New York State Housing Finance Agency Financial Statements ... · October 31, 2013 New York State Housing Finance Agency Financial Statements and Supplementary Information

October 31, 2013

New York State Housing Finance Agency

Financial Statements

and

Supplementary Information

New York State Housing Finance Agency Financial Statements and Supplementary Information October 31, 2013 Contents Introductory Section

Project Statistics ...................................................................................................................1 Summary of Financing and Repayment ...............................................................................8 Responsibility for Financial Reporting ................................................................................9

Financial Section Report of Independent Auditors .........................................................................................10 Management’s Discussion and Analysis ............................................................................13

Basic Financial Statements Statements of Net Position .................................................................................................27 Statements of Revenues, Expenses and Change in Net Position .......................................28 Statements of Cash Flows ..................................................................................................29 Notes to Financial Statements ............................................................................................30

Required Supplementary Information Schedule of Funding Progress ............................................................................................53

Supplementary Section Supplemental Schedule I ....................................................................................................55 Supplemental Schedule II ..................................................................................................57 Supplemental Schedule III .................................................................................................59 Supplemental Schedule IV .................................................................................................61

Government Auditing Standards Section Report of Independent Auditors on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance With Government Auditing Standards .......................................................................................................................77

Additional Supplemental Information Affordable Housing Revenue Program ......................................................................................79

Index (Continued) Page Affordable Housing Revenue Program Cont’d ............................................................................. Cash and Investments.........................................................................................................80 Mortgage Loan ...................................................................................................................81 Affordable Housing Revenue Bond (NIBP) Program ..............................................................84 Cash and Investments.........................................................................................................85 Mortgage Loan ...................................................................................................................86 Secured Loan Rental Housing Bond Programs ........................................................................87

FHA-Insured Multi-Family Housing Revenue Bond Program .............................................. Cash and Investments.............................................................................................88 Mortgage Loan .......................................................................................................89

Multi-Family FHA-Insured Mortgage Revenue Bonds ......................................................... Cash and Investments.............................................................................................90 Mortgage Loan .......................................................................................................91 Secured Loan Program (Variable Rate Demand) ...................................................................

Cash and Investments.............................................................................................92 Mortgage Loan .......................................................................................................93

Multi-Family FNMA Backed Program .................................................................................. Cash and Investments.............................................................................................97

Mortgage Loan .......................................................................................................98 Transitional Housing Projects Revenue Bond Programs .......................................................

Cash and Investments.............................................................................................99 Mortgage Loan .....................................................................................................100

Multi-Family Housing Mortgage Revenue Bonds (Secured Mortgage Insurance Fund Program) ....................................................................................................................

Cash and Investments...........................................................................................101 Mortgage Loan .....................................................................................................102

Moral Obligation Housing Programs .......................................................................................104

Non-Profit Housing Program ................................................................................................. Cash and Investments...........................................................................................105 Mortgage Loan .....................................................................................................106

Housing Project Bond Program ............................................................................................. Cash and Investments...........................................................................................107 Mortgage Loan .....................................................................................................108

Hospital and Health Care Project Program ............................................................................109

Cash and Investments.......................................................................................................110 Mortgage Loan .................................................................................................................111

Index (Continued) Page

Nursing Home and Health Care Project Program ..................................................................112 Cash and Investments.......................................................................................................113

Mortgage Loan .................................................................................................................114 Housing Project Mortgage Revenue Bond Program ..............................................................115


State Revenue Bond Programs .................................................................................................118

Service Contract Obligation Revenue Bond Program ........................................................... Cash and Investments...........................................................................................119 Service Contracts and Related Expenses .............................................................120

State Personal Income Tax Revenue Bond Program ............................................................. Cash and Investments...........................................................................................121 Service Contracts Receivable...............................................................................122

Community Related and Other Loan Programs .....................................................................123

Community Related Program ................................................................................................. Cash and Investments...........................................................................................124 Mortgage Loan .....................................................................................................125

Residual Indebtedness Program ............................................................................................. Cash and Investments...........................................................................................126 Mortgage Loan .....................................................................................................127

Project Improvement and Other Programs ............................................................................128

Cash and Investments.......................................................................................................129 Mortgage Loan (Manufactured Homes) ...........................................................................130 Subordinated Loan Program ............................................................................................131 Loans (Capital Grant) .......................................................................................................132

House New York Revenue Bonds ............................................................................................133


Subsidy Loans ............................................................................................................................137

Mortgage Loan .................................................................................................................138

New York State Housing Finance AgencyPROJECT STATISTICSAs of October 31, 2013

MORTGAGE AND OTHER LOANS FOR HOUSING PROJECTS No. of Mortgage Subsidy Loan

Development Location Apts. Commitment CommitmentAffordable Housing Revenue Bond

3361 Third Avenue Apartments Bronx 62 $ 10,450,000 $ −625 West 140th Street Apartments New York 114 21,700,000 4,000,000774 West Main Street Apartments Monroe 113 22,800,000 9,600,000 *2240 Washington Avenue Residence Bronx 80 14,250,000 200,000Abraham Lincoln Apartments Monroe 69 3,950,000 921,832Abyssinian Towers New York 100 11,700,000 −Adams Court Nassau 84 9,130,000 2,660,000Amsterdam Senior Housing Montgomery 68 4,680,000 1,220,000Artspace Patchogue Apartments Suffolk 45 9,100,000 1,700,000 Bayshore Apartments Onondaga 186 7,900,000 2,992,500 *Bedell Terrace Apartments Nassau 245 22,390,000 6,013,033 *Birches at Chambers Ulster 67 7,600,000 2,680,000Birches at Esopus Ulster 81 8,600,000 2,180,000Boston Road Apartments Bronx 154 23,900,000 −Bridleside Apartments Westchester 64 14,630,000 −Brookdale Village Queens 547 13,590,000 5,500,000Brookside II Apartments Ontario 88 6,500,000 2,670,000Calkins Corner Seniors Monroe 60 9,000,000 −Cedar Avenue Apts Bronx 106 26,900,000 2,951,000Childrenʹs Village Residence Westchester 112 1,580,000 3,000,000Clinton‐Mohawk Apartments Oneida 140 5,460,000 800,000Colon Plaza Apartments New York 55 8,300,000 2,185,000Colonial Square Apartments Montgomery 199 8,500,000 3,100,000Concern MacDougal Apartments Kings 65 13,465,000 −Cornerstone Senior Apartments Kings 150 13,750,000 8,500,000Creek Bend Erie 129 6,870,000 4,750,000Creston Avenue Residence Bronx 65 11,400,000 −David E. Podell House New York 49 5,770,000 −Enclave on 5th Apartments Westchester 39 5,225,000 −Farmington Senior Apartments Ontario 88 6,650,000 7,100,000 *F.I.G.H.T. Village Apartments Monroe 246 11,705,000 2,886,374 Gananda Senior Apartments Wayne 62 4,300,000 1,820,000Genesis Neighborhood Plaza II Kings 98 17,500,000 3,958,000 Goodwin Himrod Apartments Kings 160 17,200,000 3,010,000Grant Park Apartments Westchester 100 22,500,000 6,400,000 *Greater Hempstead Apartments Nassau 99 18,250,000 −Greenacres Apartments Chautauqua 101 4,550,000 −Hughes House Apartments Bronx 55 11,050,000 −John Crawford Apartments Sullivan 96 4,375,000 −Loguen Homes Onondaga 28 3,800,000 970,000Los Sures Housing for the Elderly Kings 55 6,850,000 −Madison Plaza Apartments Oneida 127 5,415,000 5,368,171 *Mariner Tower Apartments Erie 292 20,700,000 2,800,000Mills At High Falls Monroe 67 8,600,000 2,410,000Montcalm Apartments Warren 227 8,765,000 −OʹNeil Apartments Rensselaer 122 6,400,000 1,700,000Ogden Heights Senior Apartments Monroe 89 6,790,000 5,270,000 *Park Drive Manor I Apartments Oneida 102 5,100,000 2,998,122Parkside Commons Onondaga 393 14,830,000 8,666,796 *Pine Harbor Apartments (Harborview) Erie 208 11,470,000 4,770,000 Pine Street Homes Rockland 28 3,120,000 686,000Pinnacle Place Apartments Monroe 407 17,790,000 200,000Public School 6 Apartments Westchester 120 31,100,000 1,200,000Ridgeview Special Needs Apartments Monroe 64 5,300,000 1,927,696River Park Towers Apartments Bronx 1,650 157,500,000 8,500,000Selfhelp Kissena Apartments Queens 424 21,900,000 5,820,000 *

1

No. of Mortgage Subsidy LoanDevelopment Location Apts. Commitment Commitment

St. Philips Senior Apartments New York 200 $ 22,615,000 $ 3,868,500St. Simonʹs Terrace Monroe 256 7,800,000 5,000,000Stonewood Village Apartments Monroe 188 15,500,000 5,992,000 Surrey Carlton Apartments Rockland 175 20,270,000 1,725,000 The Hamilton Monroe 203 9,900,000 2,167,205The Gardens at Town Center Apartments Monroe 175 15,500,000 1,800,000The Mews at Baldwin Place Westchester 75 11,000,000 880,000The Orenstein Building Apartments Manhattan 127 27,400,000 −Tri Veterans Housing Monroe 516 30,460,000 5,126,000Washington Avenue Apartments Bronx 118 18,200,000 2,100,000Wesley Hall Westchester 118 9,545,000 3,540,000Westfall Heights Apartments Monroe 101 5,650,000 500,000 Wilcox Lane Apartments Ontario 120 3,140,000 2,100,000Willoughby Court Apartments Kings 266 23,445,000 −Woodlands and Barkley Apartments Sullivan 111 6,500,000 2,103,476Woodstock Manor Apartments Westchester 60 6,550,000 550,000 Yonkers Apartments Westchester 129 19,260,000 1,595,000

Total 9,033 $ 808,410,000 $ 148,229,524

Affordable Housing Revenue Bond ‐ NIBP25 State Street Apartments Westchester 50 $ 8,760,000 $ 2,500,000 Bradmar Village Chautauqua 99 8,320,000 2,140,000 Burt Farms II Apartments Orange 50 3,350,000 −CAMBA Gardens Apartments Kings 209 34,060,000 −Ennis Francis House New York 219 38,565,000 −Erie Harbor Apartments Monroe 131 18,390,000 2,700,000Fairway Richmond Richmond 217 23,500,000 −Gateway Gardens Villas Suffolk 40 6,000,000 −Geneseo Highlands Apartments Livingston 89 4,950,000 −Grote Street Apartments Bronx 249 22,270,000 750,000HANAC Senior Apartments Queens 99 12,100,000 −Heritage Homes Apartments Westchester 130 18,390,000 2,800,000James Street Apartments Onondaga 82 8,775,000 850,000Kennedy Plaza Tower Apartments Oneida 204 10,780,000 −Liberty Green III Apartments Orange 83 7,870,000 3,462,280Machackemach Village Apartments Orange 50 2,310,000 −Monteagle Niagara 149 5,720,000 1,865,401 North Country Rural Preservation Apartments St. Lawrence,

Franklin and Jefferson 254 14,390,000 −Phillips Village II Monroe 497 27,050,000 2,614,642 Pine Town Apartments Nassau 130 19,650,000 −Radisson Lysabder Greenway Apartments Onondaga 207 12,790,000 2,990,000 Roundtop Commons Apartments Westchester 92 15,500,000 1,500,000Spring Valley Apartments Rockland 55 8,400,000 1,335,000Towpath Senior Wayne 97 5,430,000 1,030,894Twin Oaks Apartments Nassau 94 15,610,000 3,400,000Twin Parks Apartments Bronx 274 25,550,000 −Village Square Apartments Steuben 74 3,450,000 362,000 Wartberg Marie Heins Residence (Friedrichs Supportive) Westchester 61 8,600,000 500,000Warburton Riverview Apartments Westchester 92 16,200,000 2,500,000

4,077 $ 406,730,000 $ 33,300,217

Multi‐Family Housing Revenue(Secured Mortgage Program)

244 North Main Street Spring Valley 95 $ 4,400,000 $ −Airmont Gardens Apartments Airmont 140 12,000,000 1,201,183Bedford Lake Bedford 64 4,000,000 −Berkeley Square Apartments Wappingers Falls 150 9,500,000 −Brookview Gardens Deer Park 208 14,400,000 1,500,000Community Re‐Entry Project Middletown 26 1,000,000 189,500Dominican Village Apartments Amityville 116 7,500,000 −

* The subsidy loan commitment for these loans was funded through a onetime federal program ‐ the Tax Credit Assistance Program (ʺTCAPʺ) ‐authorized by the American Recovery and Reinvestment Act of 2009, through which funds were made available to assist affordable housing developments.

2


Dominican Village Apartments, Phase II Amityville 150 $ 17,933,000 $ 500,000Eagle View Court Middle Island 150 6,955,000 −Evergreen Hills Apartment Macedon 72 1,700,000 −Meadow Ridge Apartments Beacon 54 4,600,000 675,000Patchogue Senior Apartments I East Patchogue 87 6,415,000 700,000Senior Horizons at Silver Lake Wallkill 85 4,500,000 830,000 Stuyvesant Hotel Conversion Project Kingston 40 1,245,000 −Sycamore Crest Apartments Spring Valley 96 7,000,000 2,200,000 Webster Place Apartments Bronx 69 6,500,000 1,500,000 Woodland Place Apartments Lancaster 86 3,500,000 800,000

Total 1,688 $ 113,148,000 $ 10,095,683

Secured Loan Program8 East 102nd Street Apartments Manhattan 232 $ 143,700,000 $ −10 Barclay Street Housing Manhattan 396 135,000,000 −10 Liberty Street Housing Manhattan 287 95,000,000 −11th Street Queens 59 21,000,000 −100 Maiden Lane Housing Manhattan 336 98,000,000 −101 West End Avenue Housing Manhattan 507 126,000,000 −111 Nassau Street Manhattan 168 71,500,000 −125 West 31st Street Housing Manhattan 459 176,800,000 −150 East 44th Street Housing Manhattan 361 110,000,000 −1500 Lexington Avenue Housing Manhattan 211 50,000,000 −1501 Lexington Avenue Housing Manhattan 160 35,600,000 −160 West 62nd Street Manhattan 339 260,000,000 −175 West 60th Street Manhattan 257 165,000,000 −188 Ludlow Street Housing Manhattan 243 83,000,000 −2180 Broadway Housing Manhattan 181 123,620,000 −20 River Terrace Housing Manhattan 293 116,500,000 −240 East 39th Street Housing Manhattan 466 119,000,000 −25 Washington Street Housing Brooklyn 106 19,700,000 −250 West 50th Street Housing Manhattan 550 118,900,000 −250 West 93rd Street Housing Manhattan 143 66,800,000 −29 Flatbush Avenue Housing Brooklyn 327 90,000,000 −316 Eleventh Avenue Housing Manhattan 369 224,100,000 −320 West 38th Street Manhattan 569 396,000,000 −330 Riverdale Avenue Apartments Yonkers 153 28,700,000 5,700,000330 West 39th Street Housing Manhattan 199 65,000,000 −345 East 94th Street Housing Manhattan 208 49,300,000 −350 West 43rd Street Housing Manhattan 321 113,000,000 −360 West 43rd Street Housing Manhattan 256 82,000,000 −363 West 30th Street Housing Manhattan 77 17,700,000 −388 Bridge Street Brooklyn 234 86,000,000 −455 West 37th Street Housing Manhattan 394 168,000,000 −44th Drive Apartments Queens 105 24,500,000 −505 West 37th Street Housing Manhattan 835 454,000,000 −55 West 25th Street Housing Manhattan 407 173,300,000 −600 West 42nd Street Housing Manhattan 1,169 609,000,000 −626 Flatbush Avenue Housing Brooklyn 254 50,940,000 −66 West 38th Street Housing Manhattan 374 119,700,000 −70 Battery Place Housing Manhattan 209 37,000,000 −750 Sixth Avenue Housing Manhattan 301 76,600,000 −80 Dekalb Avenue Brooklyn 365 159,260,000 −88 Leonard Street Housing Manhattan 352 132,000,000 −900 Eighth Avenue Apartments Housing Manhattan 393 135,000,000 −Admiral Halsey Senior Apartments Housing Rental Poughkeepsie 119 6,650,000 3,920,000Archstone Westbury Apartments Housing Westbury 396 85,200,000 −Avalon Bowery Place I Housing Manhanttan 206 93,800,000 −Avalon Chrystie Place I Housing Manhattan 361 117,000,000 −Baisley Park Housing Queens 212 18,800,000 −Biltmore Tower Housing Manhattan 464 145,000,000 −Cannon Street Senior Apartments Poughkeepsie 40 3,350,000 295,000 Chelsea Apartments Housing Manhattan 269 104,000,000 −

3


Chelsea Arms Housing Manhattan 98 $ 18,000,000 $ −Clinton Green North Housing Manhattan 339 147,000,000 −Clinton Green South Housing Manhattan 288 121,500,000 −Clinton Park Housing Manhattan 222 70,000,000 −Clinton Park Phase II Manhattan 480 145,000,000 −College Arms Apartments Mount Pleasant 164 11,390,000 −Crotona Estates Apartments Bronx 56 3,845,000 93,021 Division Street Multi‐Family Housing Hastings‐on‐Hudson 14 2,600,000 350,000 Dock Street Apartments Housing Brooklyn 289 100,500,000 −East 84th Street Housing Manhattan 180 60,000,000 −Extra Place Apartments Manhattan 42 6,225,000 −Framark Place Apartments Victor 50 2,750,000 1,275,000 Friendship House Apartments Cortland 101 2,840,000 −Gateway at New Cassel Housing North Hempstead 57 9,500,000 1,994,850 Golden Age Apartments Norwich 100 2,800,000 −Gotham West Housing Manhattan 1,237 520,000,000 −Grace Towers Housing Westchester 133 19,900,000 4,056,500 Highland Avenue Senior Apartments Yonkers 88 10,370,000 2,200,000 Historic Front Street Housing Manhattan 96 46,300,000 −Horizons at Fishkill Apartments Fishkill 90 6,975,000 2,250,000 Horizons at Wawayanda Housing Orange 107 12,100,000 3,710,000 Jackson Avenue Queens 98 32,380,000 −Keeler Park Apartments Housing Rochester 525 17,900,000 −Kensico Terrace Apartments White Plains 42 7,080,000 945,000 Kew Gardens Hills Housing Queens 388 87,000,000 −Nathan Hale Senior Village Housing Lynbrook 126 5,745,000 −Normandie Court I Manhattan 1,094 99,567,349 −North End Avenue Housing Manhattan 253 102,200,000 −North Street Y Senior Apartments Buffalo 64 3,900,000 1,415,000 Park Drive Manor II Apartments Rome 168 6,640,000 −Parkledge Apartments Housing Yonkers 311 39,000,000 −Prospect Plaza Apartments Housing Brooklyn 151 23,300,000 4,140,000 Related ‐ 42th Street & 10th Avenue Manhattan 590 350,000,000 −Related ‐ Capitol Green Apartments Housing Albany 308 16,500,000 −Related ‐ Caroline Apartments Manhattan 126 16,900,000 −Related ‐ Clarkston Maplewood Gardens Rockland 51 4,085,000 −Related ‐ East 39th Street Housing Manhattan 254 75,500,000 −Related ‐ McCarthy Manor Apartments Housing Syracuse 176 6,800,000 −Related ‐ Ocean Park Apartments Housing Queens 602 39,000,000 −Related ‐ Overlook Apartments Middletown 100 5,400,000 −Related ‐ Taconic West 17th Street Housing Manhattan 288 126,000,000 −Related ‐ Tribeca Green Housing Manhattan 274 110,000,000 −Related ‐ Warren Knolls Apartments Housing Haverstraw 97 6,700,000 −

