HDC Closes 1st Liberty Bond AH Loan

The New York City Housing Development Corp. has closed a $5.38 million construction loan that will fund the first affordable housing development to benefit from Liberty Bond Program financing.The construction-to-permanent first mortgage loan will help construct 72 affordable housing units in the Far Rockaway area of Queens. The HDC said it will receive a 3% origination fee from project developers utilizing the Liberty Bond, which will be used to fund other affordable housing projects across the city. The HDC has also provided a $2.88 million second-position construction and permanent loan, whose funds are generated from the 90 Washington St. development -- the first project to receive financing from the Liberty Bond Program. The program was established in 2002 to help revitalize Lower Manhattan in the wake of the Sept. 11 attack on the World Trade Center.