City approves $70m finance package for housing plan.New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. Housing Development Corporation last week approved the use of $71.8 million of tax-exempt tax-ex·empt adj. 1. Not subject to taxation, as the capital or income of a philanthropic organization. 2. Producing interest that is exempt from income tax: tax-exempt bonds. n. and taxable bond Taxable Bond A debt security whose return to the investor is subject to taxes at the local, state or federal level, or some combination thereof. Notes: The majority of bonds issued are taxable bonds. financing as well as $26.68 million of the Corporation's reserves for the for the construction of 724 units of low- and middle-income housing in five developments. The developments to be located in the Bronx and Manhattan will reserve 123 of the units for formerly homeless tenants. Four of the developments that received approval will be financed through HDC's Low-Income Affordable Marketplace Program. This program provides financing for the creation of apartments made affordable to individuals and households making no more than 60% of Area Median Income or $37,680 for a family of four. Loans are made possible to the developers through a combination of tax-exempt bonds Tax-exempt bond A bond usually issued by municipal, county, or state governments whose interest payments are not subject to federal and, in some cases, state and local income tax. tax-exempt bond See municipal bond. for construction and permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. as well as monies through HDC's corporate reserves to make 1% second mortgage loans. The four developments will be constructed in the Bronx and will create 601 apartments with 123 reserved for formerly homeless tenants. In total, the Members approved the sale of $54.3 million in tax exempt bonds and the use of $22.44 million of the Corporations reserves for these developments. * 962 Aldus St., Bronx, NY--An 8-story, 164-unit building with 41 apartments reserved for formerly homeless tenants. * 941 Hoe Ave AVE Avenue AVE Average AVE Alta Velocidad Espanola (train between Madrid and Seville) AVE Alta Velocidad Española (Spanish: High Speed Train) AVE Audio Video Entertainment AVE Advertising Value Equivalent ., Bronx--An 8-story, 136-unit building with 41 apartments reserved for formerly homeless tenants * 415 East 157th St. and 404 East 158th St.--Two 9-story buildings containing 165 units. * 1011 Washington Ave. at East 165th St.--An 8-story, 136-unit building containing 41 units for homeless tenants. HDC's Members approved the use of $17.5 million of taxable bonds and $4.2 million of corporate reserves for the Corporation's second development to be financed through its new mixed-income program. |
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