Related ‐ West 20th Street Housing Manhattan 254 88,000,000 −Related ‐ West 23rd Street Housing Manhattan 313 110,000,000 −Related ‐ West 29th Street Housing Manhattan 139 45,000,000 −Related ‐ West 30th Street Housing Manhattan 385 188,400,000 −Related ‐ West Haverstraw Senior Citizen Apartments Housing West Haverstraw 100 6,700,000 −Related ‐ Weyant Green Apartments Housing Highfalls 51 3,800,000 785,000Remeeder Houses Brooklyn 260 18,900,000 −Reverend Polite Avenue Apartments Housing Bronx 161 16,000,000 −Rip Van Winkle House Housing Poughkeepsie 179 11,500,000 −Riverside Center 2 Housing Manhattan 616 275,000,000 −Saville Housing Manhattan 229 55,000,000 −Sea Park East Housing Brooklyn 332 18,700,000 −Sea Park West Housing Brooklyn 362 22,900,000 −Shore Hill Brooklyn 559 39,000,000 −South Cove Plaza Housing Manhattan 208 34,900,000 −St. Philips Housing Manhattan 260 16,250,000 740,000Tall Oaks Apartments Middletown 150 5,930,000 −Talleyrand Crescent Housing Tarrytown 300 36,500,000 −Terrace Gardens Housing Richmond 198 27,020,000 −

4

No. of Mortgage Subsidy LoanDevelopment Location Apts. Commitment Commitment The Helena Housing Manhattan 597 $ 143,000,000 $ −

The Northfield Apartments Housing Perinton 69 4,990,000 2,120,000 The Victory Housing Manhattan 417 120,000,000 −Theatre Row Tower Housing Manhattan 264 74,800,000 −Tiffany Gardens Apartments Bronx 105 9,880,000 800,000Tower 31 Housing Manhattan 283 93,800,000 −Tribeca Landing Housing Manhattan 340 64,400,000 −Tribeca Park Housing Manhattan 396 84,000,000 −Tri‐Senior Housing Brooklyn 203 15,200,000 −Union Square South Housing Manhattan 240 49,000,000 −Walnut Hill Apartments Haverstraw 180 10,030,000 −Washington Apartments Housing Buffalo 82 4,165,000 2,325,000 Watergate II Apartments Housing Buffalo 195 7,800,000 −West 33rd Street Housing Manhattan 168 50,700,000 −West 37th Street Housing Manhattan 207 106,500,000 −West Village Apartments Tompkins 235 9,700,000 4,900,000Worth Street Housing Manhattan 330 113,900,000 −

Total 35,376 $ 10,482,577,349 $ 44,014,371

Non‐Profit Housing ProgramBernardine Apartments Syracuse 216 $ 5,250,000 $ −Brighton Towers Apartments Syracuse 607 12,390,000 −Cambray Gouverneur 101 2,340,000 −Findlay House Bronx 227 1,145,000 −Springbrook Apartments Pulaski 120 3,300,000 −St. Philipʹs Church Housing Manhattan 200 6,200,000The Meadows at Middle Settlement New Hartford 149 3,300,000 −

Total 16,993 $ 3,554,617,349 $ 23,954,371

Housing Project BondsSimeon DeWitt Apartments Oswego 130 4,180,000 −Towpath Towers Fulton 121 3,490,000 −

Total 251 $ 7,670,000 $ −

Housing Project Mortgage RevenueBaptist Manor Buffalo 128 $ 3,785,000 $ 1,079,700 Clinton Plaza Syracuse 305 8,495,000 −Fort Schuyler House Bronx 143 4,005,000 −Maple Center New Rochelle 109 3,320,000 −Mayfield Apartments Potsdam 153 3,705,000 925,000Regina Pacis Brooklyn 167 5,615,000 −Stuypark House Brooklyn 103 3,605,000 875,000

Total 1,108 $ 32,530,000 $ 2,879,700

Multi‐Family FHA‐Insured HousingDiamond Rock Troy 81 $ 2,397,500 $ −

FHA‐Insured Multi‐Family HousingCedarwood Towers Rochester 206 $ 8,010,000 $ −Jonas Bronck Apartments Bronx 215 4,470,000 −Senior Horizons at Newburgh Newburgh 70 3,290,000 400,000Terrace Pines Apartments Ballston 192 4,800,000 −The Mill at Saugerties Saugerties 90 1,000,000 595,433

Total 773 $ 21,570,000 $ 995,433

Multi‐Family Housing Revenue (Fannie Mae‐Backed)Jefferson Woods Apartments Yorktown 90 $ 3,169,097 $ − −

Transitional Housing Project RevenueChildrenʹs Rescue Fund Bronx 65 $ 10,660,000 $ − −

5

No. of Mortgage Subsidy LoanDevelopment Location Apts. Commitment CommitmentTaxable Mortgage Initiative

Bronx Care Bronx 52 $ − 1,050,000$ Forrest Pointe Apartments East Greenbush 104 − 2,600,000 Old Brookside I Apartments Ontario 64 1,347,748 1,392,000 Prospect Heights Apartments Nassau 50 3,158,000 −Village Green Apartments Glens Falls 136 3,430,000 1,795,000 Westview Apartments Saratoga 105 3,650,000 633,750

Total 511 $ 11,585,748 $ 7,470,750

Subsidy Loans/ Other Subordinate Loans ‐ No Agency First Mortgage

902 Liberty Avenue Brooklyn 47 $ 1,400,000 Allen By the Bay Senior Housing Queens 65 1,033,530 Andrews House Project Manhattan 146 581,000 Brighton Towers Brooklyn 600 1,210,000 Bloomfield Meadows Apartments Bloomfield 24 400,000 Bristow‐Stebbins Apartments Bronx 80 960,000 Carnes McKinney Apartments Bronx 111 275,000 Champlain Family Housing Rouses Point 56 125,000 Concourse Flatiron Apartments Bronx 44 835,000 Croton Heights Apartments Westchester 60 900,000 Dorothy Ross Friedman Residence Manhattan 97 2,246,000 Fairport Apartments Fairport 105 625,000 Greene Park Arms Brooklyn 84 560,000 Hegeman Residence Apartments Brooklyn 161 910,209 Hotel Seneca Geneva 51 635,000 Howard Beach Senior Apartments Queens 96 4,188,000 Hudson Pointe Apartments Newburgh 64 400,000 Inwood Heights Manhattan 207 1,500,000 Lakeview Family Homes Buffalo 154 1,000,000 Lakeview Senior Homes Buffalo 138 2,300,000 Lisle Avenue Broome 8 238,018 Marien‐Heim Towers Brooklyn 182 200,000 McGraw House Ithaca 106 2,900,000 Pastures Preservation Albany 101 533,500 Rochester Manor Brooklyn 96 69,960 Rolling Green Estates Syracuse 394 1,305,500 Shiloh Senior Housing Apartments Westchester 40 35,871 Spring Manor Apartments Poughkeepsie 88 1,250,000 St. Mary’s Commons Senior Apartments Buffalo 100 1,000,000 St. Michaels Windmill Apartments Suffolk 40 334,819 Sutter Houses Brooklyn 120 88,000 Trinity Towers Buffalo 88 1,412,000 Waterville Schoolhouse Apartments Waterville 56 115,000 Woodcreek Apartments Rome 192 5,680,350

Total 3,889 $ 34,813,227

No. ofProject Location SpacesAgri‐Business Child Development Day CareCenter Facilities Pilot Program

Grace’s Place Orleans 90 $ 1,000,000 $ −

Manufactured Home Cooperative Fund ProgramBush Gardens Erie 154 $ 2,600,000 Champion Homes, Inc. Onondaga 172 2,650,000 Cobblestone Creek/Clarkson Estates, Inc. Monroe 27 420,000 Greenhurst Village, Inc. Jamestown 79 1,415,680 Hidden Brooks Estates V Dutchess 115 1,444,045 Hidden Meadows Cooperative Corp. Geneseo 100 1,573,100 High Meadows Mobile Home Park Dutchess 203 1,905,000 Maple Ridge/Greenridge Cooperative Community Corporation Monroe 76 1,293,000

6

MORTGAGE LOANS FOR HOSPITAL AND NURSING HOME PROJECTS

No. of MortgageProject Location Apts. Commitment

Meadow Valley Otsego 54 600,000 Ogden Lane Cooperative Corp. Ulster 15 361,890 Parkview Community, Inc. Suffolk 47 1,620,400 Ridley Road Erie 8 118,750 Three Mile Harbor Mobile Home Park, Inc. Suffolk 16 500,000

Total 1,066 16,501,865

Hospital and Nursing HomesBezalel Queens 120 $ 3,515,000 Brookdale (Shulman Institute for Nursing and Rehabilitation) Kings 220 8,070,000 Brothers of Mercy Erie 240 6,435,000 CABS Kings 160 6,055,000 Gloversville Extended Care Fulton 84 2,315,000 Greater Harlem Health Related Manhattan 200 7,625,000 Jennie B. Richmond Chaffee Erie 80 1,890,000 Long Beach Memorial Nassau 200 5,895,000 Palisade Bronx 348 14,800,000 Rutland Kings 594 21,345,000

Total 2,246 $ 77,945,000

COMMUNITY RELATED FACILTIES

Project Location Type of Facility Estimated CostMortgage Loans for Community Mental HealthServices and Mental Retardation Services Projects

Brooklyn Rehabilitation Campus Kings Mental Retardation $ 4,266,000 The Charles A. Mastronardi Center for Mental Retardation Kings Mental Retardation 421,000 Jefferson County A.R.C. Training Center Jefferson Mental Retardation 661,199 Rehabilitation Services Center of United Celebral Palsy of Queens Queens Mental Heath and Retardation 789,306 Steinberg Vocational Training Center Nassau Mental Retardation 1,371,000

Total $ 7,508,505

No. of MortgageProject Location Apts. CommitmentMortgage Loans for Youth Facilities Projects

Edenwald Residential Child Care Facility Westchester 96 $ 7,193,734 Mount Vernon Day Care Center Westchester 140 675,000 Queens Daughters Day Care Center Westchester 145 832,000 Wyandanch Day Care Center Suffolk 170 911,000

Total 551 $ 9,611,734

7

SUMMARY OF FINANCING AND REPAYMENTLong‐Term Financing and Debt Service Repayments(cumulative through October 31, 2013)

Program Principal Interest($ in thousands)

BondsGeneral Housing Loan 7 $ 385,729 $ 385,729 $ 381,558Non‐Profit Housing Project 7 636,200 628,730 1,125,901Urban Rental Housing 5 514,835 514,835 653,817Revenue Bonds (Section 8 Assisted) Insured Mortgages 3 18,320 18,320 18,057Revenue Bonds (Section 8 Assisted) Non‐Insured Mortgages 6 50,360 50,360 36,266Insured Mortgage Multi‐Family Revenue Housing 4 87,235 87,235 111,496Insured Multi‐Family Mortgage Revenue Housing 2 94,600 94,600 95,359Multi‐Family Insured Mortgage Revenue Housing 6 54,325 54,325 62,737Insured Multi‐Family Mortgage Housing Revenue 5 188,970 188,970 127,944FHA‐Insured Multi‐Family Housing Revenue 10 51,015 35,595 40,386Multi‐Family FHA‐Insured Mortgage Housing Revenue 2 20,035 17,770 13,761Fulton Manor FHA‐Insured Mortgage Revenue 1 11,480 11,480 6,662Housing Project Bonds 16 122,545 119,385 187,775Secured Loan Rental Housing 348 11,784,749 2,605,933 2,360,006Housing Project Mortgage Revenue 1 484,540 477,300 502,968Affordable Housing Revenue 27 1,078,990 265,040 74,601Affordable Housing Revenue (Federal New Issue Bond Program) 9 545,295 214,797 17,228Revenue Bonds (Secured by HUD Section 236 Payments) 1 64,996 64,996 50,010Hospital and Nursing Home Project 6 822,965 822,965 943,076Hospital and Health Care Project Revenue 1 42,090 42,080 11,540Nursing Home and Health Care Project Revenue 1 190,080 181,430 71,099State University Construction 43 3,628,295 3,628,295 2,334,445Special Obligation (State University) 3 179,330 179,330 — Mental Hygiene Improvement 9 705,000 705,000 541,943Health Facilities 4 508,385 508,385 492,095Health Facilities Revenue 3 556,325 556,325 274,436Special Obligation (Health Facilities) 2 228,405 228,405 — Service Contract Revenue 43 2,536,331 2,298,836 941,308State Personal Income Tax Revenue 15 1,161,855 547,105 289,108House New York Revenue Bonds 1 46,440 — — Total Bonds 591 $ 26,799,720 $ 15,533,556 $ 11,765,582

Long‐Term NotesThe Mount Sinai Hospital Project 1 $ 41,490 $ 41,490 $ 32,195

State FundsCommunity Related and Other Loan Programs 5 $ 31,814 $ 31,814 $ 23,542Equity Loan 1 193 193 7

Total State Funds 6 $ 32,007 $ 32,007 $ 23,549

Grand Total 598 $ 26,873,217 $ 15,607,053 $ 11,821,326

COMPARATIVE HIGHLIGHTS 2009‐2013

Year Ended October 31, 2012 2011 2010 2009

Assets and Bond Indebtedness

Loan Receivables $ 10,594 9,841 9,270 8,870 8,868

Total Assets $ 12,117 11,540 10,861 10,426 10,417

Bond and Note Indebtedness $ 11,280 10,802 10,156 9,737 9,698

(in millions)

Debt Service Repayments

2013

Number of Issues

TotalAmount Issued

8

Report of Independent Auditors

Management and Members of the Board New York State Housing Finance Agency

New York, New York

Report on the Financial Statements

We have audited the accompanying financial statements of the New York State Housing Finance Agency (the “Agency”), a component unit of the State of New York, as of and for the years ended October 31, 2013 and 2012, and the related notes to the financial statements, which collectively comprise the Agency’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in conformity with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

A member firm of Ernst & Young Global Limited

Ernst & Young LLP 5 Times Square New York, NY 10036-6530

Tel: +1 212 773 3000 Fax: +1 212 773 6350 ey.com

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Agency as of October 31, 2013 and 2012, and the changes in its financial position and its cash flows for the years then ended in conformity with U.S. generally accepted accounting principles.

Adoption of GASB Statement No. 65, “Items Previously Reported as Assets and Liabilities”

As discussed in Note 3 to the financial statements, the Agency restated its financial statements as a result of the adoption of Governmental Accounting Standards Board (GASB) Statement No. 65, “Items Previously Reported as Assets and Liabilities” effective November 1, 2011. Our opinion is not modified with respect to this matter.

Required Supplementary Information

U.S. generally accepted accounting principles require that Management’s Discussion and Analysis and schedule of funding progress as listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board which considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audits of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Supplementary and Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Agency’s basic financial statements. The Supplementary Section and Additional Supplemental Section are presented for purposes of additional analysis and are not a required part of the basic financial statements.

The Supplementary Section and Additional Supplemental Section are the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States. In our opinion, the Supplementary Section and Additional Supplemental Section are fairly stated, in all material respects, in relation to the basic financial statements as a whole.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we also have issued our report dated January 29, 2014 on our consideration of the Agency’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Agency’s internal control over financial reporting and compliance.

ey January 29, 2014

NEW YORK STATE HOUSING FINANCE AGENCY(A COMPONENT UNIT OF THE STATE OF NEW YORK)

MANAGEMENTʹS DISCUSSION AND ANALYSISFISCAL YEARS ENDED OCTOBER 31, 2013 AND 2012Overview of the Financial Statements The following is a narrative overview of the financial performance of the New York State Housing Finance Agency(the “Agency”) for the fiscal years ended October 31, 2013 (“fiscal 2013”) and October 31, 2012 (“fiscal 2012”) with selected comparative information for the fiscal year ended October 31, 2011 (“fiscal 2011”). This analysis must be readin conjunction with the financial statements. The annual financial statements consist of five parts: (1) management’s discussion and analysis (this section); (2) the financial statements; (3) the notes to the financial statements; (4) required supplementary information and (5) the supplemental schedules that report programs of the Agency individually. The Agency’s financial statements are prepared using the accrual basis of accounting in conformity with accountingprinciples generally accepted in the United States of America. Management’s Discussion and Analysis • This section of the Agency’s financial statements, Management’s Discussion and Analysis (the “MD&A”),

presents an overview of the Agency’s financial performance during fiscal 2013 and fiscal 2012. It provides a discussion of financial highlights and an assessment of how the Agency’s financial position has changed from the past years. It identifies the factors that, in management’s view, significantly affected the Agency’s overallfinancial position. It may contain opinions, assumptions or conclusions by the Agency’s management thatshould not be considered a replacement for, and must be read in conjunction with, the financial statements and other information described below.

The Financial Statements • The “Statement of Net Position” provides information about the liquidity and solvency of the Agency by

indicating the assets, deferred inflows and outflows, liabilities and net position. • The “Statement of Revenues, Expenses and Changes in Net Position” accounts for all of the current year’s

revenues and expenses in order to measure the success of the Agency’s operations over the past year. It can beused to determine how the Agency has funded its costs. By presenting the financial performance of theAgency, the change in net position is similar to net profit or loss for a business.

• The “Statement of Cash Flows” is presented on the direct method of reporting. It provides information aboutthe Agency’s cash receipts, cash payments, and net changes in cash resulting from operations, investing, and financing activities. Cash collections and payments are presented in this statement to arrive at the net increasesor decreases in cash for each year.

The Notes to the Financial Statements • The notes provide information that is essential to understanding the financial statements, such as the Agency’s

accounting methods and policies, providing information about the content of the financial statements. • Details are included of contractual obligations, future commitments and contingencies of the Agency. • Information is given regarding any other events or developing situations that could materially affect the

Agency’s financial position.

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Required Supplementary Information (“RSI”) • The RSI presents the information regarding the Agency’s progress in funding its obligation to provide

postemployment benefits other than pensions to its employees.

Supplementary Information • Presentations of the Agency’s financial information by program are listed in accordance with the requirements

of the various bond resolutions. Background The Agency was created as a public benefit corporation in 1960, under Article III of the Private Housing Finance Law, to finance low and moderate income housing, primarily through the issuance of municipal securities and the makingof mortgage loans to eligible borrowers. Since its inception, the Agency has issued over $17.6 billion in bonds to finance low and moderate income housing. The Agency administers finance programs which, combined with otherfederal, state, and local resources, benefit the families and communities of New York State (the “State”). During its 53 year history, the Agency’s mandate has been legislatively expanded to allow for the financing of housing which meets a variety of needs of the people of New York. As a result, the Agency is authorized to issuebonds to reimburse the State for appropriated expenditures for various housing capital programs. The Agency and its corporate existence shall continue until terminated by law; provided, however that no such lawshall take effect so long as the Agency has bonds, notes or other obligations outstanding.

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Financial Markets The Agency continued its activities in fiscal 2013 in a market still impacted by the continued slow recovery from thehousing collapse and recent recession. While the economy, both domestic and international showed signs ofimprovement, the municipal bond market experienced significant volatility, especially between June and October asinvestors departed in reaction to both credit and interest rate risk concerns. According to Lipper FMI, municipalmutual funds have reported nearly non-stop outflows since mid-March 2013 resulting in interest rates rising to highs not seen since early 2011. At the start of the fiscal year 30 year MMD was 2.82% and increased to 4.04% by the end of the fiscal year. Startingin late May, indications that the Federal Reserve could soon reduce its $85 billion in monthly asset purchases sent allfixed income markets into a tailspin. In reaction, municipal market rates jumped 100 bps in the course of four weeks.Compounding uncertainty in the municipal market were a number of significant credit negatives, most notably thefinancial deterioration of Puerto Rico and Detroit and the pension funding challenges facing a number of statesincluding Illinois. Other turbulence in 2013 stemmed from October’s 16 day government shut down, a looming debt ceiling deadline and the possibility that tax reform could threaten current municipal tax-exemption. While stories of the financial weakness of the above municipalities weighed down the market, they are not representative of the majority of municipal issuers. In fiscal 2013, the Agency issued $1.87 billion of bonds, including refinancings. The Agency continued to broaden itsgroup of Community Reinvestment Act (“CRA”) motivated buyers who actively participate in the Agency’s bond sales. This interest has complemented retail investor demand and has helped the Agency continue to achieve strongpositive reception for its bond offerings. Rental housing continues as a critical source of growth in the current housing market and the expectation is that thiswill continue for the next few years. Rents in downstate communities continue to trend upwards, reaching and evenexceeding pre-recession highs. Areas for development in the New York City continue to spread throughoutManhattan and into the boroughs, notably Queens and Brooklyn. The Agency experienced increased interest frompossible participants in its 80/20 program. The Agency also actively engaged in the preservation of existingaffordable housing particularly with respect to the State’s aging Mitchell Lama portfolio acquired in June 2013. Fiscal 2013 saw a stabilization in the financial health of many U.S. and international lenders which has positivelyaffected new and existing transactions. Lenders have returned to the market, with an increased availability of construction credit enhancement with some easing of underwriting criteria for affordable housing developments and“80/20s”. The Agency continued to benefit from its close affiliation with the State of New York Mortgage Agency (“SONYMA”), which through its Mortgage Insurance Fund, provides permanent credit enhancement at competitivepricing for affordable housing developments. The GSEs have also participated in providing credit enhancement forlarger affordable housing developments. With limited long term credit enhancement options available for 80/20 developments financed on a floating rate basis, the Agency continued to see an increase in demand from borrowersseeking to execute through an unrated private placement structure. In fiscal 2013, the Agency saw a continuation of the 2012 trends in the Federal Low Income Housing Tax Creditequity market, a key component of the capital structure of affordable housing developments. We saw pricing remain at all-time highs and investor interest in all geographic areas of the state, though there continues to be a significant pricing advantage for transactions in areas where CRA investment interest is the strongest, particularly New YorkCity and its immediately surrounding suburban areas.

