MAYOR BLOOMBERG, DEPUTY MAYOR STEEL, HOUSING COMMISSIONER WAMBUA ANNOUNCE $14.4 MILLION IN TAX CREDITS AWARDED TO 13 AFFORDABLE HOUSING PROJECTS WHICH WILL GENERATE 1,400 NEW JOBS

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By New York RealEstateRama -

November 23, 2011 – (RealEstateRama) — Mayor Michael R. Bloomberg, Deputy Mayor Robert K. Steel, and Department of Housing Preservation and Development Commissioner Mathew M. Wambua today announced that the City has allocated $14.4 million in Low Income Housing Tax Credits to 13 affordable housing projects. The tax credits were provided by New York State and serve as a critical source of funding for low-income affordable housing developments. New York City worked closely with the Cuomo Administration to complete these financing deals, which will support a total of 737 affordable units. It is expected that the work being done on these 10 new construction projects and three preservation projects will create approximately 1,400 new construction and related industry jobs throughout the course of their construction period.

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