioner of the NYC Department of Housing Preservation and Development (HPD). “In partnership with HPD, our formula of conservative underwriting and sound oversight has helped to produce high-quality, sustainable housing that also works to stabilize our local communities and promote economic development.”
Since 2000, HDC has issued roughly 10% of all the multifamily housing revenue bonds in the U.S. and since 2003, when Mayor Bloomberg’s New Housing Marketplace Plan was launched, HDC has raised more than $6.7 billion in financing for affordable housing developments, including in excess of $1 billion in subsidy from corporate reserves. To date, under the Mayor’s plan, HDC has financed the creation or preservation of more than 69,000 affordable units in multifamily buildings that also include 1.7 million square feet of commercial space.
HDC has ranked within Affordable Housing Finance magazine’s top five multifamily lenders for the last five years. In 2011, HDC ranked in fourth after Citi Community Capital, Wells Fargo and Bank of America Merrill Lynch. In 2010, HDC was the third largest affordable housing lender after Citi Community Capital and Bank of America Merrill Lynch and in 2009 and 2008, when the financial markets were in extraordinary turmoil, HDC ranked in second after Bank of America Merrill Lynch. To see the full list of the 2012 top 25 lenders, please go to Affordable Housing Finance magazine or click here http://www.housingfinance.com/ahf-50/2013/ahf-top-25-lenders.aspx .
In 1971, the New York State Legislature created the New York City Housing Development Corporation (HDC) as a supplementary and alternative means of supplying financing for affordable housing that was independent from the City's capital budget. At first HDC concentrated on providing financing for large-scale rental developments but now issues bonds and provides subsidy and low-cost loans to create or preserve a variety of low- and mixed-income rental housing.
The flexibility built into HDC’s authorizing statute allows it to adapt its programs and goals in response to the changing economic climate.
About the 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, when Mayor Bloomberg’s New Housing Marketplace Plan was launched, HDC has raised more than $6.7 billion in financing for affordable housing developments, including in excess of $1 billion in subsidy from corporate reserves. To date, under the Mayor’s plan, HDC has financed the creation or preservation of more than 69,000 affordable units in multifamily buildings that also include 1.7 million square feet of commercial space. For additional information, visit: www.nychdc.com.
