NEW YORK: Developers are seeking government-issued-bond financing within the next five months to renovate apartments for affordable housing.
“This is a preservation project,” said one developer after persuading departmental officials to endorse the first of three required government-approved steps to issue tax-exempt bonds to fund the project.
The project is taking place during a time when there are plans to tear down older public housing, and some question whether enough affordable housing is available for a fast-growing city.
Representing the development and acquisition company, a lawyer said the bond applicant will be responsible for paying back the loans.
The project will help the elderly, disabled and others who are struggling to find affordable housing, said…