H.D.C. Gives It All Away

At a board meeting this afternoon, the New York City Housing Development Corporation signed away the last of the tax-exempt bonds that it has been allocated for this calendar year, a moment The Observer presaged last month.

Counting taxable bonds and corporate reserves, the agency will have committed $376.4 million in financing by the end of June, $320 million of which were awarded today for 2,285 mixed-income apartments in various projects, according to a press release, including a 10-story co-op building across from the Atlantic Yards site in Brooklyn, a gut renovation on Fulton Street in Manhattan’s financial district, and the conversion of the Family Court Building in Jamaica, Queens.

The H.D.C., which loans and authorizes loans for affordable housing around the city, estimates that another $500 million worth of projects will be ready for funding by the end of the year but won’t receive any unless the state and federal government figure out a way to raise the agency’s bonding authority.

“The fear is that deals that are ready to close now may not be there in ’08," H.D.C.’s president Emily Youssouff said in a statement.