The Real Deal New York

State approves $227M in bonds for Queens NYCHA complex

1,400-unit Ocean Bay was damaged during Hurricane Sandy
December 28, 2016 08:30AM

Ocean Bay

After delaying approval, Albany finally signed off on $227 million in tax exempt bonds to fund repairs at the Ocean Bay public housing complex in Rockaway, Queens.

The 24-building, 1,400-unit NYCHA complex was damaged during Hurricane Sandy in 2012 and its units are awaiting new boilers and kitchen and bathroom renovations. But in November, the Public Authorities Control Board canceled its meeting to vote on the bonds.

Sources told Politico that lawmakers delayed the meeting as a bargaining chip in negotiations over their own pay raises. But on Tuesday the three-member board finally met and approved the bonds. They will be issued by the state’s Housing Finance Agency and are scheduled to close this week.

The board also approved $120 million in bonds to fund Fetner’s multifamily building The Victory at 501 West 41st Street, among other financings.

Several financings approved by the board will take effect before December 31, which matters because housing tax credits may become less appealing as of January 1 if Donald Trump’s administration lowers taxes next year. [Politico] — Konrad Putzier