LEVERAGING NIBP

11 Broadway, Williamsburg, Brooklyn, NYNIBP New Construction160 Apartments of Mixed-Income FamiliesCommercial Space: Full-size Supermarket

LEVERAGING NIBP

Late 2009 - New York City Housing Development Corporation (“HDC”) issues $500 million of bonds under the Federal New Issue Bond Program (“NIBP”)

During 2010 and 2011, HDC undertook 5 releases of NIBP Bonds to finance the construction and rehabilitation of 47 multifamily affordable developments. 15 are new construction projects with 1,993 units and 32 are preservation projects with 5,555 units.

The NIBP program bonds were combined with $454 million in market-rate bonds to finance these developments.

Combined NIBP/Market-financed units total 7,635 with total development costs in excess of $1.7 billion

Work on NIBP developments will generate approximately *10,300 direct and indirect jobs

Every $1 of NIBP funding has leveraged, on average, $6.22 for new construction and $1.57 for rehabilitated developments (program-wide leverage ratio is $2.44)

NIBP developments will provide sustainable, affordable housing, help strengthen the communities they are located in and contribute to the City’s economic recovery

*Job creation numbers are based upon a model developed by NYC Economic Development Corporation (“EDC”). The model draws upon the Regional Input-Output Modeling System or “RIMS II” used by the Federal Bureau of Economic Analysis (www.bea.gov), adjusted for inflation using the Producer Price Index and Consumer Price Index.

OCELOT APARTMENTSMOUNT HOPE, BRONX, NY

Apartment Income Distribution:Low Income: 50% - 60% AMI (*$41,500 - $49,800) 105Market Rate: Rents at 60% AMI ($871 - $1,295) 11Superintendent 3Total Units: 119

Financing:Total Development Cost: $ 21.6 M ($181,512/du)First Mortgage Amount: Construction - $ 09.4 M ($ 78,991/du)

Permanent - $ 01.6 M ($ 13,445/du)

Non-HDC Financing:HPD Subsidy $13,585,811 ($114,166/du)LIHTC Equity $05,206,935 ($ 43,756/du) ($0.90/credit)

Def. Dev. Fee $01,135,683 ($ 9,544/du)

Construction LOC Type and Bank Rating : Stand-by LC from Bank of New York Mellon (Aaa/AA) REMIC 20% Mortgage Insurance Proposed

Tax Abatement/Exemption: 100% Article XVI

HDC Funding Source: Open Resolution, Tax-Exempt Fixed Rate Bonds

Leverage Ratio: 6.76:1

Job Creation: 120

*Figures are based on family of 4 2012 AMI’s for Non-HERA impacted developments

LINDENGUILD HALLCROTONA PARK, BRONX, NY

Apartment Income Distribution:Low Income: 60% AMI ($49,800 for a family of 4) 103Superintendent 1Total Units: 104

Housing for formerly homeless veterans

Financing:Total Development Cost: $ 34.3 M (LEED Silver)First Mortgage Amt: Construction - $ 17.7 M ($170,192/du)

Permanent - $ 04.2 M ($ 40,385/du)

HDC Subsidy $ 06.8 M ($ 65,000/du)

Non-HDC Financing: HPD City Capital $ 05.8 M ($ 55,769/du) FHLB Grant$ 01.4 M ($ 13,462/du) Tax Credit Equity $ 13.5 M ($ 129,808/du) ($1.00/credit)

Developer Loan $ 02.4 M ($ 23,077/du)

Construction Credit Enhancement:Bank of America by LOC

Tax Abatement/Exemption: 420c

HDC Funding Source:Tax-Exempt Fixed-Rate Bonds

Leverage Ratio: 15.30:1

Job Creation: 206

THE BRADFORDBEDFORD STUYVESANT, BROOKLYN, NY

Apartment Income Distribution:Middle Income: 130% AMI ($107,900 family of 4) 051Middle Income: 125% AMI ($103,750 family of 4) 032Very Low Inc.: 030% AMI ($024,900 family of 4) 021Superintendent 1Total Units: 105

Commercial Space: 9,700 square-feet*as well as 29 below grade parking spaces

Financing:Total Development Cost: $ 44.38 M (LEED Silver)First Mortgage Amt: Constr & Perm: $ 20.83 M ($198,380/du)HDC Subsidy $ 06.83 M ($65,000/du)

Non-HDC Financing:HPD City Capital $ 4,377,554 ($ 41,691/du)HPD HOME $ 1,950,010 ($ 13,000/du)HPD HTF $ 1,050,000 ($

10,000/du)NMTC Equity $ 6,531,326 ($ 62,203/du)Developer Equity $ 2,933,823 ($ 27,941/du)

Construction Credit Enhancement Provider and Bank Rating:Goldman Sachs Bank (Aa3/NR)

Tax Abatement/Exemption:421a

HDC Funding Source:Recycled Tax-Exempt Fixed-Rate Bonds

Leverage Ratio:1.71:1

Job Creation: 265

NAVY GREENBROOKLYN NAVY YARD, BROOKLYN, NY

Apartment Income Distribution:Middle Income: 100% AMI ($83,000)

017Middle Income: 080% AMI ($66,400)

016Low Income: 40% - 60% AMI ($33,200 - $49,800)078Superintendent 1Total Units: 112

Financing:Total Development Cost: $ 36.2 M

($323,214/du)First Mortgage Amt: Construction – $ 18.20 M ($162,500/du)

Permanent – $ 06.96 M ($ 62,142/du)

HDC Subsidy Amt: $ 07.28 M ($65,000/du)

Non-HDC Financing:HPD City Capital $ 5,030,000 ($ 44,911/du)HPD HOME $ 2,291,746 ($ 20,462/du)Tax Credit Equity $ 9,884,946 ($ 88,258/du) ($1.02/credit)

State Tax Credit Equity $ 3,749,625 ($ 33,479/du)

Construction LOC Type and Bank Rating :Stand-by LOC provided by JP Morgan Chase (Aa1/AA-)

Tax Abatement/Exemption:420c/ICAP

HDC Funding Source:Open Resolution, Tax-Exempt Fixed Rate Bonds

Leverage Ratio: 5.59:1

Job Creation: 235