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HDC says ’07 financing is tapped

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The New York City Housing Development Corp. says it has run out of tax-exempt bonds that go to financing the creation or preservation of affordable housing. The agency’s funding shortage this year comes as HDC announced it was allocating $320 million in financing to build or preserve 2,285 apartments in the city. HDC’s lack of funds means that right now it has no more money to allocate in 2007 for low-income, mixed-income or 80/20 housing unless state or federal officials raise its private activity bond volume cap. HDC’s cash shortage not only impacts developers seeking to build affordable housing as part of 421-a regulations; it comes at a time when the city is losing massive amounts of affordable housing. According to a recent report from the Community Service Society of New York, 21,500 subsidized apartments in the city are currently in danger of being lost. more [Crain’s]

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