City approves $500M for affordable housing

Capital will help fund construction and preservation of 2,795 units

New York /
Jun.June 17, 2014 08:30 AM

The New York City Housing Development Corporation approved $500 million to fund nearly 3,000 units of affordable housing across the city on Monday. 

The financing includes $372.6 million in bonds and $88.7 million in subordinated debt. The 2,795 units are spread across 18 developments in three boroughs. Another $40 million will go toward the preservation of two Mitchell-Lama projects, including Cadman Towers in Brooklyn.

The money will help fund construction of 1,259 units as well as the renovation or preservation of an additional 1,536 units.

According to HDC President Gary Rodney, this influx of money will help the de Blasio administration reach its goal of building or preserving 200,000 affordable units over the coming decade.

The 18 developments slated to receive funds will provide affordable housing to residents at various income levels, including homeless families. A portion of the funding will also go toward the controversial Greenpoint Landing development.

“Each of these projects speaks to the core principles and values of the plan,” Rodney told Crain’s.

The distribution of the funds is expected to be completed this month. [Crain’s] — Claire Moses 


Related Articles

arrow_forward_ios
A rendering of 165 Broome Street (Credit: Handel Architects)

Nonprofit plans affordable housing development near Essex Crossing

Nonprofit plans affordable housing development near Essex Crossing
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
Almanac Realty Investors managing director Matthew Kaplan (Almanac Realty; iStock)

Workforce housing investor gets $320M boost

Workforce housing investor gets $320M boost
Kirk Goodrich, president of Monadnock Development, is opposed to the bill sponsored by Bran Lander. (Getty, Monadnock Development)

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers
Ray McGuire photographed by Axel Dupeux.

The Closing: Ray McGuire

The Closing: Ray McGuire
Belveron Partners founder Paul Odland with 2000 Valentine Avenue (left) and 1985 Webster Avenue in the Bronx (Photos via Google Maps; Twitter)

Belveron Partners closes $280M fund for affordable housing

Belveron Partners closes $280M fund for affordable housing
City Council members Brad Lander (right) and Robert Cornegy

Lander seeks to keep for-profit developers from acquiring city-owned land

Lander seeks to keep for-profit developers from acquiring city-owned land
Cea Weaver and Public Advocate Jumaane Williams (Getty; Weaver via Elijah Stevens)

“Cancel rent” housing activist tapped for City Planning Commission

“Cancel rent” housing activist tapped for City Planning Commission
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...