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NYC Department of Housing Preservation & Development
Press Room

FOR IMMEDIATE RELEASE
December 13, 2004

Press contact: Carol Abrams (212) 863-5176

HPD AWARDS TAX CREDITS FOR CONSTRUCTION OR REHABILITATION OF OVER 1,000 LOW-INCOME RENTAL APARTMENTS

The New York City Department of Housing Preservation and Development (HPD) 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-income rental apartments in the five boroughs of the City. One additional award of $790,000 in 2005 credits is expected before the end of 2004.

HPD Commissioner Shaun Donovan said, "I would like to thank the State of New York for giving credit authority to HPD to award Low Income Housing Tax Credits in New York City. These tax credits generate thousands of units of affordable housing in New York City for low-income New Yorkers."

For the first time in 2004, HPD established a special set-aside 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 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

HPD's mission is to promote quality housing and viable neighborhoods for New Yorkers. The department is the nation's largest municipal housing development agency. Since Fiscal Year 1987, the agency has completed the construction or rehabilitation of 212,000 units of affordable housing. For more information about affordable rental housing, call the City's Citizen Service Center at 311 and ask for the Affordable Housing Hotline or log on to nyc.gov/hpd

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