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MortgageProject Name Amount Bonds IssuedPROJECTS FINANCED UNDER INDIVIDUAL REVENUE BOND RESOLUTIONS44th Drive Apartments 105 21 $ 28,520,000 * $ 24,500,000626 Flatbush Avenue Housing 254 51 71,265,000 * 50,940,000Dock Street Apartments Housing 289 51 103,200,000 * 103,200,000Related West 29th Street 139 139 45,000,000 45,000,000Riverside Center 2 Apartments 616 127 275,000,000 * 275,000,000Terrace Gardens Housing 198 198 27,020,000 27,020,000 SUBTOTAL 1,601 587 550,005,000 525,660,000

PROJECTS FINANCED UNDER THE AFFORDABLE HOUSING REVENUE BOND RESOLUTION**3361 Third Avenue Apartments 62 62 $ 10,450,000 $ 10,485,000Abraham Lincoln Apartments 69 69 3,950,000 3,975,000Amsterdam Senior Housing 68 68 4,680,000 4,710,000Boston Road Apartments 154 154 23,900,000 23,960,000Bridleside Apartments 64 64 14,630,000 14,685,000Calkins Corner Seniors 60 60 9,000,000 9,000,000Colonial Square Apartments 199 199 8,500,000 8,570,000Cornerstone Senior Apartments 150 150 13,750,000 13,855,000Creston Avenue Residence 65 65 11,400,000 11,430,000Enclave on 5th Apartments 39 39 5,225,000 5,255,000Greater Hempstead 99 99 18,250,000 18,340,000Los Sures Housing for the Elderly 55 55 6,850,000 6,905,000Mariner Tower Apartments 292 292 20,700,000 20,820,000OʹNeil Apartments 122 122 6,400,000 6,455,000Pinnacle Place Apartments 407 407 17,790,000 17,995,000Public School 6 Apartments 120 120 31,100,000 31,185,000River Park Tower Apartments 1,650 1,650 157,500,000 157,500,000The Gardens At Town Center Apartments 175 175 15,500,000 15,635,000The Mews at Baldwin Place Phase II 75 75 11,000,000 11,075,000The Orenstein Building Apartments 127 127 27,400,000 27,400,000Willoughby Court Apartments 266 266 23,445,000 23,445,000 SUBTOTAL 4,318 4,318 441,420,000 442,680,000GRAND TOTAL 5,919 4,905 $ 991,425,000 $ 968,340,000

Total Affordable Units Units

Bond Issuances and Mortgage Financings ‐ Fiscal 2013 During fiscal 2013, the Agency issued bonds totaling $968.3 million to finance 27 new projects that contain 5,919housing units, of which 83% or 4,905 are set aside for low income households. Details are as follows:

* In connection with the making of the mortgage loan for this project, the amount shown includes the funds to be available from additional bonds anticipated to be issued in fiscal year 2013 and 2014 by the Agency.

** The amount shown as ʺBonds Issuedʺ under this resolution includes the allocable portion of a debt service reserve fund.

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Bonds IssuedUnder Multi‐

Project Name Year ProgramsRelated West 30th Street $ 53,200,000Gotham West 40,000,000175 West 60th Street 9,000,000

$ 102,200,000

The Agency issued an additional $46.4 million in bonds to fund the acquisition of the Mitchell Lama portfolio ofmortgages and loans previously held by the Empire State Development Corporation (“ESD”) .

Project Name AmountRelated 42nd & 10th Avenue $ 320,000,00080 Dekalb Avenue 104,000,000455 West 37th Street 144,700,000505 West 37th Street 374,400,000Clinton Park I 70,000,000

$ 1,013,100,000

The Agency had five credit substitutions whereby the short term letters of credit were substituted with either Freddie Mac or Helaba Bank, N.A. credit enhancement:

The Agency issued an additional $102.2 million in bonds to finance one project under a multi‐year program andone project under a Revenue Bond Resolution previously issued:

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BondsMortgage Issued/Released

Project Name Amount from Escrow***PROJECTS FINANCED UNDER INDIVIDUAL REVENUE BOND RESOLUTIONS11th Street Apartments 59 12 $ 18,255,000 * $ 2,750,000111 Nassau Street 169 34 71,500,000 71,500,000160 West 62nd Street 339 68 260,000,000 260,000,000175 West 60th Street 257 52 165,000,000 * 51,000,000388 Bridge Street 235 48 150,000,000 86,000,000Clinton Park Phase II 480 96 145,000,000 145,000,000Jackson Avenue Apartments 98 20 27,660,000 * 2,945,000Related West 30th Street 385 77 188,400,000 * 110,000,000 SUBTOTAL 2,022 407 1,025,815,000 729,195,000

PROJECTS FINANCED UNDER THE AFFORDABLE HOUSING REVENUE BOND RESOLUTION**David E. Podell House 50 50 $ 5,770,000 $ 5,815,000St. Michaels Windmill Apartments 40 40 5,600,000 5,600,000St. Philips Senior Housing 200 200 22,615,000 22,795,000Surrey Carlton Apartments 176 176 20,270,000 20,270,000Yonkers Apartments 129 129 19,260,000 19,415,000 SUBTOTAL 595 595 73,515,000 73,895,000

PROJECTS FINANCED UNDER THE AFFORDABLE HOUSING REVENUE BOND RESOLUTION (NIBP)***Bradmar Village Apartments 100 100 $ 8,320,000 $ 8,360,000Ennis Francis Apartments 220 220 38,565,000 38,565,000Fairway‐Richmond Apartments 219 219 23,500,000 23,500,000Friedrichs Supportive Apartments 61 61 8,600,000 8,630,000Gateway Gardens Housing Apartments 40 40 6,000,000 6,050,000Greenway Apartments 208 208 12,790,000 12,930,000HANAC Archbishop Iakovos Senior Apartments 100 100 12,100,000 12,190,000James Street Apartments 83 16 8,775,000 8,815,000Monteagle Ridge Estates Apartments 150 150 5,720,000 5,720,000Phillips Village Apartments 497 497 27,050,000 27,370,000Towpath Apartments 97 97 5,430,000 5,470,000Village Square Senior Apartments 75 75 3,450,000 3,500,000 SUBTOTAL 1,850 1,783 160,300,000 161,100,000GRAND TOTAL 4,467 2,785 $ 1,259,630,000 $ 964,190,000

Total Affordable Units Units

Bond Issuances and Mortgage Financings ‐ Fiscal 2012 During fiscal 2012, the Agency issued or released from NIBP escrow, bonds totaling $964.2 million to finance 25 new projects that contain 4,467 housing units, of which 62% or 2,785 are set aside for low income households. Details are as follows:

* In connection with the making of the mortgage loan for this project, the amount shown includes the funds to be available from additional bonds anticipated to be issued in fiscal year 2013 and 2014 by the Agency.

** The amount shown as ʺBonds Issuedʺ under this resolution includes the allocable portion of a debt service reserve fund. *** During fiscal 2012, $119,700,000 of such NIBP bonds were released from escrow and together with $41,400,000 of additional NIBP bonds, were

used to finance the 12 projects listed above. As of the end of fiscal year 2012, $0 remains in escrow.

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October 31,2013 2012* 2011*

Assets: Cash $ 156,082 $ 127,114 $ 101,205 23% 26% Mortgage loans receivable ‐ net 10,594,239 9,840,951 9,269,513 8% 6% Investments including accrued interest receivable 1,333,281 1,541,266 1,460,403 (13%) 6% Other assets 34,138 18,323 16,575 86% 11% Total assets 12,117,740 11,527,654 10,847,696 5% 6%

Deferred outflows of resources: Accumulated decrease in fair value of hedging derivatives 30,964 46,140 43,933 (33%) 5%

Liabilities: Bonds payable 11,280,031 10,801,562 10,155,491 4% 6% Derivative instruments ‐ interest rate swaps 30,964 46,140 43,933 (33%) 5% Interest payable 27,033 24,903 23,091 9% 8% Accounts payable 8,677 7,291 6,961 19% 5% Amounts received in advance and other 236,499 226,747 192,069 4% 18% Postemployment retirement benefits 40,472 36,617 32,779 11% 12% Total liabilities 11,623,676 11,143,260 10,454,324 4% 7%

Deferred inflows of resources: Gain on defeasance ‐ net 790 721 652 10% 11%

Net position $ 524,238 $ 429,813 $ 436,653 22% (2%)

*Restated for GASB No. 65 implementation (see note 3)

2013‐2012 2012‐2011% Change

Condensed Financial Information NEW YORK STATE HOUSING FINANCE AGENCY Statements of Net Position (in thousands)

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Assets Mortgage Loans Receivable As a result of continued lending activity and the acquisition of the State’s aging Mitchell Lama mortgage portfolio in June 2013 (see note 4), mortgage loans receivable increased by $753 million, or approximately 8% from approximately $9.8 billion (85% of total assets) at October 31, 2012 to $10.6 billion (87% of total assets) at October 31,2013. This compares with an increase of $571 million, or approximately 6% from $9.3 million (85% of total assets) at October 31, 2011 to $9.8 million (85% of total assets) at October 31, 2012. Mortgage loans receivable are presented net of the allowance for losses on loans related to: subordinate loans in the amounts of $228.7 million, $206.8 million and $171 million at October 31, 2013, 2012 and 2011, respectively, and theallowance related to the acquisition of the Mitchell Lama mortgage portfolio (see note 4), in fiscal 2013, in the amount of $47.6 million at October 31, 2013 and other programs in the amounts of $8.2 million, $8.8 million and $18.1 million at October 31, 2013, 2012 and 2011, respectively. Cash and Investments Restricted cash and investments are held principally by a bond trustee or a depository. These funds are held for the following purposes: • Bond proceeds held to fund construction loans for projects with mortgage commitments remaining to be

funded. Such funds are invested until disbursed to borrowers and constitute the largest portion of restricted investments held.

• As reserves for debt held under the specific requirements of bond resolutions. • To fund debt service on bonds when such payments are due. • Funds received from governmental entities to be disbursed to projects on whose behalf such funds were

received. • Escrow and reserve funds held for the benefit of the projects on whose behalf such funds were remitted. • Funds available to be advanced for subsidy loans.

Unrestricted cash and investments are held principally by a bond trustee or a depository in the form of cash and investments are held in order to fund the operating costs of the Agency. When unrestricted funds are committed to be advanced as subsidy loans, the funds are transferred to restricted assets. Primarily as a result of a reduction in bond proceeds remaining on deposit at October 31, 2013, investments (including accrued interest receivable thereon) decreased $208 million, or approximately 13%, as compared with an increase of $81 million, or approximately 6% from October 31, 2011 to 2012. Deferred Outflows of Resources The Agency has entered into various derivative instruments contracts (“interest rate swaps”) in order to manage risks associated with interest on its State Revenue Bond Program bond portfolio. In accordance with Governmental Accounting Standards Board (“GASB”) Statement No. 53, Accounting and Financial Reporting for Derivative Instruments (“GASB No. 53”), the Agency recognizes the fair value of all derivative instruments as either an asset orliability on its statements of net position with the offsetting gains or losses recognized in earnings or as either deferred inflows or outflows, if deemed an effective hedge (see note 10). For fiscal 2013, 2012 and 2011, all of the

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Agency’s interest rate swaps were determined to be effective hedges. Therefore, the Agency recorded the amount of the fair values of these interest rate swaps along with a corresponding deferred outflow of resources. Due to the rise in interest rates on interest rate swaps, the fair value of the interest rate swaps declined from approximately ($46.1) million in fiscal 2012 to ($31) million in fiscal 2013, an increase of $15.1 million, or 33%. During fiscal 2012, there was a decrease in fair value from approximately ($43.9) million in fiscal 2011 to ($46.1) million in fiscal 2012, a decrease of $2.2 million, or 5%. Other Assets Other assets increased from approximately $18.3 million at October 31, 2012 to $34.1 million at October 31, 2013, anincrease of $15.8 million, or 86%. This compares with the increase from $16.6 million in fiscal 2011 to $18.3 million in fiscal 2012 an increase of $1.7 million, or 11%. The increase in fiscal 2013 was primarily a result of a component of the Current Enacted Budget of the State of New York (the “State”) (2013‐2014), requiring certain transfers of moneys from the State of New York Mortgage Agency(“SONYMA”) to other entities of the State, including the Agency. The transfer to the Agency in the amount of $17.5million was made on November 14, 2013 and was recorded as a receivable within Other Assets as of October 31, 2013. Such funds will be used to rehabilitate certain housing projects in the Mitchell Lama mortgage portfolio. Liabilities Bonds Payable At approximately 97% of total liabilities in fiscal 2013 (96% in fiscal 2012 and 97% in fiscal 2011), bonds payable comprised the largest component of liabilities as of October 31, 2013, 2012 and 2011. Funds generated by the sale of bonds are used to fund mortgages. The payments due on mortgage loans receivable, together with interest earnings, are used to fund the debt service payments due on bonds payable. Bonds payable increased from approximately $10.8 billion at October 31, 2012 to $11.3 billion at October 31, 2013, an increase of $500 million, or 4%. This was a result of the activity during fiscal 2013 in which the bonds were issued in the amount of approximately $866 million and retired or redeemed, in the amount of approximately $385 million. This compares with the increase from $10.2 billion in fiscal 2011 to $10.8 billion in fiscal 2012 an increase of $600million, or 6%. Interest Payable Primarily as a result of continued bond issuance activity and a slight rise in interest rates, interest payable increased from approximately $24.9 million at October 31, 2012 to $27 million at October 31, 2013, an increase of $2.1 million, or approximately 9%. This compares with the increase from $23.1 million at October 31, 2011 to $24.9 million at October 31, 2012, an increase of $1.8 million, or approximately 8%.

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Accounts Payable Accounts payable vary from year to year based on the timing of invoices received and the timing of payment onsuch invoices. Accounts payable increased from approximately $7.3 million in fiscal 2012 to $8.7 million in fiscal 2013, an increase of $1.4 million, or approximately 19%. This compares with the increase from $7 million in fiscal 2011 to $7.3 million in fiscal 2012, an increase of $300 thousand, or approximately 5%. Amounts Received in Advance and Other Amounts Received in Advance and Other increased from approximately $226.7 million in fiscal 2012 to $236.5million in fiscal 2013, an increase of $9.8 million, or approximately 4%. This compares with the increase from $192.1 million in fiscal 2011 to $226.7 million in fiscal 2012, an increase of $34.6 million, or approximately 18%. The increase in fiscal years 2013 and 2012 are primarily a result of amounts received from projects to fund bondredemptions, principal reserve fund payments and advance mortgage payments. Postemployment Retirement Benefits The Agency provides certain group health care benefits to eligible retirees (and for eligible dependents and survivors of such retirees). The balance in postemployment retirement benefits represent the accumulated unfunded actuarial liability required to pay the cost to retirees. The accumulated amount of postemployment retirement benefits increased from $36.6 million in fiscal 2012 to $40.5 million in fiscal 2013, an increase of $3.9million, or approximately 11%. This compares with an increase from $32.8 million in fiscal 2011 to $36.6 million in fiscal 2012, an increase of $3.8 million, or approximately 12%. The increases in fiscal 2013 and 2012 of 11% and 12%, respectively, were primarily due to the reduction in the discount rate used in the actuarial calculation, when compared to 2011, from 4% to 3.5%. The valuation in fiscal 2013 and 2012 were also impacted by the anticipation of increased costs related to the passage of the Patient Protection and Affordable Care Act (see note 12).

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2013 2012* 2011*Operating revenues: Interest on mortgage loans $ 114,159 $ 104,976 $ 101,844 9% 3% Investment income 4,549 5,971 5,555 (24%) 7% Fees, charges and other 38,360 36,918 30,542 4% 21% Recoveries 5,838 4,201 217 39% 1,836% Total operating revenues 162,906 152,066 138,158 7% 10%

Operating expenses: Interest expense 94,308 93,768 93,887 1% — Earnings on investments credited to mortgagors 1,483 1,348 1,675 10% (20%) Postemployment retirement benefits 3,855 3,838 1,638 — 134% General expenses 17,138 16,504 16,988 4% (3%) Cost of issuance and other financial expenses 4,538 3,048 10,046 49% (70%) Unrealized loss on investments held 1,199 2,179 771 (45%) 183% Supervising agency fee 10,531 10,130 12,141 4% (17%) Expenditures related to federal and state grants 15,491 15,619 44,175 (1%) (65%) Allowances for losses on loans 69,380 27,697 19,279 150% 44% Total operating expenses 217,923 174,131 200,600 25% (13%) Non‐operating revenues (expenses): Transfers from Agencies of the State of New York 130,122 — — N/A — Federal and state grants 15,491 15,619 44,175 (1%) (65%) Reserve funds received from (disbursed to) mortgagors 3,829 (394) (1,326) 1,072% 70% Net non‐operating revenues 149,442 15,225 42,849 882% (64%)

Net position: Increase (decrease) in net position 94,425 (6,840) (19,593) 1,480% 65% Total net position ‐ beginning of fiscal year 429,813 436,653 456,246 (2%) (4%) Total net position ‐ end of fiscal year $ 524,238 $ 429,813 $ 436,653 22% (2%)

ʺ—ʺ indicates a percentage of less than 1% *Restated for GASB No. 65 implementation (see note 3)

Fiscal Year Ended October 31,2013‐2012 2012‐2011

% Change

NEW YORK STATE HOUSING FINANCE AGENCY Statements of Revenues, Expenses and Changes in Net Position (in thousands)

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Operating revenues Interest on Mortgage Loans Interest on mortgage loans increased from $105.0 million in fiscal 2012 to $114.2 million in fiscal 2013, an increase of $9.2 million, or approximately 9%, as a result of strong lending activity and a slight rise in interest rates. This compares with an increase from $101.8 million in fiscal 2011 to $105 million in fiscal 2012, an increase of $3.2 million, or approximately 3%, which was a consequence of a slight rise in interest rates on variable rate mortgages. Interest on mortgage loans represents the Agency’s primary source of funds available to pay interestexpense. Investment Income Primarily as a result of the decline in investment balances in fiscal 2013 (previously discussed), investment income decreased from $6.0 million in fiscal 2012 to $4.5 million in fiscal 2013, a decrease of $1.5 million, or approximately 24%. This compares with an increase from $5.6 million in fiscal 2011 to $6 million in fiscal 2012, an increase of $400 thousand, or approximately 7%. Fees, Charges and Other Fees, charges and other represent monthly fees and charges payments due on mortgage loans, mortgage origination fees and other servicing fees. It also includes various one time payments due to the Agency, including public purpose fees due under certain conditions, in accordance with the terms of various Regulatory Agreements. As a result of increased mortgage closings and larger balances in mortgage loans receivable, fees, charges and other increased from $36.9 million in fiscal 2012 to $38.4 million in fiscal 2013, an increase of $1.5million, or approximately 4%. This compares with an increase from $30.5 million in fiscal 2011 to $36.9 million in fiscal 2012, an increase of $6.4 million, or approximately 21%. Recoveries Recoveries increased from $4.2 million in 2012 to $5.8 million in fiscal 2013, an increase of $1.6 million or 39%. This compares with the increase from $200 thousand in fiscal 2011 to $4.2 million in fiscal 2012, an increase of $4million, or approximately 1,836%. Recoveries represent payments received relating to mortgages for which anallowance had previously been established. Operating expenses Earnings on Investments Credited to Mortgagors During the construction period, certain mortgages are credited with the earnings on unadvanced bond proceedsheld in the construction financing account and the capitalized interest account. Fluctuations result from the timing of the granting of credits to mortgagors and interest earned on investments during the period. Earnings on Investments Credited to Mortgagors increased from $1.3 million in fiscal 2012 to $1.5 million in fiscal 2013, representing an increase of $200 thousand, or approximately 10%. This compares with a decrease from $1.7million in fiscal 2011 to $1.3 million in fiscal 2012, a decrease of $400 thousand, or approximately 20%.

