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April 3, 2008

Forest City Ratner Seeks Bonds for Affordable Units

Brooklyn Daily Eagle
By Linda Collins

80DeKalb.jpg An Eagle reporter clears up the confusion sowed by columnist Dennis Holt, who twice reported that "the New York State Housing Authority [had made the decision] to grant Forest City a share of the $628.5 million in tax-exempt bond funding for the Atlantic Yards project" (see, Atlantic Yards: Affordable Housing Still on the Table).

In truth, Atlantic Yards developer Forest City expects to receive affordable housing bonds for another project, 80 DeKalb:

A public hearing will be held in Manhattan Tuesday, April 15, by the New York State Housing Finance Agency (HFA) on the proposed issuance of tax-exempt and/or taxable multifamily housing revenue bonds for the new construction.
...
The agency expects to issue bonds “not to exceed $109,500,000” to finance a portion of the construction.

article

NoLandGrab: Norman Oder first explained the mix up on his blog, Atlantic Yards Report.

Posted by lumi at April 3, 2008 4:09 AM