HDC Board Approves $372.5M in Bonds for 2,226 Affordable Housing Units in NY

By Keith Loria, Contributing Editor

New York—The New York City Housing Development Corporation has approved the issuance of $372.56 million in bonds and $88.7 million in subordinate financing to fund 2,226 units of affordable housing in 16 developments in the Bronx, Brooklyn and Manhattan.

With the money, 11 new buildings consisting of 1,259 units will be built and seven projects with 967 units will be restored. HDC also authorized $40 million in corporate reserves to renovate and preserve as affordable two Mitchell-Lama developments with 569 units in Brooklyn.

This is one of the first steps under Mayor Bill de Blasio’s ambitious Housing New York plan to create or preserve 200,000 affordable homes over the next decade.

“Each of these projects speaks to the core principles and values of the Plan: preservation of existing affordable housing; flexible financing innovations that spread our resources more widely; providing deeper affordability when possible, and creating community facilities, commercial and retail space that will further enhance and create economic empowerment in the neighborhoods they serve,” Gary Rodney, HDC’s president, says. “I thank our partners, and particularly the State of New York, for ensuring that we have these resources available to keep the city and our housing stock growing and healthy.”

Among the new construction projects to be funded is Harlem Dowling, a 10-story, 60-unit low-income development to be located in Central Harlem with co-developers Harlem Dowling West Side Center for Children & Family Services, Alembic Community Development, and Children’s Village. The building will offer 58 low-income units affordable to households making at or below 60 percent AMI, and studio apartments set aside for youth aging out of foster care.

Others of note are 810 River Avenue, a 17-story residential building with 134 mixed-income units, developed by Rockower Corp., in the West Concourse neighborhood of the Bronx; and 655 Morris Avenue, consisting of 176 low-income units, developed by Omni New York, located in the Melrose section of the Bronx.

“HDC has played and will continue to play a pivotal role in the City’s efforts to create and preserve affordable housing,” Vicki Been, HDC’s board chair and commissioner of the New York City Department of Housing Preservation and Development, says. “We must have strong financial partners to accomplish our goal of building or preserving 200,000 units of affordable housing over the next 10 years.”

Preservation projects approved, and funded with HDC Corporate reserves, include two Mitchell-Lama developments in Brooklyn with a total of 569 units. A total of $40 million will finance senior and subordinate permanent mortgage loans for the rehabilitation and preservation of these developments.