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General Expenses General Expenses include certain administrative expenses in addition to other financial expenses. General Expenses increased from approximately $16.5 million in fiscal 2012 to $17.1 million in fiscal 2013, an increase of $600 thousand, or 4%, as compared with a decrease from approximately $17 million in fiscal 2011 to $16.5million in fiscal 2012, a decrease of $500 thousand, or 3%. The variations were primarily the result of a salary expense fluctuation. Cost of Issuance and Other Financial Expenses Cost of issuance and other financial expenses represent the following: cost of issuance expenses, arbitrage rebate payments due to the federal government, bond premium funds remitted to the State, letter of credit fees and remarketing fees. Cost of issuance and other financial expenses increased from $3 million in fiscal 2012 to $4.5 million in fiscal 2013, an increase of $1.5 million, or approximately 49%, as a result of cost of issuance expenses in the amount of $1.1 million, related to the issuance of the House New York Revenue Bonds. Thiscompares with a decrease from $10 million in fiscal 2011 to $3 million in fiscal 2011, a decrease of $7 million, or 70%. The increase from fiscal 2010 to fiscal 2011 was primarily a result of the Agency expending approximately $5.7 million in bond premium funds in fiscal 2011. There were no bond premium funds expended in fiscal 2013 and 2012. Proceeds from the issuance of bonds on State supported debt in excess of par value are capitalizedand recorded as bond premium. Transfer of such funds to the State is recorded as an expense. Unrealized loss on Investments Held Due to the liquidation and, or maturity of certain high yielding investments held at a gain during fiscal 2013, combined with market conditions, the unrealized loss on investments held decreased from approximately $2.2million in fiscal 2012 to $1.2 million in fiscal 2013, a decrease of $1 million, or approximately 45%. This compares with an increase from approximately $800 thousand in fiscal 2011 to $2.2 million in fiscal 2012, anincrease of $1.4 million, or approximately 183% which resulted from market conditions. Supervising Agency Fee and Other Payments to the State Supervising Agency Fees and other payments to the State are paid by the Agency to the State and certain state agencies, including the New York State Division of Housing and Community Renewal (“DHCR”). During fiscal 2011, an additional one‐time payment to the State in the amount of $3.5 million was paid. The Supervising Agency Fee and other payments to the State increased by $400 thousand, or 4% from $10.1 million in fiscal 2012to $10.5 million in fiscal 2013. This compares with a decrease from $12.1 million in fiscal 2011 to $10.2 million in fiscal 2012, a decrease of $1.9 million, or 16%. Allowance for Losses on Loans On an annual basis, the Agency analyzes certain Mortgage Loan Receivable balances to determinetheir collectability. A determination is made by management to establish or adjust the Allowance for Losses on loans previously established based on this analysis. Included in the Allowance for Losses on loans are mortgage advances made by the Agency using Agency fundswhich have been made available for making subsidy loans. Such loans are made in the form of subordinatemortgage loans and are recorded as mortgage loans receivable. The balance of such loans is included in the

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allowance for losses on loans because they are not secured by credit enhancement and their terms require scheduledpayments which are deferred until other obligations are satisfied. Therefore, an allowance is established for the full amount of each of these subsidy loans. When payments are made relating to Subsidy Mortgages, the amountreceived is recorded as Recovery Income. Allowance for Losses on loans increased from $27.7 million in fiscal 2012 to $69.4 million in fiscal 2013, an increase of $41.7 million, or 150%. The increase was primarily a result of the acquisition of the Mitchell Lama mortgageportfolio from ESD in fiscal 2013. An allowance was established relating to this portfolio in the amount of $47.6 million. This compares with an increase from $19.3 million in fiscal 2011 to $27.7 million in fiscal 2012, an increase of $8.4 million, or approximately 44%, relating primarily to the issuance of subsidy loans. Non‐operating revenues (expenses) Transfers from Agencies of the State of New York The amount of $130.1 million is comprised of two items: The commitment by SONYMA to transfer the amount of$17.6 million to the Agency by March, 2014 which was made in November, 2013 and a gain recognized on theacquisition of the Mitchell Lama mortgage portfolio from ESD in the amount of $112.5 million (see note 4). Federal and State Grants Federal and State Grants represent funds received from the federal government and the State which are then remitted to various housing developments. In accordance with GASB Statement No. 33, Accounting and Financial Reporting for Non‐Exchange Transactions, revenue is recorded as non‐operating and the related expense is recorded as an operating expense. Federal and State Grants decreased from $15.6 million in fiscal 2012 to $15.5 million in fiscal 2013, a decrease of $100thousand, or approximately 1%. This compares with a decrease from $44.2 million in fiscal 2011 to $15.6 million in fiscal 2012, a decrease of $28.6 million, or approximately 65%. The declines are a result of the wind down of the Neighborhood Stabilization Program (“NSP”) in fiscal 2013 and2012 and the expiration of the Tax Credit Assistance Program (“TCAP”) in 2012.

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New York State Housing Finance Agency(A Component Unit of the State of New York)

STATEMENTS OF NET POSITION(in thousands)

2013 2012*AssetsCurrent Assets: Cash held principally by Trustee and Depository ‐ Restricted $ 152,854 $ 121,130 Cash held principally by Trustee and Depository ‐ Unrestricted 3,228 5,984 Investments ‐ Restricted 1,122,055 1,345,464 Investments ‐ Unrestricted 127,019 121,859 Accrued interest receivable on investments 1,315 1,631 Mortgage loans and other loans ‐ net 202,643 216,360 Interest receivable and other 30,206 13,351Total current assets 1,639,320 1,825,779Non‐current Assets: Investments ‐ Restricted 40,590 51,826 Investments ‐ Unrestricted 42,302 20,486 Mortgage loans and other loans ‐ net 10,391,596 9,624,591 Interest receivable and other 3,932 4,972Total non‐current assets 10,478,420 9,701,875Total assets 12,117,740 11,527,654

Deferred outflows of resources Accumulated decrease in fair value of hedging derivatives 30,964 46,140

LiabilitiesCurrent Liabilities: Accounts payable 8,677 7,291 Interest payable 27,033 24,903 Funds received from governmental entities 14,693 20,254 Earnings restricted to project development 3,336 3,833 Amounts received in advance and other 167,968 152,118 Bonds payable 635,091 149,035 Funds received from mortgagors 25,164 31,172Total current liabilities 881,962 388,606Non‐current Liabilities: Bonds payable including unamortized bond premium and discount 10,644,940 10,652,527 Derivative instrument ‐ interest rate swaps 30,964 46,140 Unearned revenues, amounts received in advance and other 25,338 19,370 Postemployment retirement benefits 40,472 36,617Total non‐current liabilities 10,741,714 10,754,654Total liabilities 11,623,676 11,143,260

Deferred inflows of resources Gain on defeasance ‐ net 790 721

Net position Restricted 418,043 331,768 Unrestricted 106,195 98,045Total net position $ 524,238 $ 429,813 See notes to financial statements.


October 31,

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STATEMENTS OF REVENUES, EXPENSES ANDCHANGES IN NET POSITION(in thousands)

Fiscal Year Ended

October 31,2013 2012*

Operating revenuesInterest on mortgage loans $ 114,159 $ 104,976Fees, charges and other 38,360 36,918Investment income 4,549 5,971Recoveries 5,838 4,201Total operating revenues 162,906 152,066Operating expensesInterest 94,308 93,768Earnings on investments and other funds credited to mortgagors and lessees 1,483 1,348Postemployment retirement benefits 3,855 3,838General expenses 17,138 16,504Other financial expenses 4,538 3,048Unrealized loss on investments held 1,199 2,179Supervising agency fee 10,531 10,130Expenditures related to federal and state grants 15,491 15,619Allowance for losses on loans 69,380 27,697Total operating expenses 217,923 174,131Operating loss (55,017) (22,065)

Non‐operating revenuesTransfers from Agencies of New York State 130,122 — Federal and state grants 15,491 15,619Reserve funds received from (returned to) mortgagors 3,829 (394)Net non‐operating revenues 149,442 15,225

Increase (decrease) in net position 94,425 (6,840)Total net position ‐ beginning of fiscal year 429,813 436,653Total net position ‐ end of fiscal year $ 524,238 $ 429,813 See notes to financial statements.


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STATEMENTS OF CASH FLOWS(in thousands)

Fiscal Year Ended October 31,2013 2012*

Cash flows from operating activities Interest on loans $ 114,306 $ 105,376 Fees, charges and other 38,361 40,127 Operating expenses (34,822) (32,028) Principal payments on mortgage loans 392,826 519,349 Mortgage loans advanced (1,103,820) (1,115,071) Funds received from mortgagors 66,779 57,014 Funds returned to mortgagors and lessees (45,466) (24,311) Distribution of funds received from governmental entities (5,831) (1,055) Payments and other 8,730 26 Expenditures related to Federal and State Grants (15,491) (15,619)Net cash used in operating activities (584,428) (466,192)Cash flows from non‐capital financing activities Interest payments (94,575) (95,171) Issuance of bonds 871,184 1,231,390 Retirement and redemption of bonds (390,165) (582,690) Federal and State Grants 15,491 15,619Net cash provided by non‐capital financing activities 401,935 569,148Cash flows from investing activities Investment income 4,988 5,067 Proceeds from sales or maturities of investments 6,922,812 5,358,505 Purchases of investments (6,716,339) (5,440,619)Net cash provided by (used in) investing activities 211,461 (77,047) Net increase in cash 28,968 25,909 Cash at beginning of fiscal year 127,114 101,205Cash at end of fiscal year $ 156,082 $ 127,114Reconciliation of operating loss to net cash used in operating activities:Operating loss $ (55,017) $ (22,065)Adjustments to reconcile operating loss to net cash used in operating activities: Net change provided by non‐operating activities 161,928 59,841Changes in assets and liabilities ‐ net: Mortgage loan receivables (711,043) (571,664) Accounts and other payables 2,313 7,003 Funds received from mortgagors and governmental entities 17,391 32,996Net cash used in operating activities $ (584,428) $ (493,889)

Non‐cash investing activities Unrealized loss on investments held $ 1,199 2,179

See notes to financial statements.


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NEW YORK STATE HOUSING FINANCE AGENCY(A COMPONENT UNIT OF THE STATE OF NEW YORK)

NOTES TO THE FINANCIAL STATEMENTSFISCAL YEARS ENDED OCTOBER 31, 2013 AND 2012

NOTE 1 – THE AGENCY The New York State Housing Finance Agency (“Agency”), a component unit of the State of New York (“State”), is a corporate governmental agency constituted as a public benefit corporation under the provisions of the State Private Housing Finance Law. The Agency is empowered to finance or contract for the financing of the construction, acquisition or refinancing of loans for: (a) housing units for sale or rent to low and moderate income persons, families, and senior citizens, (b) municipal health facilities, (c) non‐profit health care facilities, (d) community related facilities and (e) to provide funds to repay the State for amounts advanced to finance the cost of various housing assistance programs. The Agency is also empowered, through its Capital Grant Low Rent Assistance Program, to provide rental housing to low and middle income persons or families. Additionally, the Agency participates in the federal government’s housing assistance programs, principally those established by Section 236 of the National Housing Act and Section 8 of the U.S. Housing Act of 1937. These federal programs provide interest reduction and rental assistance subsidies, respectively, to eligible projects and tenants. The Agency administers the State’s Housing Project Repair and Infrastructure Trust Fund Programs. The Housing Project Repair Program is to be used to correct construction‐related and energy, health and safety problems or deficiencies at Mitchell‐Lama housing projects that are at current economic rent or that enter into mortgage modification agreements with the Agency. The Infrastructure Trust Fund Programs provide grants for the development of affordable housing throughout New York State. The Agency finances most of its activities through the issuance of bonds. As of October 31, 2013 and 2012, the Agency is authorized to issue bonds up to the amount of approximately $17.28 billion to finance housing projects. Additionally, as of October 31, 2013, the Agency is authorized to issue Service Contract Obligation Revenue Bonds, Service Contract Revenue Bonds and Personal Income Tax Revenue Bonds in the amount of approximately $2.84 billion (approximately $2.74 billion as of October 31, 2012). In accordance with section 2100 of the Codification of Governmental Accounting and Financial Reporting Standards, the Agency’s financial statements are included in the State of New York’s annual financial statements as a component unit of the State. The Private Housing Finance Law, as amended in 1985, established the New York State Housing Trust Fund Corporation (“HTFC”) and the New York State Affordable Housing Corporation (“AHC”), both public benefit corporations, as subsidiary corporations of the Agency. In addition, as amended through 1990, such law established the New York State Homeless Housing and Assistance Corporation (“HHAC”). The Agency does not have financial accountability for these corporations; accordingly, they are not component units of the Agency in accordance with the requirements of the Governmental Accounting Standards Board (GASB) Statement No. 61 (GASB Statement No. 61), Financial Reporting Entity: Omnibus.

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NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. BASIS OF ACCOUNTING: The Agency utilizes the accrual basis of accounting wherein revenues are recognized

when earned and expenses when incurred. The financial statements are prepared in accordance with generally accepted accounting principles as prescribed by the Governmental Accounting Standards Board (“GASB”).

B. INVESTMENTS: Investments, other than collateralized investment agreements, are recorded at their fair value, which are based on quoted market prices or matrix pricing for securities that are not traded actively. Collateralized investment agreements are reported at cost plus accrued interest. For the purpose of financial statement presentation, the Agency does not consider any of its investments to be cash equivalents.

C. INTEREST AND INVESTMENT REVENUE: Interest and investment income is accrued and recognized as

revenue when earned. D. FEES, CHARGES AND OTHER REVENUE: Servicing fees, mortgage origination fees, commitment fees and

other fees due to the Agency, are recognized as revenue in the period in which they are earned.

E. ADMINISTRATIVE EXPENSES: Administrative and other expenses are recognized as expense in the period incurred.

F. INTERAGENCY SERVICES: The Agency has agreements with related public benefit corporations to provide

managerial, administrative and financial functions for these organizations. Pursuant to these agreements, the Agency’s general expenses are allocated to reflect the services utilized by each of the respective related public benefit corporations. The Agency is reimbursed for such expenses, to the extent the related public benefit corporation have funds available.

G. COSTS OF ISSUANCE EXPENSE: The costs of issuing bonds are expensed in the period incurred.

H. GRANTS: Grants received from Federal, State and local governments are recognized as non‐operating revenue when eligibility requirements are met.

I. ACCRUED VACATION BENEFITS: Vacation benefits are recorded in the period earned.

J. BOND PREMIUM: Bond premium is amortized over the life of the related bonds using the effective interest

method.

K. RESTRICTED ASSETS: The assets governed by bond or note resolutions are restricted. Cash and investments included in restricted fund accounts are held by trustee banks. Additionally, restricted assets include funds available to be advanced as subsidy loans which were committed but not yet disbursed.

L. USE OF RESTRICTED NET POSITION: When both restricted and unrestricted resources are available for a particular restricted use, it is the Agency’s policy to use restricted resources first, and then unrestricted as needed.

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M. ALLOWANCE FOR POTENTIAL LOSSES ON LOANS: An allowance has been established for possible uncollectible mortgage loans and accrued interest (see Note 4). Annually, the allowance is reviewed for reasonableness. Provisions for uncollectible receivables are recorded when it has been determined that a probable loss has occurred.

N. NET POSITION: The Agency’s Net Position represents the excess of assets and deferred outflows of resources

over liabilities and deferred inflows of resources. It consists largely of mortgage loans and investments. The Agency’s net position is categorized as follows:

Restricted Net Position: Represents assets that have been restricted in use in accordance with the terms of bond indentures, grant awards, agreements or by State law, reduced by the outstanding balance of any debt that is attributable to those assets. This includes mortgage loan assets, bond proceeds and reserve funds that are pledged to bondholders and funds held pursuant to contractual obligations with New York State. Unrestricted Net Position: Represent assets that do not meet the definition of restricted.

O. REFUNDINGS OF DEBT: Gains or losses in connection with advanced refundings are recorded as either a deferred outflows (loss) or deferred inflows (gain) of resources and amortized as an adjustment to interest expense over the original life of the refunded bonds or the life of the refunding bonds, whichever is shorter.

P. DERIVATIVE INSTRUMENTS: The Agency has entered into various interest rate swaps in order to manage risks associated with interest on its State Revenue Bond Program bond portfolio. The Agency recognizes the fair value of all derivative instruments as either an asset or liability on its statements of net position with the offsetting gains or losses recognized in earnings or as either deferred inflows or outflows if deemed an effective hedge.

Q. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS: In March 2013, the Agency adopted the

provisions of GASB issued Statement No. 65, Items Previously Reported as Assets and Liabilities (“GASB No. 65”). The objective of this Statement is to either (a) properly classify certain items that were previously reported as assets and liabilities as deferred outflows of resources or deferred inflows of resources or (b) recognize certain items that were previously reported as assets and liabilities as outflows of resources (expenses or expenditures) or inflows of resources (revenues). The provisions of this Statement are effective for financial statements for periods beginning after December 15, 2012; however the Agency elected to early‐adopt GASB No. 65 during the year ended October 31, 2013. Refer to Note 3 “Impact of the Adoption of GASB No. 65” for further information regarding the impact of the adoption of GASB No. 65 on the financial statements.

R. UPCOMING ACCOUNTING PRONOUNCEMENTS: In March 2012, GASB issued Statement No. 66, Technical

Corrections–2012. The objective of this Statement is to improve accounting and financial reporting by state and local governmental entities by resolving conflicting guidance that resulted from the issuance of two pronouncements–Statements No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, and No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre‐November 30, 1989 FASB and AICPA Pronouncements. The provisions of this Statement are effective for financial statements for periods beginning after December 15, 2012. The Agency does not anticipate the implementation of this standard to have an impact on its financial statements.

In June 2012, GASB issued Statement No. 67, Financial Reporting for Pension Plans. The objective of this Statement is to improve the usefulness of pension information included in the general purpose external financial reports (financial reports) of state and local governmental pension plans for making decisions and assessing

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accountability. The provisions of this Statement are effective for financial statements for periods beginning after June 15, 2013. The Agency does not anticipate that the implementation of this standard will have an impact on its financial statements. In June 2012, GASB issued Statement No. 68, Accounting and Financial Reporting for Pensions (“GASB No. 68”). The primary objective of this Statement is to improve accounting and financial reporting by state and local governments for pensions. It also improves information provided by state and local governmental employers about financial support for pensions that is provided by other entities. The provisions of this Statement are effective for financial statements for periods beginning after June 15, 2014. The Agency is currently evaluating the impact of the implementation of this standard will have on its financial statements. In January 2013, GASB issued Statement No. 69, Government Combinations and Disposals of Government Operations (“GASB No. 69”). The objective of this Statement is to improve the accounting for mergers and acquisitions among state and local governments by providing guidance specific to the situations and circumstances encountered within the governmental environment. The provisions of this Statement are effective for financial statements for periods beginning after December 15, 2013. The Agency does not anticipate that the implementation of this standard will have an impact on its financial statements. In February 2013, GASB issued Statement No. 70, Accounting and Financial Reporting for Non‐exchange Financial Guarantees (“GASB No. 70”). The objective of this Statement is to improve the comparability of financial statements among governments by requiring consistent reporting by those governments that extend and/or receive non‐exchange financial guarantees. The provisions of this Statement are effective for financial statements for periods beginning after June 15, 2013. The Agency does not anticipate that the implementation of this standard will have an impact on its financial statements.

S. RECLASSIFICATIONS: Certain reclassifications have been made to prior year balances in order to conform to current year presentation.

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NOTE 3 – IMPACT OF THE ADOPTION OF GASB NO. 65 As previously noted, the Agency adopted GASB Statement No. 65 during the current fiscal year. The implementation of this new standard resulted in the modification of the method previously used to account for mortgage origination fees, commitment fees and the cost of issuance associated with the Agency’s numerous bond issuances and the reclassification of the Agency’s deferred loss on bond defeasance to a deferred outflow of resources. In accordance with the requirements of this new standard, the Agency’s Net Position as of October 31, 2011 and the Agency’s Statement of Revenues, Expenses and Changes in Net Position were restated to retroactively adjust the Agency’s financial statements. As a result, the following restatements have been made to the Agency’s financial statements.

