NYCHA Announces Receipt of $44 Million in Low-Income Housing Tax Credit Equity

NYCHA Announces Receipt of $44 Million in Low-Income Housing Tax Credit Equity

New York, NY – September 14, 2012 – (RealEstateRama) — NYCHA Chairman John B. Rhea announced the recent receipt of $44 million in low-income housing tax credit equity payments associated with NYCHA’s Federalization transaction. The purpose of the Federalization transactions was to make necessary repairs to the portfolio of 21 housing developments while also securing an additional $65-75 million in recurring annual federal operating and capital subsidies for 11,743 apartments at 13 of the 21 sites.

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The New York City Housing Authority (NYCHA) provides decent and affordable housing in a safe and secure living  environment for low and  moderate- income residents throughout the five boroughs.  To fulfill this mission, NYCHA must preserve its aging housing stock through timely maintenance and modernization of its developments.  NYCHA also administers a citywide Section 8 Leased Housing Program in rental apartments.  Simultaneously, we work to enhance the quality of life at NYCHA by offering our residents opportunities to participate in a multitude of community, educational and recreational programs, as well as job readiness and training initiatives.

Contact:

Phone: 212-306-3000

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