Citibank purchases bonds issued by New York City Housing Development for construction of 32-story residential project
Clients Citibank, N.A.
Jones Day represented Citibank, N.A. in its role as direct purchaser of approximately $72.7 million of Tax-Exempt Bonds issued by the New York City Housing Development Corporation to finance the construction of a 32-story residential project in Long Island City, New York. The project will be comprised of a residential rental apartment building containing approximately 306 units (62 of which will be made available to low-income tenants), and approximately 2,937 square feet of commercial space. Citibank will act as servicing agent to service and administer the disbursement of the bond proceeds along with a $22.3 million loan from the The City of New York, acting by and through its Department of Housing Preservation and Development.