As Previously

As of October 31, 2011 Reported Adjustment Restated (in thousands)

Net Position $ 403,263 $ 33,390 $ 436,653

For the year ended October 31, 2012 Fees, Charges and Other 30,196 6,722 36,918 Interest Expense (94,278) 510 (93,768) General Expenses (16,546) 42 (16,504) Net Position (14,114) 7,274 (6,840)

As of October 31, 2012 Interest Receivable and Other 31,061 (12,738) 18,323 Bonds payable 10,802,085 (523) 10,801,562 Deferred inflow of resources: Gain on Defeasance ‐ net ‐ 721 721 Unearned Revenues, Amounts Received in Advance and Other 225,088 (53,601) 171,487 Net Position $ 389,149 $ 40,664 $ 429,813

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NOTE 4 – RECEIVABLES

MORTGAGE LOAN Mortgage loans, which are financed by long‐term indebtedness, are collectible through monthly payments. The Agency’s bond resolutions, with respect to such mortgages, generally require among other provisions that:

A. The Agency’s mortgage is a first mortgage lien on the real property of the project;

B. The mortgage loan shall not exceed the then established project cost or, for certain programs, a certain

percentage thereof; and

C. Mortgage repayments, together with other available monies, shall be sufficient to pay debt service on the bonds issued to finance the mortgage.

The Agency had outstanding, under various loan programs, mortgage loans receivable in the amounts of $10.59 billion and $9.84 billion at October 31, 2013 and 2012, respectively. The allowances for potential loan losses amounted to $281.6 million and $212.7 million at October 31, 2013 and 2012, respectively as described below. While the New York State Division of Housing and Community Renewal (“DHCR”) is required to set rental schedules for certain of the housing projects financed by the Agency at rates sufficient to meet current operating costs, including debt service and required reserves, mortgagors of certain projects (as described below) have experienced difficulty in collecting increased rents. The failure of a project to generate sufficient revenues may result in the inability of the mortgagor to meet its mortgage repayments, required reserves and, in certain cases, real estate taxes. The failure of a mortgagor to pay its real estate taxes could result in the Agency’s mortgage lien being extinguished in foreclosure unless the Agency is able to apply its own funds or State appropriations to cure the default. The collection of mortgage loans made to hospitals and nursing homes is dependent on the ability of each hospital and nursing home to generate sufficient funds to service its debt, which in turn, is predicated on its ability to obtain Medicare, Medicaid, Blue Cross or managed care reimbursement rate increases to offset increasing operating costs. Federal and State agencies have certain limitations on such reimbursement rates. MITCHELL LAMA MORTGAGE PORTFOLIO On June 5, 2013 the Agency issued House New York Revenue Bonds (the “bonds”) in the amount of $46.4 million. Such bonds were issued in connection with the assignment, effective June 1, 2013, by the New York State UrbanDevelopment Corporation, doing business as Empire State Development (“ESD”), to the Agency of certain notesreceivable (the “Notes”), mortgages (the “Mortgages”) and interest reduction payment contracts (the “IRP Contracts”)entered into with the Secretary of Housing and Urban Development (“HUD”). Proceeds of the Bonds in the amountof $45.3 million were used to finance the acquisition price (the “Acquisition Price”) that was paid to ESD asconsideration for the assignment by ESD of the Notes, Mortgages and IRP Contracts. The remainder of the bondproceeds in the amount of $1.1 million was used to fund the Cost of Issuance Account. Payment of the principal and interest on the Bonds will be payable solely from payments received or receivable by the Agency pursuant to the IRPContracts (the “Revenues”) and will be secured by the Notes, Mortgages, and IRP Contracts.

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HUD and ESD entered into the IRP Contracts pursuant to Section 236(b) of the National Housing Act (“Section 236”)when the mortgages were originally issued. At that time, the monthly IRP payments due from HUD were fixed forthe life of each IRP contract. As the Agency and ESD are discretely presented component units of the State of New York, they are considered intra‐entities for financial reporting purposes and, accordingly, the Agency has recorded the transaction in accordance withGASB Statement No. 48, Sales and Pledges of Receivables and Future Revenues and Intra‐Entity Transfers of Assets and Future Revenues. As per this standard, the Agency has recorded the assets received in this transaction at ESD’scarrying value with the difference being recorded as a gain in its financial statements. For purposes of reporting this transaction in the State’s Comprehensive Financial Report, such amounts will be reclassified and reported as a transfer.

As of March 31, 2013, ESD recorded a loss of $116.3 million on the mortgage portfolio which they had valued at $161.7million. The loss was calculated after taking into account $45.4 million paid by the Agency to ESD to acquire theportfolio. Taking into consideration IRP payments due to ESD from HUD covering the period from April 1, 2013 ‐May 31, 2013, the Agency adjusted the value of the mortgage portfolio to $157.9 million as of the transfer date, June 1, 2013. The Agency’s acquisition of the mortgage portfolio for $45.4 million, resulted in a gain to the Agency in the amount of $112.5 million. Because the bonds are secured by the future IRP payments due from HUD, and the Agency has determined that othermortgage payments due from mortgagors are uncertain and cannot be reasonably valued, the Agency has valued the mortgages at the future value of the IRP payments in the amount of $110.3 million as of June 1, 2013 (the date of theacquisition), resulting in the establishment of an allowance in the amount of $47.6 million. The net balance of themortgage loan receivable relating to the acquired loans was $105.1 million as of October 31, 2013. SUBORDINATE MORTGAGE LOANS Subsidy loans are not secured by credit enhancement and their terms require payments which are deferred until other obligations are satisfied. Subsidy loans are made in the form of subordinate mortgage loans and are recorded as mortgage loans receivable. Therefore, an allowance is established for the full amount of the subordinate loans (including subsidy loans) not making current payments. As of October 31, 2013, subsidy mortgage loans were outstanding in the amount of $228.7 million, with an allowance established in the amount of $225.8 million. As of October 31, 2012, subsidy loans were outstanding in the amount of $206.8 million, with an allowance established in the amount of $203.9 million. OTHER PROGRAMS Allowances have been established in certain other programs in the amounts of $8.2 million as of fiscal 2013 and $8.8 million as of fiscal 2012.

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NOTE 5 – DEPOSITS AND INVESTMENTS At October 31, 2013, the Agency’s cash held by institutions, either with the New York State Department of Taxation and Finance or in depository institutions, was fully collateralized by securities held with a trustee in the Agency’s name and amounted to $155.1 million ($104.2 million at October 31, 2012). Uncollateralized and uninsured cash held by paying agents and depositories amounted to $1.0 million ($23.0 million at October 31, 2012). CREDIT RISK Investment guidelines and policies are designed to protect principal by limiting credit risk. Therefore, the Agency has a formal investment policy which governs the investment of all Agency monies. The Agency investment guidelines require that all bond proceeds and revenues can only be invested in securities [defined as (i) obligations the principal of and interest on which are guaranteed by the United States of America; (ii) obligations of the United States of America; (iii) obligations the principal of and interest on which are guaranteed by the state; (iv) obligations of the State; (v) obligations of any agency of the United States of America; (vi) obligations of any agency of the State; and (vii) obligations the principal of and interest on which are guaranteed by an agency of instrumentality of the United States of America; provided, however, that notwithstanding anything to the contrary herein, the Agency shall not be authorized to invest in Securities set forth in clauses (v) and (vi) hereof, unless specifically authorized under authority of Section 98 of the State Finance Law]; Collateralized Investment Agreements; Repurchase Agreements; and obligations which the Comptroller is authorized to invest in under Section 98 of the State Finance Law. Securities are only purchased from Primary Dealers, and Securities are delivered to the applicable Custodian/Trustee who records the interest of the Agency. Collateralized Investment Agreements may only be entered into with institutions rated at least within the second highest rating category without regard to gradations within such category by Moody’s Investors Service or Standard & Poor’s. Collateralized Investment Agreements are collateralized at a minimum of 103% of the principal amount of the agreement and marked to market weekly. Short‐term repurchase agreements may only be entered into with primary dealers with whom the Agency has executed a Security Industry Financial Market Association (SIFMA) repurchase agreement, and are collateralized at a minimum of 100% of principal. The collateral consists of United States government obligations, other securities the principal of and interest on which are guaranteed by the United States, Government National Mortgage Association obligations and obligations of agencies and instrumentalities of the Congress of the United States. The collateral shall be delivered to the Trustee/Custodian and held for the benefit of the Agency. Agency funds are invested in accordance with the investment guidelines approved annually by the Agency’s board, which are in compliance with the New York State Comptroller’s Investment Guidelines. All of the above investments that are securities are in registered form, and are held by agents of the Agency or by the trustee under the applicable bond resolution, in the Agency’s name. The agents or their custodians take possession of the securities. DIVERSIFICATION STANDARDS The Agency’s investments, other than Securities, shall be diversified among Banks but not more than 35% of the Agency’s total invested funds were invested with any single such institution, and investments with any single institution shall not exceed 20% of that institution’s capital. These standards may be waived by the Agency’s Chairman or the President and Chief Executive Officer. At October 31, 2013 and 2012, there was no single investment that exceeded 20% of the Agency’s funds and not more than 35% of the Agency’s total invested funds were invested with any single such institution

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2013 2012

Investment TypeCollateralized Investment Agreements $ 37,950 $ 37,950U.S. Treasury Obligations 1,292,263 1,498,543Other 1,753 3,142Total $ 1,331,966 $ 1,539,635(See Note 6 for investment detail by maturity)

(in thousands)

INTEREST RATE RISK Interest rate risk is minimal due to the short term duration of the Agency’s investments in the other than collateralized investment agreements category. Rates on collateralized investments are linked to interest rates on applicable bonds so that interest rate risk is minimal. Securities purchased from revenues are invested in U.S. Treasury Obligations with maturities as close as practicable to the next debt service payment date or date of usage, typically six months and under. The fair value of investments excluding accrued interest as of October 31, 2013 and October 31, 2012 is as follows:

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Investment Maturities (In Years)

Fair Less MoreValue than 1 1 to 5 6 to 10 than 10

Restricted Funds:Collateralized Investment Agreements $ 37,950 $ — $ 23,300 $ 14,650 $ — U.S. Treasury Bills 1,111,291 1,111,291 — — — U.S. Treasury Bonds 1,878 494 — 125 1,259 U.S. Treasury Strips 10,047 10,021 — — 26 Government Agencies 1,753 523 195 — 1,035

1,162,919 1,122,329 23,495 14,775 2,320

Unrestricted:U.S. Treasury Bills 31,356 31,356 — — — U.S. Treasury Bonds 295 38 — 257 — U.S. Treasury Notes 30,519 — 30,519 — — U.S. Treasury Strips 95,464 83,938 11,524 — 2

157,634 115,332 42,043 257 2

Escrow Funds:U.S. Treasury Bills 11,413 11,413 — — —

11,413 11,413 — — —

Grand Total:Collateralized Investment Agreements 37,950 — 23,300 14,650 — U.S. Treasury Bills 1,154,060 1,154,060 — — — U.S. Treasury Bonds 2,173 532 — 382 1,259 U.S. Treasury Notes 30,519 — 30,519 — — U.S. Treasury Strips 105,511 93,959 11,524 — 28 Government Agencies 1,753 523 195 — 1,035

$ 1,331,966 $ 1,249,074 $ 65,538 $ 15,032 $ 2,322

(in thousands)

NOTE 6 – MATURITY OF INVESTMENTS As of October 31, 2013, the Agency had the following investments and maturities in two categories: Restricted Funds and Unrestricted Funds. Values below are at Fair Value excluding accrued interest as of October 31, 2013:

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NOTE 7 – BOND INDEBTEDNESS The Agency has obtained construction and/or long‐term financing for all applicable projects within all programs. The issuance of debt for the financing of projects by the Agency is subject to the approval of the New York State Public Authorities Control Board. Bonds are issued under various bond resolutions adopted by the Agency to permanently finance and/or provide financing during the construction period for qualified projects. Substantially all of the assets of each bond program of the Agency are pledged as collateral for the payment of principal and interest on bond indebtedness only of that program. The obligations of the Agency are not obligations of the State, and the State is not liable for such obligations. The ability of the Agency to meet the debt service requirements on the bonds issued to finance mortgage loans is dependent upon the ability of the mortgagors in such programs to generate sufficient funds to meet their respective mortgage payments as well as to meet the operating and maintenance costs of the applicable projects. At October 31, 2013 and 2012, the total debt service reserve requirements were $36.0 million and $37.0 million, respectively. The Agency has sufficient funds on deposit within the debt service reserve funds to fully satisfy these requirements. In addition, as of both October 31, 2013 and 2012, included in the FHA‐Insured Multi‐Family Housing Revenue Bond Program, the Agency has funded the amount of approximately $1.1 million in a dedicated Risk Sharing account. This deposit is required by agreement with HUD. Included in the bond indebtedness of the Secured Loan Rental Housing Bond Program, the Service Contract Revenue Bonds Program, and the State Personal Income Tax Revenue Bond Program are variable debt as of October 31, 2013 and 2012. The balance of the variable rate bonds outstanding are as follows: Secured Loan Rental Housing ‐ $8.9 billion and $8.7 billion at October 31, 2013 and 2012, respectively; Service Contract Revenue ‐ $200.0 million and $232.2 million at October 31, 2013 and 2012, respectively; State Personal Income Tax Revenue ‐ $80.0 million at October 31, 2013 and 2012. The variable rate demand bonds are subject to purchase on the demand of the holder, at a price equal to par plus accrued interest, on seven days notice and delivery of the bonds to the respective tender agents. For each variable rate financing, there is a remarketing agent which is authorized to use its best effort to sell the repurchased bonds at par and a liquidity provider in the form of an irrevocable letter of credit or credit instrument, issued by a major bank, or government sponsored entity, on behalf of the project being financed. The letters of credit are valid with maturity dates ranging from September 8, 2014 to May 6, 2049. The tender agent/trustee is entitled to draw on the liquidity facility in an amount sufficient to pay the par value of and accrued interest on bonds delivered to it in the event bonds are not remarketed to, or monies are not received from, a new bondholder in a timely manner. The Agency classifies such bonds with a maturity in excess of one year as long term debt in accordance with GASB Interpretation No. 1, Demand Bonds Issued by State and Local Governments. For certain variable rate bonds, Fannie Mae and Freddie Mac credit enhancements have been substituted for letters of credit. Defeasances were accomplished by placing in irrevocable trustee escrow accounts, cash and amounts invested in U.S. Treasury obligations that will generate funds sufficient to meet future payments of all interest, principal and call premiums, if applicable, on the defeased bonds. Accordingly, the defeased bonds and related assets placed in the irrevocable escrow accounts are not included in the Agency’s financial statements since the Agency has legally

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Fiscal Year

Projects or Bond Issues Defeased Defeased

2013 2012

St. Camillus Nursing Home ‐ 1970 Series A and 1974 Series A 1982 $30 $55 North Shore University Hospital ‐ 1970 Series A, 1974 Series A 1977 Series A 1983 6,779 8,224Wesley Nursing Home ‐ 1971 Series A and 1977 Series A 1984 332 662Crouse Irving Memorial Hospital ‐ 1972 Series A and 1977 Series A 1985 4,160 5,140Community Memorial Hospital ‐ 1971 Series A and 1977 Series A 1985 120 180St. Josephʹs Hospital Health Center ‐ 1972 Series A and 1977 Series A 1986 3,868 4,768Tioga Nursing Home ‐ 1971 Series A and 1977 Series A 1989 — 150Eger Nursing Home ‐ 1972 Series A and 1977 Series A 1989 580 1,125State University Construction ‐ various series 1990 — 19,340Saint Lukeʹs Nursing Home ‐ 1974 Series A and 1977 Series A 1992 433 593Charles T. Sitrin Nursing Home ‐ 1974 Series A 1992 292 437Downtown Nursing Home ‐ 1974 Series A and 1977 Series A 1992 346 481Millard‐Fillmore Hospital ‐ 1972 Series A 1993 2,604 3,959Isabella Nursing Home ‐ 1971 Series A 1994 — 900St. Johnland Nursing Home ‐ 1974 Series A and 1977 Series A 1994 795 1,135Adirondack Tri‐County Nursing Home ‐ 1974 Series A 1994 140 210Brookdale Hospital ‐ 1974 Series A and 1977 Series A 1995 2,790 3,840Consolation Nursing Home ‐ 1974 Series A 1996 625 955Goodman Gardens Nursing Home ‐ 1974 Series A 1996 395 605St. Johnʹs Nursing Home ‐ 1971 Series A 1996 — 375The Martin Luther King Jr. Nursing Home ‐ 1974 Series A 1996 305 480Teresian Nursing Home ‐ 1972 Series A 1997 365 620Loretto Rest Nursing Home ‐ 1974 Series A 1997 1,210 1,910State Personal Income Tax Revenue Bonds ‐ 2003 Series A 2005 — 71,210State Personal Income Tax Revenue Bonds ‐ 2003 Series A 2006 4,750 31,365State Personal Income Tax Revenue Bonds ‐ various series 2007 8,300 19,180State Personal Income Tax Revenue Bonds ‐ various series 2013 33,355 — TOTAL $72,574 $177,899

Principal Amount Remaining of

Obligations Defeased

October 31,

($ in thousands)

The principal amount outstanding for bond obligations defeased with respect to the Hospital and Nursing Home Program, State University Construction Program, State Personal Income Tax Revenue Bonds (Economic Development and Housing) Program and the Secured Loan Rental Housing Programs were as follows:

Bonded debt previously issued by the Agency for the Non‐Profit Housing, the Housing Project Bonds Programs, and the Hospital and Health Care Project Revenue Bond Program together totaling $10.6 million and $14.9 million in outstanding bonds as of October 31, 2013 and 2012, respectively is classified as “moral obligation” debt. Moral obligation debt is not a debt or a liability of the State. Rather, in the event of a deficiency in the debt service and capital reserve funds established by bond resolutions, the State is obliged to consider, annually, providing funds to restore such reserve funds to the required level. The State is not legally required to provide such funding.

