N.Y.C. Housing Agency, Bank of America Launch $100 Million Co-Op Loan Program

McDonald, Michael
December 2004
Bond Buyer;12/21/2004, Vol. 350 Issue 32034, p5
Trade Publication
The article reports that the New York City Housing Development Corp. (HDC) and Bank of America yesterday unveiled a new $100 million program to provide long-term, low-interest loans to finance affordable co-operative apartment developments. The program is expected to create 3,000 apartments over five years. HDC and Bank of America said they will provide low interest loans to developers. Once the apartments are built and sold, HDC will finance the new underlying mortgages using 1 percent loans from its reserves and proceeds from taxable bonds sold directly to Bank of America.


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