NYC Housing Development Corporation

Lender

Member since April 2023

Website

$7B

Volume

—

Sold

$7B

Financed

Closed

15M sf

Area

AI SummaryBeta

The NYC Housing Development Corporation has successfully financed $7B, closing 30 deals to date. Recent notable transactions include a $594.1M loan for Nostrand Houses and a $483.3M loan for multifamily buildings in East Harlem.

AI-generated from Traded deal data. May contain errors.

About

HDC seeks to increase the supply of multi-family housing, stimulate economic growth and revitalize neighborhoods by financing the creation and preservation of affordable housing for low- , moderate- , and middle-income New Yorkers. In 1971, the New York State Legislature created the New York City Housing Development Corporation (HDC) as a supplementary and alternative means of supplying financing for affordable housing that was independent from the City’s capital budget. At first HDC concentrated on providing financing for large-scale rental developments but now issues bonds and provides subsidy and low-cost loans to develop and preserve a variety of housing, ranging from large to small and rental and homeownership. The flexibility built into HDC’s authorizing statute allows it to amend its programs and goals in response to the changing economic climate. As a result, HDC has become the leading local housing finance agency in the nation, outperforming many of the nation’s largest banks in the volume and dollar amount of bonds issued. In the 2012 calendar year, HDC was ranked third nationally in Affordable Housing Finance magazine’s annual rating of the top issuers of multi-family... Read More