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NOTE 8 ‐ SUMMARY OF BOND INDEBTEDNESSFiscal Year Ended October 31, 2013(in thousands)

Mortgage Programs:Non‐Profit Housing Project Bonds‐5.80% to 8.40% $ 186,085 11,305 — 3,835 7,470 2019

Housing Project Bonds‐7.75% to 8% 8,380 3,580 — 420 3,160 2019

House New York Revenue Bonds0.35% to 1.80% 46,440 — 46,440 — 46,440 2018

Hospital and Health Care Project Revenue Bonds‐ 3.60% to 5.15% 42,090 20 — 10 10 2016

Nursing Home and Health Care Project Revenue Bonds‐3.60% to 5.15% 190,080 16,915 — 8,265 8,650 2016

FHA‐Insured Multi‐Family Mortgage HousingRevenue Bonds‐1% to 8.45% 34,750 23,945 — 8,525 15,420 2043

Multi‐Family FHA‐Insured Mortgage HousingRevenue Bonds‐6.79% 2,540 2,295 — 30 2,265 2039

Secured Loan Rental Housing Bonds‐1.10% to 9% 10,023,915 8,904,475 377,064 102,725 9,178,814 2049

Housing Project Mortgage Revenue Bonds‐3.60% to 6.125% 484,540 9,970 — 2,730 7,240 2020

Affordable Housing Revenue Bonds‐0.25% to 6.80% 1,078,990 430,830 442,680 59,560 813,950 2047

Affordable Housing Revenue Bonds‐(Federal New Issue Bond Program) ‐ (ʺNIBPʺ)2009 Series 12.47% to 3.68% 259,460 257,604 — 43,217 214,387 2051New Issues:0.30% to 3.80% 149,465 140,287 — 24,174 116,113 2022

Total Mortgage Programs 12,506,735 9,801,226 866,184 253,491 10,413,919

Other Programs:State Revenue Bond Programs ‐ 1.35% to 5.35% 1,470,810 983,920 — 131,675 852,245 2039

Total Other Programs 1,470,810 983,920 — 131,675 852,245

Total Bond Indebtedness 13,977,545 10,785,146 866,184 385,166 11,266,164

Bond Premium — 16,416 13,867

Total Net Bond Indebtedness $ 13,977,545 10,801,562 * 11,280,031

OriginalFace

Amount

Balance October 31,

2012 Issued

BalanceOctober 31,

2013

FinalMaturity

Date

Retired/ Principal Payments

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NOTE 9 ‐ DEBT SERVICE REQUIREMENTS(in thousands)

Principal:Fiscal Year ending October 31,

2014 $ 3,360 455 10 25,390 13,4352015 1,860 495 — 34,910 62,4302016 495 530 — 60,245 5,9902017 535 575 — 106,755 5,7852018 590 620 — 14,290 5,805

Five years ending October 31,2023 630 485 — 77,230 31,7852028 — — — 81,140 34,8502033 — — — 95,510 42,2802038 — — — 123,330 51,5502043 — — — 124,070 61,4502048 — — — 60,170 15,1402053 (final year) — — — 10,910 —

$ 7,470 3,160 10 813,950 330,500

Interest expense:Fiscal Year ending October 31,

2014 $ 423 244 1 26,602 8,4802015 252 207 — 27,108 8,1552016 168 166 — 26,518 7,1672017 125 123 — 25,530 7,0072018 78 76 — 24,449 6,846

Five years ending October 31,2023 26 26 — 115,874 31,5182028 — — — 101,508 26,7612033 — — — 83,489 21,3742038 — — — 59,203 14,8262043 — — — 28,590 6,8322048 — — — 7,571 4652053 (final year) — — — 624 —

$ 1,072 842 1 527,066 139,431

Total debt service requirements:Fiscal Year ending October 31,

2014 $ 3,783 699 11 51,992 21,9152015 2,112 702 — 62,018 70,5852016 663 696 — 86,763 13,1572017 660 698 — 132,285 12,7922018 668 696 — 38,739 12,651

Five years ending October 31,2023 656 511 — 193,104 63,3032028 — — — 182,648 61,6112033 — — — 178,999 63,6542038 — — — 182,533 66,3762043 — — — 152,660 68,2822048 — — — 67,741 15,6052053 (final year) — — — 11,534 —

$ 8,542 4,002 11 1,341,016 469,931

*Final maturity date

Non-ProfitHousing Project Bonds

HousingProject Bonds

Hospital andHealth Care Project Revenue Bonds

Affordable Housing Revenue Bonds

AffordableHousing Revenue Bonds (NIBP)

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Total

6,795 3,500 10,600 1,210 83,055 147,81011,095 2,460 10,905 1,375 61,815 187,3459,590 1,460 11,500 995 55,775 146,5808,875 1,230 9,815 1,065 63,645 198,2807,235 — 8,685 1,155 54,025 92,405

2,850 — 42,505 1,440 149,880 306,805— — 129,065 — 120,420 365,475— — 1,501,945 — 167,230 1,806,965— — 2,529,005 — 93,440 2,797,325— — 2,836,200 — 2,960 3,024,680— — 1,957,189 — — 2,032,499— — 149,085 — — 159,995

46,440 8,650 9,196,499 7,240 852,245 11,266,164

408 355 1,085,307 417 56,672 1,178,909407 202 1,091,580 341 52,292 1,180,544338 101 1,091,029 270 47,986 1,173,743251 32 1,090,461 208 43,744 1,167,481137 — 1,089,950 142 38,937 1,160,615

25 5,443,105 84 141,910 5,732,568— — 5,407,907 — 105,750 5,641,926— — 5,067,333 — 54,462 5,226,658— — 3,849,021 — 11,600 3,934,650— — 2,196,975 — 74 2,232,471— — 539,756 — — 547,792— — 26,713 — — 27,337

1,566 690 27,979,137 1,462 553,427 29,204,694

7,203 3,855 1,095,907 1,627 139,727 1,326,71911,502 2,662 1,102,485 1,716 114,107 1,367,8899,928 1,561 1,102,529 1,265 103,761 1,320,3239,126 1,262 1,100,276 1,273 107,389 1,365,7617,372 — 1,098,635 1,297 92,962 1,253,020

2,875 — 5,485,610 1,524 291,790 6,039,373— — 5,536,972 — 226,170 6,007,401— — 6,569,278 — 221,692 7,033,623— — 6,378,026 — 105,040 6,731,975— — 5,033,175 — 3,034 5,257,151— — 2,496,945 — — 2,580,291— — 175,798 — — 187,332

48,006 9,340 37,175,636 8,702 1,405,672 40,470,858

**Interest rate on variable rate demand bonds in these programs are set by the Remarking Agent and the Broker Dealer. The maximum interest rate as defined in respective bond resolutions cannot exceed 15%.

Nursing Home And Health Care Project Revenue Bonds

Secured Loan Rental Housing Bonds (and Other)*

HousingProject Mortgage Revenue Bonds

SCOR/ State Revenue/ Personal Income/Bond Programs**

House New York Revenue Bonds

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NOTE 10 – INTEREST RATE EXCHANGE AGREEMENTS (SWAPS) The Agency has entered into three negotiated swaps as part of its risk management program, serving to increase financial flexibility and reduce interest costs. These swaps were entered into with two financial institutions, J.P. Morgan Chase and Bear Stearns, now one entity – J.P. Morgan Chase (the Counterparty) for a total notional principal of $237,900,000. Together the maturity and amortization of these swaps correspond to the maturity and amortization of the underlying Service Contract Revenue Refunding Bonds (SCR) 2003 Series L and M and the State Personal Income Tax Revenue Bonds (Economic Development and Housing) (PIT) 2005 Series C. The fair value balances and notional amounts of derivative instruments outstanding at October 31, 2013, classified by type, and the changes in fair value of such derivative instruments are as follows:

Changes in fair value Fair value at October 31, 2013 Classification Amount Classification Amount Notional Cash flow hedge Deferred inflow $15,176,207 Debt ($30,964,125) $237,900,000

The fair values of the interest rate swaps were estimated using the zero‐coupon method. This method calculates the future net settlement payments required by the swap, assuming that the current forward rates implied by the LIBOR swap curve correctly anticipate future spot LIBOR interest rates. These payments are then discounted using the spot rates implied by the current LIBOR swap curve for hypothetical zero‐coupon bonds due on the date of each future net settlement on the swaps. OBJECTIVE AND TERMS OF HEDGING DERIVATIVE INSTRUMENTS The following table displays the objective and terms of the Agency’s hedging derivative instruments outstanding at October 31, 2013, along with the credit rating of the associated counterparty:

Terms

Type Objective Notional Amount

Effective Date

Maturity Date

Fixed rate paid Fair value

Counterparty:J.P.Morgan Credit Rating

Synthetic fixed rate swap

Hedge of changes in cash flows of SCR 2003 Series L (1) and M (2) bonds and PIT 2005 Series C (3) bonds.*

(1)$78,950,000(2)$78,950,000 (3)$80,000,000

8/28/20038/28/2003 3/10/2005

9/15/20219/15/2021 3/15/2033

3.656% 3.660% 3.336%

($8,953,519)($8,968,077) ($13,042,529)

Moody’s: Aa3S&P: A+ Fitch: A+

*The variable rate payment received is 65% of one month LIBOR received on all hedges. CREDIT RISK: The Agency is exposed to credit risk on hedging derivative instruments that are in asset positions. To minimize its exposure to loss related to credit risk, it is the Agency’s policy to require counterparty collateral posting provisions in its non‐exchange‐traded hedging derivative instruments. These terms require full collateralization of the fair value of hedging derivative instruments in asset positions (net of the effect of applicable netting arrangements) should the counterparty’s credit rating not be within the two highest investment grade categories by at least one nationally recognized statistical rating agency or the rating by any nationally recognized statistical rating agency fall below the three highest investment grade rating categories. The Agency has never been required to access collateral. It is the Agency’s policy to enter into netting arrangements whenever it has entered into more than one derivative instrument transaction with a counterparty. Under the terms of these arrangements, should one party become insolvent or otherwise default on its obligations, close‐out netting provisions permit the non‐defaulting party to accelerate and terminate all outstanding transactions and net the transactions’ fair values so that a single sum will be owed by, or owed to, the non‐defaulting party.

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Year Ended Fixed InterestOctober 31, Principal Interest Rate Swaps, net Total

2014 $ 20,350 $ 241 $ 7,996 $ 28,5872015 11,200 225 7,446 18,8712016 22,200 208 6,862 29,2702017 23,000 184 6,068 29,2522018 24,300 159 5,243 29,7022019‐2023 61,050 476 15,450 76,9762024‐2028 33,800 317 10,213 44,3302029‐2033 42,000 108 3,466 45,574TOTAL $ 237,900 $ 1,918 $ 62,744 $ 302,562

(in thousands)

INTEREST RATE RISK: The Agency is exposed to interest rate risk on its interest rate swaps. On its pay‐fixed, receive‐variable interest rate swap, as LIBOR decreases, the Agency’s net payment on the swap increases. BASIS RISK: The Agency is exposed to basis risk on its pay‐fixed interest rate swap hedging derivative instruments because the variable‐rate payments received by the Agency on these hedging derivative instruments are based on a rate other than interest rates the Agency pays on its hedged variable‐rate debt, which is remarketed every 30 days. As of October 31, 2013, the weighted‐average interest rate on the Agency’s hedged variable‐rate debt is 0.1037 percent, while the applicable 65% percent of LIBOR rate is 0.1131 percent.

TERMINATION RISK: The Agency or its counterparty may terminate a derivative instrument if the other party fails to perform under the terms of the contract. If at the time of termination, a hedging derivative instrument is in a liability position, the Agency would be liable to the counterparty for a payment equal to the liability, subject to netting arrangements. ROLLOVER RISK: The Agency is exposed to rollover risk on hedging derivative instruments should a termination event occur prior to the maturity of the hedged debt. The table that follows represents debt service payments relating to the Agency’s hedged derivative instrument payments and debt. As of October 31, 2013, the debt service requirements of the Agency’s hedged variable rate debt and net receipts or payments on associated derivative instruments for the period hedged are as follows. These amounts assume that current interest rates on variable‐rate bonds and the current reference rates of hedging derivative instruments will remain the same for the term of the respective swaps. As these rates vary, interest payments on variable‐rate bonds and net receipts or payments on the hedging derivative instruments will vary.

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NOTE 11 – RETIREMENT BENEFITS STATE EMPLOYEES’ RETIREMENT SYSTEM The Agency participates in the New York State and Local Employees’ Retirement System (the “System”) which is a cost sharing multiple employer public employee retirement system offering a wide range of plans and benefits which are related to years of service and final average salary, and provide for death and disability benefits and for optional methods of benefit payments. All benefits vest after five years of credited service. Obligations of participating employers and employees to contribute, and benefits payable to employees, are governed by the System and social security laws. The laws provide that all participating employers in the System are jointly and severally liable for any actuarial unfunded amounts. The Agency is billed annually for contributions. The financial report of the System can be obtained from:

Office of the State Comptroller New York State and Local Retirement System 110 State Street Albany, NY 12244

Generally, all employees, except certain part‐time and temporary employees, participate in the System. The System is contributory for the first ten years for employees who joined after July, 1976 at the rate of 3% of their salary. Employee contributions are deducted from employees’ compensation for remittance to the System. The covered payroll for the fiscal years ended October 31, 2013, 2012 and 2011 was $3.0 million, $3.2 million and $3.4 million, respectively. Based upon the actuarially determined contribution requirements, the Agency contributed 100% of its required portion in the amounts of $1.3 million in fiscal 2013 and $1.5 million in fiscal 2012. Changes in benefit provisions and actuarial assumptions did not have a material effect on contributions during fiscal 2013 and 2012. DEFERRED COMPENSATION Some employees of the Agency have elected to participate in the State’s deferred compensation plan in accordance with Internal Revenue Code Section 457. Agency employees contributed $265,068 and $309,872 during fiscal 2013 and fiscal 2012, respectively. OTHER POSTEMPLOYMENT BENEFITS The Agency is a participating employer in the New York State Health Insurance Program (“NYSHIP”), which is administered by the State of New York as a multiple employer agent defined benefit plan. Under the plan as participated in by the Agency, eligible retired employees receive heath care benefits with employees paying 25% of dependent coverage costs and 10% of individual employee costs. The Agency’s plan complies with the NYSHIP benefit provisions. In addition, as provided for in Civil Service Law Section 167, the Agency applies the value of accrued sick leave of employees who retire out of service to the retireeʹs share of costs for health benefits.

47

The Agency provides certain group health care, death benefits and reimbursement of Medicare Part B premium for retirees (and for eligible dependents and survivors of retirees). Contributions towards part of the costs of these benefits are required of the retirees. Retiree contributions towards the cost of the benefit are calculated depending on a number of factors, including hire date, years of service, and/or retirement date. An actuarially determined valuation of these benefits was performed by a consultant to calculate the impact of GASB accounting rules applicable to the retiree medical benefits for retired employees and their eligible dependents. GASB Statement No. 45 requires the valuation must be performed at least biennially. The most recent biennial valuation was performed with a valuation date of November 1, 2011 and was used as the basis for the determination of costs for the year ended October 31, 2012 (updated for October 31, 2013). This valuation takes into consideration the National Health Care Reform Act. The total number of plan participants receiving OPEB from the Agency as of November 1, 2011 was 73. The Agency elected to record the entire amount of the net OPEB obligation in the fiscal year ended October 31, 2006. The Agency also elected not to fund the net OPEB obligation more rapidly than on a pay‐as‐you‐go basis. The net OPEB obligation relating to postemployment benefits is in the approximate amounts of $40.5 million and $36.6 million as of October 31, 2013 and 2012, respectively. The Agency is not required by law or contractual agreement to provide funding for other postemployment benefits other than the pay‐as‐you‐go amount necessary to provide current benefits to retirees and eligible beneficiaries/dependents. During the fiscal years ended October 31, 2013 and 2012, the Agency paid $795,951 and $730,267, respectively. Annual OPEB Cost and Net OPEB Obligation: The Agency’s annual OPEB cost (expense) is calculated based on the annual required contribution of the employer (“ARC”), an amount that was actuarially determined by using the Projected Unit Credit Method (one of the actuarial cost methods in accordance with the parameters of GASB Statement No. 45). The Agency is billed by NYSHIP for health care costs and also the health care costs relating to AHC. As a result, the Agencyʹs actuarial valuation includes AHCʹs obligation for these benefits. Also the Agencyʹs annual OPEB cost and net OPEB obligation includes the portion relating to AHC. The service agreement between the Agency and AHC provides for an allocation of these costs to AHC, representing its share of the billed amount. Since the Agency is a participating employer in NYSHIP, the Agency does not issue a separate stand‐alone financial report regarding postemployment retirement benefits. The NYSHIP financial report can be obtained from:

NYS Department of Civil Service Employee Benefits Division Alfred E. Smith Office Building Albany, NY 12239

The portion of the Actuarial Present Value allocated to a valuation year is called the Normal Cost. Calculations are based on the types of benefits provided under the terms of the substantive plan at the time of each valuation and on the pattern of sharing of costs between the employer and plan members to that point. Calculations reflect a long‐ term perspective. The Agency uses a level dollar amount and an amortization period of ten years on an open basis.

48

Fiscal Annual Percentage of NetYear OPEB Annual OPEB OPEBEnded Cost Cost Paid Obligation

($ in thousands)10/31/2013 $4,651 17.10% $40,47210/31/2012 $4,568 16.00% $36,61710/31/2011 $2,355 30.50% $32,779

Actuarial Methods and Assumptions: Actuarial valuations involve estimates of the value of reported amounts and assumptions about the probability of events far into the future and the actuarially determined amounts are subject to continual revision as actual results are compared to past expectations and new estimates are made about the future. The OPEB‐specific actuarial assumptions used in the Agency’s November 1, 2011 OPEB actuarial valuations were the projected unit credit method as its actuarial cost method, a 3.50% per annum discount rate and that retiree contributions are assumed to increase at the same rates as incurred claims. The premium rate is used for retirees and dependents with basic medical coverage.

The following table shows the elements of the Agency’s annual OPEB cost for the year, the amount actually paid, and changes in the Agency’s net OPEB obligation to the plan for the years ended October 31, 2013 and 2012:

2013 2012 (in thousands)

Annual required contribution (ARC) $ 7,772 $ 7,362 Interest on net OPEB obligation 1,282 1,147 Adjustment to ARC (4,403) (3,941) Annual OPEB cost 4,651 4,568 Payments made (796) (730) Increase in net OPEB obligation 3,855 3,838 Net OPEB obligation—beginning of year 36,617 32,779 Net OPEB obligation—end of year $ 40,472 $ 36,617

The Agency’s annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and the net OPEB obligation for the fiscal years ended October 31, 2013, October 31, 2012 and October 31, 2011 are as follow:

49

Initial monthly premium rates are shown in the following table:

Monthly Rate Effective July 31, 2013

Eligible‐Medicare Basic Single $612.26 Family $1,423.94

Health Care Cost Trend Rate (HCCTR). Covered medical expenses are assumed to increase by the following percentages:

HCCTR Assumptions

Year Ending Rate Year Ending Rate 2014 7.0% 2031 6.9% 2015 6.4% 2036 6.5% 2016 6.3% 2041 6.1% 2021 6.5% 2046 5.8% 2026 7.2% 2086 4.7%

Mortality rates listed below are those recommended by the actuary:

Age Male Female 60 00.686% 00.587% 65 01.149% 00.981% 70 01.880% 01.584% 75 03.240% 02.573% 80 05.763% 04.247% 85 10.252% 07.249% The required schedule of funding progress immediately following the notes to the financial statements presents multi‐year trend information about whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liability for benefits. NOTE 12 – COMMITMENTS AND CONTINGENCIES LOANS The Agency originates commitments to lend mortgage funds to borrowers in the normal course of business to meet the financing needs of developers providing affordable housing in the State of New York. Commitments to advance such funds are contractual obligations to lend to developers so long as all established contractual conditions are satisfied. As of October 31, 2013, the Agency had total outstanding commitments in the following amount $1.37 billion.

50

****

OFFICE LEASES The Agency is obligated under leases for office locations in the City of New York (the “City”) and Buffalo. The Agency and the State of New York Mortgage Agency (“SONYMA”) entered into an operating lease for office space in the City which commenced in fiscal year 1994 for a term of fifteen years. The lease was renewed during the fiscal year ended October 31, 2007, effective January 1, 2009 for a term of ten years. The lease for the office location in the City obligates the Agency to pay for escalations in excess of the minimum annual rental (ranging from $2,434,266 to $4,731,836) based on operating expenses and real estate taxes. The Agency bears approximately 50% of the minimum annual lease payments under this lease with the balance to be assumed by SONYMA with whom the Agency shares the leased space. Rental expense for all office locations for the fiscal years ended October 31, 2013 and October 31, 2012 was $2,513,829 and $2,455,974, respectively, net of allocations to certain State‐related agencies. As of October 31, 2013, the future minimum lease payments, which includes the Agency’s pro rata share of the annual payments for the office space leases, under the non‐cancelable operating leases are as follows:

(in thousands) 2014 $2,639 2015 2,717 2016 2,766 2017 2,805 2018 2,844 Thereafter 3,366

Future minimum lease commitments $17,137 In the ordinary course of business, the Agency is party to various administrative and legal proceedings. While the ultimate outcome of these matters cannot presently be determined, it is the Agency’s opinion that the resolution of these matters will not have a material effect on its financial condition. RISK MANAGEMENT The Agency is subject to normal risks associated with its operations, including property damage, general liability and crime. Such risks are managed through the purchase of commercial insurance. There have been no decreases in coverage in the last three years. NOTE 13 – SUBSEQUENT EVENTS Subsequent to October 31, 2013, a total of $696.5 million of bonds were issued to finance various housing projects inthe course of the Agency’s normal business activities.

