MAYOR BLOOMBERG, CITY, STATE, FEDERAL HOUSING AGENCIES ANNOUNCE $732 MILLION INVESTMENT TO MODERNIZE AND PRESERVE NEW YORK CITY’S PUBLIC HOUSING

New York, NY – September 19, 2013 – (RealEstateRama) — Mayor Michael R. Bloomberg, New York City Housing Authority Chairman John B. Rhea, New York City Housing Development Corporation President Marc Jahr, and U.S. Housing and Urban Development Acting Regional Administrator Mirza Orriols today announced that the city’s latest capital project bond issuance has generated approximately $732 million – the largest bond proceeds ever raised for public housing authority capital funds – for repairs at NYCHA public housing developments across the city. Of that amount, $476 million in bond proceeds will fund repairs to deteriorating building exteriors and systems at 24 public housing developments with approximately 32,000 residents. Work has begun at two locations in Brooklyn.