NEW YORK—The city’s latest sale of bonds has generated $723 million, which will be used to modernize and preserve public housing.
The New York City Housing Authority will use $476 million of the total to fund repairs at 24 different housing projects. The rest of the money has been set apart to pay debt on previously issued bonds.
Work has already begun on 17 buildings at the Kingsborough and Kingsborough Extension in Brooklyn, where some 2,700 residents live. The first repairs involve roof renovation and brickwork intended to bring the building exteriors to a state of good repair.
“Unlike other cities around the country, our Administration is deeply committed to preserving and improving our public housing system, despite the major budgetary challenges involved in doing so,” said Mayor Michael Bloomberg. “We’ve found creative ways to generate capital and reduce the backlog of repairs, and this bond issuance will further that progress.”
The federal government passed a law in 1998 that enables the Department of Housing and Urban Development to sell bonds backed by future funding to New York City Housing Authority.
