HDC approves $44m boost for new housing plan.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. Housing Development Corporation approved financing for 363 new units of affordable housing last week as part of Mayor Michael R. Bloomberg's housing initiative. The HDC (Hard Disk Controller) See disk controller. HDC - Disk Controller approved the use of $44 million in tax exempt 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 $7.1 million from HDC's corporate reserves, for four developments to be constructed in Manhattan, Brooklyn and the Bronx. Three of the developments that received approval will be financed through HDC's middle-income program, known as the New Housing Opportunities Program. The program provides mortgages through the sale of taxable bonds. In addition, a 1% second mortgage is provided through HDC's corporate reserves. Apartments created through this program are primarily rented to households earning up to 175% of AMI or $109,000 for a family of four. The three to receive this financing will be constructed in Manhattan and Brooklyn and will create 67 apartments. A a five-story elevator elevator, in machinery elevator, in machinery, device for transporting people or goods from one level to another. The term is applied to the enclosed structures as well as the open platforms used to provide vertical transportation in buildings, large ships, building to be located at 316 W. 117th St. in Morningside Heights will contain a total of 22 units, with sizes ranging from one-bedrooms to two-bedrooms. HDC is providing a $4.9 million loan from the sale of taxable bonds, as well as a second mortgage loan of $990,000. 116 W. 116th St, an eight-story, 21-unit development also slated to be located in Morningside Heights, will offer apartments ranging from one-bedroom to two-bedrooms. HDC is providing a $2.9 million loan from the sale of taxable bonds and a second mortgage loan of $945,000. 344 and 348 Bergen St. is a 24-unit development to be located in the Boerum Hill Boerum Hill is a small neighborhood in the northwestern portion of the New York City borough of Brooklyn that occupies 36 blocks bounded by State Street to the north, 4th Avenue to the east, Court Street to the west, and Warren Street to the south. section of Brooklyn, with apartment sizes ranging from studios to one- and two-bedrooms. HDC is providing a $3.7 million loan from the sale of taxable bonds and a second mortgage of $1.1 million. The HDC also approved financing for a development consisting of four multi-family buildings, with a total of 296 apartments, at 1345 Shakespeare 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 . and 1401, 1404 and 1450 Jesup Ave. in the Bronx. The buildings will offer studios and one-, two- and three-bedroom apartments, with 22 of the units designated for the formerly homeless. This development received approval to use a $32.5 million loan made from the sale 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. and a second mortgage loan in the amount of $4.1 million. |
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