51

Required Supplemental

Schedule

52


REQUIRED SUPPLEMENTARY INFORMATIONSCHEDULE OF FUNDING PROGRESS ‐ POSTRETIREMENT HEALTHCARE PLANOCTOBER 31, 2013 AND 2012(in thousands)

UnfundedActuarial Actuarial Actuarial Ratio of UAAL

Valuation Value of Accrued Accrued Funded Covered to CoveredDate Assets Liability (AAL) Liability (UAAL) Ratio Payroll Payroll

(A) (B) (C=B‐A) (A/C) (D) (C/D)

November 1, 2011 — $47,012 $47,012 — $7,639 615%

November 1, 2009 — $28,069 $28,069 — $8,630 325%

November 1, 2007 — $22,615 $22,615 — $7,400 306%

53

Supplementary Section

54


SCHEDULES OF NET POSITIONOctober 31, 2013(in thousands)

AssetsCurrent Assets: Cash held principally by Trustee and Depository ‐ Restricted $ 52,633 14,787 56,390 4,746 36 Cash held principally by Trustee and Depository ‐ Unrestricted — — — 2 — Investments ‐ Restricted 284,126 15,700 677,478 18,578 11,771 Investments ‐ Unrestricted — — — — — Accrued interest receivable on investments 77 — 34 — 120 Mortgage loans and other loans ‐ net 25,585 53,110 20,850 1,735 — Interest receivable and other 1,444 638 729 3 — Total current assets 363,865 84,235 755,481 25,064 11,927Non‐current Assets: Investments ‐ Restricted — — 1,486 — 4,200 Investments ‐ Unrestricted — — — — — Mortgage loans and other loans ‐ net 578,813 259,647 8,660,547 4,340 — Interest receivable and other — — — 322 — Total non‐current assets 578,813 259,647 8,662,033 4,662 4,200Total assets 942,678 343,882 9,417,514 29,726 16,127

Deferred outflows of resources Accumulated decrease in fair value of hedging derivatives — — — — —

LiabilitiesCurrent Liabilities: Accounts payable — — — — — Interest payable 12,893 4,265 4,068 316 — Advances from (to) other programs — — — 533 45 Funds received from governmental entities — — — — — Earnings restricted to project development 200 76 690 — — Amounts received in advance and other 4,386 388 160,863 — — Bonds payable 6,690 23,465 432,730 3,580 10 Funds received from mortgagors 3,388 294 2,346 — 16Total current liabilities 27,557 28,488 600,697 4,429 71Non‐current Liabilities: Bonds and notes 807,273 307,035 8,763,768 7,050 — Derivative instrument ‐ interest rate swaps — — — — — Unearned revenues, amounts received in advance and other — — 23,031 — — Postemployment retirement benefits — — — — — Total non‐current liabilities 807,273 307,035 8,786,799 7,050 — Total liabilities 834,830 335,523 9,387,496 11,479 71

Deferred inflows of resources (Loss) gain on defeasance ‐ net — — — — —

Net position Restricted 107,848 8,359 30,018 18,751 16,056 Unrestricted — — — (504) — Total net position (deficit) $ 107,848 8,359 30,018 18,247 16,056

Mortgage Programs

Programs with Bond Financing

Affordable Housing Program

Affordable Housing Program (NIBP)

Secured LoanRental Housing Program (and Other)

Moral Obligation Housing Programs

Hospitaland Health Care (Moral Obligation) Program

55

Other Agency Programs Operating Funds Total

3,936 2,297 2,819 41 268 1,725 13,176 152,854

— — 18 — 86 523 2,599 3,22830,591 10,285 36,556 591 13,952 22,427 — 1,122,055

— — 1,602 — 7,690 13,464 104,263 127,019540 — 508 — 2 10 24 1,315

2,696 12,638 1,646 83,055 867 461 — 202,643— 642 — 4,863 9 17,620 4,258 30,206

37,763 25,862 43,149 88,550 22,874 56,230 124,320 1,639,320

20,254 — 14,650 — — — — 40,590— — — — — — 42,302 42,302

931 92,440 9,027 766,183 6,774 12,894 — 10,391,596182 416 — — 2,190 — 822 3,932

21,367 92,856 23,677 766,183 8,964 12,894 43,124 10,478,42059,130 118,718 66,826 854,733 31,838 69,124 167,444 12,117,740

— — — 30,964 — — — 30,964

— — — — — 48 8,629 8,677223 183 221 4,864 — — — 27,033115 338 67 — 55 388 (1,541) — — — — — — 12,584 2,109 14,693— — 92 — — 2,278 — 3,336— 1,112 — 401 — 743 75 167,968

3,500 851 1,210 163,055 — — — 635,091— 1,803 185 — — 117 17,015 25,164

3,838 4,287 1,775 168,320 55 16,158 26,287 881,962

5,150 45,590 6,030 703,044 — — — 10,644,940— — — 30,964 — — — 30,964

712 — — — 1,306 21 268 25,338— — — — — — 40,472 40,472

5,862 45,590 6,030 734,008 1,306 21 40,740 10,741,7149,700 49,877 7,805 902,328 1,361 16,179 67,027 11,623,676

(425) — (212) 1,427 — — — 790

49,855 68,841 57,914 (18,058) 30,447 48,012 — 418,043— — 1,319 — 30 4,933 100,417 106,195

49,855 68,841 59,233 (18,058) 30,477 52,945 100,417 524,238

Mortgage Programs

Supplemental Schedule I

Mortgage and Other Programs

Programs with Bond Financing Programs without Bond Financing

Housing Project Mortgage Revenue Program

State Revenue Bond Programs

CommunityRelated and Other Loan Programs

Project Improvement and Other Programs

Nursing Home and Health Care Project Program

Mitchell Lama

56


SCHEDULES OF PROGRAM REVENUES, EXPENSESAND CHANGES IN NET POSITIONFiscal Year Ended October 31, 2013(in thousands)

Operating revenuesInterest on mortgage loans $ 32,426 12,770 28,052 673 16Fees, charges and other — — 4 116 7Investment income 165 17 1,098 23 247Recoveries — — — — — Total operating revenues 32,591 12,787 29,154 812 270Operating expensesInterest 24,801 9,080 28,064 954 1Earnings on investments and other funds credited to mortgagors and lessees — — 686 — — Postemployment retirement benefits — — — — — General expenses — — — 430 510Other financial expenses 4 — 172 — 7Unrealized (loss) gain on investments held (14) — 652 3 — Supervising agency fee — — — 90 107Expenditures related to federal and state grants — — — — — Allowance for losses on loans 6,440 — — — — Total operating expenses 31,231 9,080 29,574 1,477 625Operating income (loss) 1,360 3,707 (420) (665) (355)

Non‐operating revenues (expenses)Transfers from Agencies of New York State — — — — — Federal and state grants — — — — — Reserve funds received from (returned to) mortgagors 3,564 1,106 (397) — — Transfers between programs 2,204 (2,203) (131) — — Net non‐operating revenues (expenses) 5,768 (1,097) (528) — —

Increase (Decrease) in net position 7,128 2,610 (948) (665) (355)Total net position (deficit) ‐ beginning of fiscal year 100,720 5,749 30,966 18,912 16,411Total net position (deficit) ‐ end of fiscal year $ 107,848 8,359 30,018 18,247 16,056

Mortgage Programs






Hospital and Health Care (Moral Obligation) Program

57

Other AgencyProgram Operating Funds Total

266 5,390 1,103 32,716 266 481 — 114,159793 — 167 3,133 42 5,120 28,978 38,360

1,120 1 1,052 — 23 47 756 4,549— — 1,260 — — 4,578 — 5,838

2,179 5,391 3,582 35,849 331 10,226 29,734 162,906

587 184 537 30,100 — — — 94,308

797 — — — — — — 1,483— — — — — — 3,855 3,855

1,182 355 946 — 206 68 13,441 17,13875 967 2 1,885 500 229 697 4,53817 — 4 — (3) 4 536 1,199295 — 198 — 43 — 9,798 10,531

— — — — — 15,491 — 15,491(430) 47,584 4,475 — — 11,311 — 69,3802,523 49,090 6,162 31,985 746 27,103 28,327 217,923(344) (43,699) (2,580) 3,864 (415) (16,877) 1,407 (55,017)

— 112,540 — — — 17,582 — 130,122— — — — — 15,491 — 15,491— — (533) — — 89 — 3,829— — (1,670) (1,295) — 1,658 1,437 — 0 112,540 (2,203) (1,295) — 34,820 1,437 149,442

(344) 68,841 (4,783) 2,569 (415) 17,943 2,844 94,42550,199 — 64,016 (20,627) 30,892 35,002 97,573 429,81349,855 68,841 59,233 (18,058) 30,477 52,945 100,417 524,238

Mortgage Programs

Supplemental Schedule II


Mortgage and Other Programs

Programs without Bond Financing

Mitchell Lama






58


SCHEDULES OF PROGRAM CASH FLOWSFiscal Year Ended October 31, 2013(in thousands)

2012

Cash flows from operating activities Interest on loans $ 31,709 13,140 28,888 674 16 Fees, charges and other — — 4 117 7 Operating expenses (4) — (171) (955) (625) Principal payments on mortgage loans 58,818 94,221 88,815 3,512 10 Mortgage loans advanced (273,968) (74,873) (693,658) — — Funds received from mortgagors 2,481 1,142 36,469 — — Funds returned to mortgagors (19,234) (4,723) (1,716) (2) (3) Distribution of funds received from governmental entities — — — — — Payments and other 2,204 (2,203) 158 — (156) Expenditures related to Federal and State Grants — — — — — Net cash (used in) provided by operating activities (197,994) 26,704 (541,211) 3,346 (751)Cash flows from non‐capital financing activities Interest payments (20,311) (9,566) (29,172) (937) — Issuance of bonds 442,820 — 377,064 — — Retirement and redemption of bonds (59,700) (67,390) (111,280) (4,255) (10) Federal and State Grants — — — — — Net cash provided by (used in) non‐capital financing activities 362,809 (76,956) 236,612 (5,192) (10)Cash flows from investing activities Investment income 227 66 1,305 24 234 Proceeds from sales or maturities of investments 1,642,679 295,298 4,146,166 84,740 41,722 Purchases of investments (1,771,178) (236,382) (3,861,065) (78,397) (41,168)Net cash (used in) provided by non‐captial financing activities (128,272) 58,982 286,406 6,367 788 Net increse (decrease) in cash 36,543 8,730 (18,193) 4,521 27 Cash at beginning of fiscal year 16,090 6,057 74,583 227 9Cash at end of fiscal year $ 52,633 14,787 56,390 4,748 36Reconciliation of operating income (loss) to net cash (used in) provided by operating activities:Operating income (loss) $ 1,360 3,707 (420) (665) (355)Adjustments to reconcile operating income (loss) to net * cash (used in) provided by operating activities: Net change provided by (used in) non‐operating activities 32,549 7,125 28,614 499 (403)Changes in assets and liabilities ‐ net: Mortgage loan receivables (215,150) 19,348 (604,843) 3,512 10 Accounts and other payables — — — — — Funds received from mortgagors and governmental entities (16,753) (3,476) 35,438 — (3)Net cash (used in) provided by operating activities $ (197,994) 26,704 (541,211) 3,346 (751)

Non‐cash investing activities Unrealized (loss) gain on investments held $ (14) — 652 3 —

Mortgage Programs






Hospital and Health Care (Moral Obligation) Program

59

Other AgencyProgram Operating Funds Total

316 4,332 1,106 33,317 326 482 — 114,306793 — 168 3,133 42 5,119 28,978 38,361

(1,859) (1,322) (1,451) (1,886) (775) (297) (25,477) (34,822)5,892 5,178 3,556 131,675 612 537 — 392,826

— (45,300) (4,615) — — (11,406) — (1,103,820)164 2,915 — 173 — 89 23,346 66,779(797) — (1,390) — — (31) (17,570) (45,466)

— — — — — (5,831) — (5,831)— 338 2,016 (1,295) — 6,231 1,437 8,730— — — — — (15,491) — (15,491)

4,509 (33,859) (610) 165,117 205 (20,598) 10,714 (584,428)

(692) — (580) (33,317) — — — (94,575)— 46,440 — 4,860 — — — 871,184

(8,265) — (2,730) (136,535) — — — (390,165)— — — — — 15,491 — 15,491

(8,957) 46,440 (3,310) (164,992) — 15,491 — 401,935

1,136 1 1,059 — 32 29 875 4,988117,954 9,464 132,177 130,985 64,909 84,743 171,975 6,922,812(110,858) (19,749) (127,121) (131,103) (65,397) (88,349) (185,572) (6,716,339)

8,232 (10,284) 6,115 (118) (456) (3,577) (12,722) 211,4613,784 2,297 2,195 7 (251) (8,684) (2,008) 28,968152 — 642 34 605 10,932 17,783 127,114

3,936 2,297 2,837 41 354 2,248 15,775 156,082

(344) (43,699) (2,580) 3,864 (415) (16,877) 1,407 (55,017)

(1,203) 47,047 4,419 29,405 8 12,650 1,218 161,928

5,892 (40,122) (1,059) 131,675 612 (10,918) — (711,043)— — — — — — 2,313 2,313

164 2,915 (1,390) 173 — (5,453) 5,776 17,3914,509 (33,859) (610) 165,117 205 (20,598) 10,714 (584,428)

17 — 4 — (3) 4 536 1,199


Supplemental Schedule III

Programs without Bond Financing

Mortgage Programs Mortgage and Other Programs

Mitchell Lama






60

BOND INDEBTEDNESS(in thousands)

Non‐Profit Housing Project Bonds:5.80% to 7.50% — 1973 Series A, maturing in varying annual installments to 2014 $ 136,500 7,470 — 3,105 4,3658.40% — 1979 Series A, maturing in varying annual installments to 2019 49,585 3,835 — 730 3,105

186,085 11,305 — 3,835 7,470Housing Project Bonds:Simeon DeWitt Apartments, 8% — 1978, maturing in varying semi‐annual installments to 2018 4,565 1,905 — 235 1,670Towpath Towers, 8% — 1978, maturing in varying semi‐annual installments to 2019 3,815 1,675 — 185 1,490

8,380 3,580 — 420 3,160House New York Revenue Bonds0.35% to 1.80% — Series 2013 (Federally Taxable)

maturing in varying semi‐annual installments to 2018 46,440 — 46,440 — 46,440

46,440 — 46,440 — 46,440Secured Loan Rental Housing Bonds and Other:FHA‐Insured Multi‐Family Housing Revenue Bonds6.75% — 1995 Series A, maturing in varying semi‐annual installments to 2036 12,300 7,720 — 7,720 — 6.40% — 1996 Series A, maturing in varying semi‐annual installments to 2027 2,515 2,515 — — 2,5157.65% to 8.45% — 1996 Series B (Federally Taxable), maturing in varying semi‐annual installments to 2020 2,500 1,455 — 130 1,3256.57% — 1998 Series A (Federally Taxable), maturing in varying semi‐annual installments to 2030 1,045 865 — 25 8405.15% to 5.30% — 1998 Series B, maturing in varying semi‐annual installments to 2039 3,400 2,960 — 50 2,9101% to 4.70% — 2003 Series A, maturing in varying semi‐annual installments to 2043 8,290 6,190 — 270 5,9201.25% to 4.95% — 2003 Series B, maturing in varying semi‐annual installments to 2033 4,700 2,240 — 330 1,910

34,750 23,945 — 8,525 15,420Multi‐Family FHA Insured Mortgage Housing Revenue Bonds6.79% — 1998 Series A (Federally Taxable), maturing in varying semi‐annual installments to 2039 2,540 2,295 — 30 2,265

2,540 2,295 — 30 2,265Multi‐Family Housing Revenue Bonds(Fannie Mae‐Backed Program)4.60% to 6.85% — 1994 Series A, maturing in varying semi‐annual installments to 2019 11,405 1,565 — 160 1,405Normandie Court I Housing Revenue Bondsvariable rate demand — 1991 Series A, maturing in varying annual installments to 2015 104,600 — — — — Normandie Court II Multi‐Family Housing Revenue Bondsvariable rate demand — 1999 Series A, maturing in 2029 40,500 33,000 — 1,000 32,000Childrenʹs Rescue Fund Housing Revenue Bonds6.25% to 7.625% — 1991 Series A, maturing in varying semi‐annual installments to 2018 11,020 4,335 — 645 3,690Newburgh Interfaith Housing Revenue Bonds7.05% — 1991 Series A, maturing in varying semi‐annual installments to 2012 2,450 115 — 115 — Phillips Village Project Housing Revenue Bonds5% to 7.75% — 1994 Series A, maturing in varying semi‐annual installments to 2017 16,880 — — — —

Supplemental Schedule IV

Original Face

Amount

BalanceOctober 31,

2012

Issued

BalanceOctober 31,

2013

Retired/ Principal Payments Issued

61

Multi‐Family Housing Revenue Bonds (Secured Mortgage Program)5.40% to 6.25% — 1994 Series A, maturing in varying annual installments to 2025 3,560 865 — 865 — 7.95% to 9% — 1994 Series B (Federally Taxable), maturing in varying annual installments to 2026 12,220 1,325 — 55 1,2704% to 5.50% — 1998 Series B, maturing in varying annual statements to 2030 3,685 2,755 — 100 2,6556.72% to 6.82% — 1998 Series C (Federally Taxable), maturing in varying annual installments to 2030 3,545 2,785 — 90 2,6953.65% to 5.35% — 1999 Series A, maturing in varying annual installments to 2031 7,565 5,910 — 190 5,7205.15% to 5.65% — 1999 Series C, maturing in varying annual installments to 2031 4,560 — — — — 7.31% to 7.70% — 1999 Series D (Federally Taxable), maturing in varying annual installments to 2031 6,570 — — — — 5.65% — 1999 Series E, maturing in varying annual installments to 2030 1,255 990 — 990 — 4.25% to 5.65% — 1999 Series G, maturing in varying annual installments to 2030 5,595 4,370 — 4,370 — 4.65% to 6.25% — 1999 Series H, maturing in varying annual installments to 2032 5,755 4,770 — 125 4,6454.65% to 6.30% — 1999 Series J, maturing in varying annual installments to 2032 3,960 3,280 — 85 3,1956.25% — 2000 Series A, maturing in varying annual installments to 2031 930 — — — — 7.95% — 2000 Series D (Federally Taxable), maturing in varying annual installments to 2032 2,870 2,495 — 2,495 — 4.05% to 5.60% — 2001 Series A, maturing in varying annual installments to 2033 2,150 1,780 — 45 1,7353.75% to 5.45% — 2001 Series C, maturing in varying annual installments to 2033 12,400 10,265 — 275 9,9904% to 5.70% — 2001 Series E, maturing in varying annual installments to 2033 3,620 3,025 — 3,025 — 3% to 5.40% — 2001 Series G, maturing in varying annual installments to 2034 10,465 8,790 — 230 8,5605% to 5.65% — 2001 Series K, maturing in varying annual installments to 2034 3,795 3,285 — 80 3,2054.90% to 5.375% — 2002 Series A, maturing in varying annual installments to 2035 6,640 5,720 — 140 5,5806.37% — 2002 Series B (Federally Taxable), maturing in varying annual installments to 2034 3,310 — — — — 4.50% to 5.375% — 2002 Series C, maturing in varying annual installments to 2034 3,170 2,705 — 70 2,6355.375% — 2002 Series D, maturing in varying annual installments to 2034 1,600 360 — 10 3502% to 5.30% — 2004 Series A refunding, maturing in varying semi‐annual installments to 2028 4,090 3,190 — 135 3,0551.75% to 5.10% — 2004 Series B refunding, maturing in varying semi‐annual installments to 2027 32,245 23,270 — 1,315 21,9554.46% to 5.96% — 2004 Series C refunding (Federally Taxable), maturing in varying semi‐annual statements to 2022 2,350 1,415 — 125 1,290Walnut Hill Apartments Multi‐Family Housing Revenue Bonds1.10% to 5% — 2003 Series A, maturing in varying semi‐annual installments to 2040 10,030 7,420 — 355 7,065

