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Committee forwards $399 million in tax-exempt bonds to recapitalize 14 public‑housing projects under RAD Phase 1
Summary
The committee moved to forward 14 inducement resolutions authorizing up to $399 million in tax‑exempt multifamily bonds to finance rehabilitation of 14 public‑housing projects (about 1,422 units) as part of the federal RAD conversion; speakers emphasized resident protections, construction oversight, pest abatement and service staffing.
The Budget & Finance Committee on Sept. 23 forwarded a package of 14 resolutions that would authorize the issuance of up to $399 million in tax‑exempt multifamily bonds to finance moderate rehabilitation of 14 public‑housing projects under the federal Rental Assistance Demonstration (RAD) conversion (Phase 1), representing about 1,422 units.
Lydia Ely of the Mayor’s Office of Housing and Community Development said the financing plan leverages approximately $285 million in private…
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