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Committee advances debt-policy changes and a package of GO bonds and loan authority for affordable-housing preservation
Summary
The committee forwarded an updated debt policy allowing 40-year general obligation bonds (to match affordable-housing loan terms), and recommended the sale/appropriation of initial GO bond proceeds totaling up to $75 million and expanded authorization for up to ~$260 million for the PASS preservation program and additional AHSC grant applications.
The Budget and Finance Committee advanced multiple interrelated items that together change the city’s debt policy, authorize a first issuance of general obligation bonds, and approve loan/appropriation authority for an affordable-housing preservation program.
Anna Van Daigneghna of the Comptroller's Office described proposed updates to the city's debt policy that would allow flexibility to structure general obligation bonds with terms up to 40 years to align with the term of underlying affordable-housing loans. "This is to keep that term in line with the term of the underlying, affordable housing loans," she said.
The proposed policy also adds an appendix to consider designating bonds as green or social bonds, a marketing designation that earmarks proceeds for…
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