City awards $10m to boost housing.The 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. Department of Housing Preservation and Development (HPD HPD Honolulu Police Department (Honolulu County, Island of Oahu) HPD Housing Preservation and Development HPD Housing Preservation and Development (New York City Department) ) awarded a total of $10.1 million in federal Low Income Housing Tax Credits for 76 developments under the competitive funding round for 2004. These credits will produce over 1,000 low-in-come rental RENTAL. A roll or list of the rents of an estate containing the description of the lands let, the names of the tenants, and other particulars connected with such estate. This is the same as rent roll, from which it is said to be corrupted. apartments in the five boroughs of the City. One additional award of $790,000 in 2005 credits is expected before the end of 2004. For the first time in 2004, HPD established a special set-aside Set-aside A percentage of a municipal or corporate bond underwriting that is allocated for handling by a minority-owned broker/dealer firm. of $2.5 million for mixed-income new construction developments. Six developments received awards under the set-aside, which are included in the total of 76 developments awarded. Since 1988, HPD has allocated nearly $145 million in competitive credits, generating $ 942 million in private equity contributions. This has created nearly 24,000 units of quality affordable housing. In the past 12 years, HPD has also processed applications for $41 million in "as-of-right" credits for 94 tax-exempt bond 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. financed projects, creating another 5,800 affordable housing units. A list of the awardees and where the housing is being constructed is available at www.nyc.gov/hpd |
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