OriginalFace

Amount Issued


Balance October 31,

2013

BalanceOctober 31,

2012

62

Watergate II Apartments Multi‐Family Housing Revenue Bonds1.10% to 4.90% — 2004 Series A, maturing in varying semi‐annual installments to 2045 7,800 5,595 — 305 5,290Framark Place Apartments Multi‐Family Housing Revenue Bonds5.20% to 5.35% — 2004 Series A, maturing in varying semi‐annual installments to 2036 1,800 1,600 — 40 1,560The Northfield Apartments Multi‐Family Housing Revenue Bonds4.30% to 5.20% — 2004 Series A, maturing in varying semi‐annual installments to 2036 4,990 4,440 — 100 4,340Washington Apartments Multi‐Family Housing Revenue Bonds4.50% to 5.15% — 2004 Series A, maturing in varying semi‐annual installments to 2036 2,695 2,375 — 60 2,315Keeler Park Apartments Housing Revenue Bonds1.20% to 5.05% — 2003 Series A, maturing in varying semi‐annual installments to 2033 17,900 12,630 — 675 11,955Nathan Hale Senior Village Multi‐Family Housing Revenue Bonds1.15% to 4.60% — 2004 Series A, maturing in varying semi‐annual installments to 2039 5,745 4,195 — 210 3,985Horizons at Fishkill Apartments Multi‐Family Housing Revenue Bonds4.10% to 5% — 2004 Series A, maturing in varying semi‐annual installments to 2036 5,975 5,335 — 125 5,210Extra Place Apartments Multi‐Family Housing Revenue Bonds4.25% to 5% — 2004 Series A, maturing in varying semi‐annual installments to 2037 3,310 2,645 — 130 2,515Tall Oaks Apartments Multi‐Family Housing Revenue Bonds4.15% to 4.95% — 2004 Series A, maturing in varying semi‐annual installments to 2036 5,930 4,015 — 310 3,705East 84th Street Housing Revenue Bondsvariable rate demand — 1995 Series A , maturing in 2028 61,200 60,000 — — 60,000Union Square South Housing Revenue Bondsvariable rate demand — 1996 Series A , maturing in 2024 50,000 49,000 — — 49,000250 West 50th Street Housing Revenue Bondsvariable rate demand — 1997 Series A, maturing in 2029 103,500 100,500 — — 100,500variable rate demand — 1997 Series B (FederallyTaxable), maturing in 2029 15,400 — — — — Tribeca Landing Housing Revenue Bondsvariable rate demand — 1997 Series A, maturing in 2029 59,000 54,800 — — 54,800240 East 39th Street Housing Revenue Bondsvariable rate demand — 1997 Series A, maturing in 2030 119,000 119,000 — — 119,000345 East 94th Street Housing Revenue Bondsvariable rate demand — 1998 Series A, maturing in 2030 29,000 28,700 — — 28,700variable rate demand — 1999 Series A, maturing in 2030 17,100 14,900 — — 14,900Tribeca Park Housing Revenue Bondsvariable rate demand — 1997 Series A, maturing in 2029 82,000 77,500 — — 77,500variable rate demand — 1997 Series B (Federally Taxable), maturing in 2029 2,000 2,000 — — 2,000

OriginalFace

Amount Issued


BalanceOctober 31,

2012

BalanceOctober 31,

2013

63

variable rate demand — 2000 Series A, (Federally Taxable), maturing in 2029 3,500 2,700 — 500 2,20070 Battery Place Housing Revenue Bondsvariable rate demand — 1998 Series A, maturing in 2029 10,000 10,000 — — 10,000variable rate demand — 1999 Series A, maturing in 2029 24,800 23,300 — — 23,300Chelsea Arms Housing Revenue Bondsvariable rate demand — 1998 Series A, maturing in 2031 18,000 18,000 — — 18,000750 Sixth Avenue Housing Revenue Bondsvariable rate demand — 1998 Series A, maturing in 2031 39,500 39,500 — — 39,500variable rate demand — 1999 Series A, maturing in 2031 28,500 28,500 — — 28,500variable rate demand — 2000 Series A, maturing in 2031 2,600 2,600 — — 2,600Talleyrand Crescent Housing Revenue Bondsvariable rate demand — 1999 Series A, maturing in 2028 36,500 35,000 — — 35,000101 West End Avenue Housing Revenue Bondsvariable rate demand — 1998 Series A, maturing in 2031 43,000 43,000 — — 43,000variable rate demand — 1999 Series A, maturing in 2031 62,000 62,000 — — 62,000variable rate demand — 2000 Series A, maturing in 2031 21,000 21,000 — — 21,000South Cove Plaza Housing Revenue Bondsvariable rate demand — 1999 Series A, maturing in 2030 32,000 32,000 — — 32,000Related‐East 39th Street Housing Revenue Bondsvariable rate demand — 1999 Series A, maturing in 2032 33,700 33,700 — — 33,700variable rate demand — 2000 Series A, maturing in 2032 36,300 36,300 — — 36,300150 East 44th Street Housing Revenue Bondsvariable rate demand — 2000 Series A, maturing in 2032 90,000 87,000 — — 87,000variable rate demand — 2001 Series A, maturing in 2032 13,000 11,000 — — 11,0001501 Lexington Avenue Housing Revenue Bondsvariable rate demand — 2000 Series A, maturing in 2032 30,600 30,600 — — 30,600Theatre Row Tower Housing Revenue Bondsvariable rate demand — 2000 Series A, maturing in 2032 50,000 50,000 — — 50,000variable rate demand — 2001 Series A, maturing in 2032 10,000 10,000 — — 10,000variable rate demand — 2002 Series A, maturing in 2032 14,800 14,800 — — 14,800Gethsemane Apartments Housing Revenue Bondsvariable rate demand — 2000 Series A, maturing in 2033 15,400 — — — — 363 West 30th Street Housing Revenue Bondsvariable rate demand — 2000 Series A, maturing in 2032 17,000 17,000 — — 17,000

OriginalFace

Amount Issued


BalanceOctober 31,

2012

BalanceOctober 31,

2013

64

66 West 38th Street Housing Revenue Bondsvariable rate demand — 2000 Series A, maturing in 2033 7,000 7,000 — — 7,000variable rate demand — 2000 Series B (Federally Taxable), maturing in 2033 31,000 16,600 — 1,600 15,000variable rate demand — 2001 Series A, maturing in 2033 36,000 36,000 — — 36,000variable rate demand — 2002 Series A, maturing in 2033 46,800 46,800 — — 46,800350 West 43rd Street Housing Revenue Bondsvariable rate demand — 2001 Series A, maturing in 2034 26,000 26,000 — — 26,000variable rate demand — 2002 Series A, maturing in 2034 60,000 60,000 — — 60,000variable rate demand — 2004 Series A, maturing in 2034 23,000 17,800 — 1,300 16,500Related‐West 20th Street Housing Revenue Bondsvariable rate demand — 2000 Series A, maturing in 2033 29,000 29,000 — — 29,000variable rate demand — 2000 Series B (Federally Taxable), maturing in 2033 8,000 3,000 — — 3,000variable rate demand — 2001 Series A, maturing in 2033 51,000 51,000 — — 51,000Saville Housing Revenue Bondsvariable rate demand — 2002 Series A, maturing in 2035 55,000 55,000 — — 55,000Related‐West 23rd Street Housing Revenue Bondsvariable rate demand — 2001 Series A, maturing in 2033 26,000 26,000 — — 26,000variable rate demand — 2001 Series B (Federally Taxable), maturing in 2033 27,500 8,000 — — 8,000variable rate demand — 2002 Series A, maturing in 2033 73,000 73,000 — — 73,000The Victory Housing Revenue Bondsvariable rate demand — 2000 Series A, maturing in 2033 16,000 16,000 — — 16,000variable rate demand — 2001 Series A, maturing in 2033 44,000 44,000 — — 44,000variable rate demand — 2002 Series A, maturing in 2033 29,000 29,000 — — 29,000variable rate demand — 2004 Series A, maturing in 2033 25,500 25,500 — — 25,500Worth Street Housing Revenue Bondsvariable rate demand — 2001 Series A, maturing in 2033 51,000 51,000 — — 51,000variable rate demand — 2001 Series B (Federally Taxable), maturing in 2033 27,900 16,100 — 1,700 14,400variable rate demand — 2002 Series A, maturing in 2033 39,200 37,000 — — 37,000360 West 43rd Street Housing Revenue Bondsvariable rate demand — 2002 Series A, maturing in 2033 33,700 33,700 — — 33,700variable rate demand — 2003 Series A, maturing in 2033 45,300 43,300 — — 43,300900 Eighth Avenue Housing Revenue Bondsvariable rate demand — 2002 Series A, maturing in 2035 93,100 89,500 — — 89,500

OriginalFace

Amount Issued


BalanceOctober 31,

2012

BalanceOctober 31,

2013

65

1500 Lexington Avenue Housing Revenue Bondsvariable rate demand — 2002 Series A, maturing in 2034 38,000 38,000 — — 38,000variable rate demand — 2004 Series A, maturing in 2034 5,000 5,000 — — 5,000Bennington Hills Housing Revenue Bondsvariable rate demand — 2002 Series A, maturing in 2029 10,300 10,300 — 10,300 — Biltmore Tower Housing Revenue Bondsvariable rate demand — 2002 Series A, maturing in 2034 72,000 72,000 — — 72,000variable rate demand — 2002 Series B (Federally Taxable), maturing in 2034 36,000 2,700 — 1,800 900variable rate demand — 2003 Series A, maturing in 2034 43,300 43,300 — — 43,30020 River Terrace Housing Revenue Bondsvariable rate demand — 2002 Series A, maturing in 2035 100,000 100,000 — — 100,000variable rate demand — 2004 Series A, maturing in 2034 1,500 1,500 — — 1,500variable rate demand — 2004 Series B (Federally Taxable), maturing in 2034 15,000 5,600 — 1,700 3,900West 33rd Street Housing Revenue Bondsvariable rate demand — 2003 Series A, maturing in 2036 43,100 43,100 — — 43,100variable rate demand — 2003 Series B (Federally Taxable), maturing in 2036 7,600 4,200 — 700 3,50010 Liberty Street Housing Revenue Bondsvariable rate demand — 2003 Series A, maturing in 2035 95,000 95,000 — — 95,000Kew Gardens Hills Housing Revenue Bondsvariable rate demand — 2003 Series A, maturing in 2036 72,000 72,000 — — 72,000variable rate demand — 2006 Series A, maturing in 2036 15,000 15,000 — — 15,000Parkledge Apartments Housing Revenue Bondsvariable rate demand — 2003 Series A, maturing in 2035 39,000 35,100 — 500 34,600Chelsea Apartments Housing Revenue Bondsvariable rate demand — 2003 Series A, maturing in 2036 95,500 95,500 — — 95,500Historic Front Street Housing Revenue Bondsvariable rate demand — 2003 Series A, maturing in 2036 46,300 46,300 — — 46,300The Helena Housing Revenue Bondsvariable rate demand — 2003 Series A, maturing in 2036 42,000 42,000 — — 42,000variable rate demand — 2004 Series A, maturing in 2036 101,000 101,000 — — 101,000Avalon Chrystie Place I Housing Revenue Bondsvariable rate demand — 2004 Series A, maturing in 2036 58,500 58,500 — — 58,500variable rate demand — 2004 Series B, maturing in 2036 58,500 58,500 — — 58,500Related‐Tribeca Green Housing Revenue Bondsvariable rate demand — 2003 Series A, maturing in 2036 109,200 103,800 — — 103,800

Original Face

Amount Issued

Retired/Principal Payments

Balance October 31,

2012

Balance October 31,

2013

66

variable rate demand — 2003 Series B (Federally Taxable), maturing in 2036 800 800 — — 800100 Maiden Lane Housing Revenue Bondsvariable rate demand — 2004 Series A, maturing in 2037 95,000 95,000 — — 95,000variable rate demand — 2004 Series B (Federally Taxable), maturing in 2037 3,000 3,000 — — 3,000North End Avenue Housing Revenue Bondsvariable rate demand — 2004 Series A, maturing in 2036 98,800 98,800 — — 98,800variable rate demand — 2004 Series B (Federally Taxable), maturing in 2036 3,400 3,400 — — 3,400Sea Park East Housing Revenue Bondsvariable rate demand — 2004 Series A, maturing in 2036 18,700 14,500 — 700 13,800Sea Park West Housing Revenue Bondsvariable rate demand — 2004 Series A, maturing in 2036 22,900 16,500 — 1,000 15,500Archstone Westbury Housing Revenue Bondsvariable rate demand — 2004 Series A, maturing in 2036 62,200 62,200 — — 62,200variable rate demand — 2004 Series B (Federally Taxable), maturing in 2036 15,800 15,295 — 1,055 14,2404.57% — 2012 Series A (Federally Taxable), maturing in 2036 7,200 7,200 — — 7,200Rip Van Winkle House Housing Revenue Bondsvariable rate demand — 2004 Series A, maturing in 2034 11,500 10,700 — — 10,70010 Barclay Street Housing Revenue Bondsvariable rate demand — 2004 Series A, maturing in 2037 135,000 135,000 — — 135,000Reverend Polite Avenue Apartments Housing Revenue Bondsvariable rate demand — 2005 Series A, maturing in 2036 16,000 7,435 — — 7,435125 West 31st Street Housing Revenue Bondsvariable rate demand — 2005 Series A, maturing in 2038 176,800 176,800 — — 176,800Clinton Green North Housing Revenue Bondsvariable rate demand — 2005 Series A, maturing in 2038 100,000 100,000 — — 100,000variable rate demand — 2006 Series A, maturing in 2038 47,000 47,000 — — 47,000Clinton Green South Housing Revenue Bondsvariable rate demand — 2005 Series A, maturing in 2038 75,000 75,000 — — 75,000variable rate demand — 2006 Series A, maturing in 2038 46,500 46,500 — — 46,500Related‐Ocean Park Apartments Housing Revenue Bondsvariable rate demand — 2005 Series A, maturing in 2035 28,400 28,400 — — 28,4002.20% to 4.25% — 2005 Series B, maturing in varying semi‐annual installments to 2016 10,600 4,845 — 1,080 3,765250 West 93rd Street Housing Revenue Bondsvariable rate demand — 2005 Series A, maturing in 2038 61,500 60,400 — — 60,400

Original Face

Amount Issued


Balance October 31,

2012

Balance October 31,

2013

67

variable rate demand — 2005 Series B (Federally Taxable), maturing in 2038 5,300 5,300 — — 5,300variable rate demand — 2007 Series A (Federally Taxable), maturing in 2038 1,100 1,100 — — 1,100Tower 31 Housing Revenue Bondsvariable rate demand — 2005 Series A, maturing in 2036 83,800 83,800 — — 83,800variable rate demand — 2005 Series B (Federally Taxable), maturing in 2036 2,000 2,000 — — 2,000variable rate demand — 2006 Series A (Federally Taxable), maturing in 2036 8,000 3,400 — 1,100 2,30088 Leonard Street Housing Revenue Bondsvariable rate demand — 2005 Series A, maturing in 2037 112,500 112,500 — — 112,500variable rate demand — 2005 Series B (Federally Taxable), maturing in 2037 7,500 7,500 — — 7,500variable rate demand — 2007 Series A (Federally Taxable), maturing in 2037 12,000 12,000 — — 12,000Tiffany Gardens Multi‐Family Housing Revenue Bonds4.50% to 5.125% — 2005 Series A, maturing in varying semi‐annual installments to 2037 5,550 5,090 — 110 4,980Friendship House Apartments Multi‐Family Housing Revenue Bonds5.10% — 2005 Series A, maturing in varying semi‐annual installments to 2041 2,840 2,640 — 40 2,60055 West 25th Street Housing Revenue Bondsvariable rate demand — 2005 Series A, maturing in 2038 164,500 164,500 — — 164,500variable rate demand — 2005 Series B (Federally Taxable), maturing in 2038 8,800 2,400 — 1,800 600188 Ludlow Street Housing Revenue Bondsvariable rate demand — 2006 Series A, maturing in 2038 83,000 83,000 — — 83,000Division Street Multi‐Family Housing Revenue Bonds5% to 5.10% — 2006 Series A, maturing in varying semi‐annual installments to 2038 1,525 1,410 — 30 1,380Gateway to New Cassel Housing Revenue Bondsvariable rate demand — 2006 Series A, maturing in 2039 9,500 6,000 — — 6,000Golden Age Apartments Multi‐Family Housing Revenue Bonds5% — 2006 Series A, maturing in varying semi‐annual installments to 2037 2,800 2,270 — 105 2,165Related ‐ Taconic West 17th Street Housing Revenue Bondsvariable rate demand — 2009 Series A, maturing in 2039 126,000 126,000 — — 126,000Crotona Estates Apartments Multi‐Family Housing Revenue Bonds4.95% — 2006 Series A, maturing in varying semi‐annual installments to 2038 2,760 2,375 — 95 2,280Related ‐ Capitol Green Apartments Housing Revenue Bondsvariable rate demand — 2006 Series A, maturing in 2036 10,900 10,900 — — 10,9003.45% to 4.375% — 2006 Series B, maturing in varying semi‐annual installments to 2017 5,600 3,205 — 540 2,665Avalon Bowery Place I Housing Revenue Bondsvariable rate demand — 2010 Series A, maturing in 2037 93,800 93,800 — — 93,800

OriginalFace

Amount Issued


BalanceOctober 31,

2012

BalanceOctober 31,

2013

68

St. Philipʹs Housing Revenue Bonds4.05% to 4.65% — 2006 Series A, maturing in varying semi‐annual installments to 2038 16,250 13,920 — 565 13,355Kensico Terrace Apartments Multi‐Family Housing Revenue Bonds4.35% to 4.90% — 2006 Series A, maturing in varying semi‐annual installments to 2038 4,130 3,815 — 80 3,735

Admiral Halsey Senior Apartments Housing Revenue Bonds

variable rate demand — 2007 Series A,

maturing in 2037 6,650 3,350 — 200 3,150

Related ‐ Weyant Green Apartments Housing Revenue Bondsvariable rate demand — 2007 Series A, maturing in 2037 3,800 3,800 — — 3,800Related ‐ McCarthy Manor Apartments Housing Revenue Bondsvariable rate demand — 2007 Series A, maturing in 2037 6,800 6,800 — — 6,800600 West 42nd Street Housing Revenue Bondsvariable rate demand — 2007 Series A, maturing in 2041 268,000 249,335 — — 249,335variable rate demand — 2008 Series A, maturing in 2041 100,000 100,000 — — 100,000variable rate demand — 2009 Series A, maturing in 2041 108,000 119,975 — — 119,975316 Eleventh Avenue Housing Revenue Bondsvariable rate demand — 2007 Series A, maturing in 2041 152,000 152,000 — — 152,000variable rate demand — 2007 Series B (Federally Taxable), maturing in 2041 39,500 6,900 — — 6,900variable rate demand — 2009 Series A, maturing in 2041 32,600 32,600 — — 32,600455 West 37th Street Housing Revenue Bondsvariable rate demand — 2007 Series A, maturing in 2041 136,000 136,000 — — 136,000variable rate demand — 2007 Series B (Federally Taxable), maturing in 2041 32,000 8,700 — — 8,700Related ‐ Warren Knolls Apartments Housing Revenue Bondsvariable rate demand — 2007 Series A, maturing in 2037 6,700 6,700 — — 6,700Related ‐ West Haverstraw Senior CitizensApartments Housing Revenue Bondsvariable rate demand — 2007 Series A, maturing in 2037 6,700 6,700 — — 6,700Prospect Plaza Apartments Housing Revenue Bondsvariable rate demand — 2007 Series A, maturing in 2039 23,300 8,000 — — 8,000Horizons at Wawayanda Housing Revenue Bonds5.15% — 2007 Series A, maturing in varying semi‐annual installments to 2040 8,600 8,300 — 120 8,180Park Drive Manor II Apartments Multi‐Family Housing Revenue Bonds 4.85% — 2007 Series A, maturing in varying semi‐annual installments to 2038 3,980 3,695 — 75 3,620Highland Avenue Senior Apartments Multi‐Family Housing Revenue Bonds 4.70% to 5% — 2007 Series A, maturing in varying semi‐annual installments to 2039 6,920 6,565 — 125 6,440

OriginalFace

Amount Issued


BalanceOctober 31,

2012

BalanceOctober 31,

2013

69

North Street Y Senior Apartments Multi‐Family Housing Revenue Bonds 5.05% — 2007 Series A, maturing in varying semi‐annual installments to 2039 2,100 2,005 — 40 1,965Cannon Street Senior Apartments Multi‐Family Housing Revenue Bonds

5.30% — 2007 Series A,

maturing in varying semi‐annual installments to 2039 1,860 1,760 — 30 1,730

Related ‐ 42nd and 10th Housing Revenue Bonds

variable rate demand — 2007 Series A,

maturing in 2041 166,100 166,100 — — 166,100

variable rate demand — 2008 Series A, maturing in 2041 81,000 81,000 — — 81,000variable rate demand — 2010 Series A, maturing in 2041 102,900 102,900 — 30,000 72,900Tri‐Senior Development Housing Revenue Bonds5.10% to 5.40% — 2007 Series A, maturing in varying semi‐annual installments to 2042 14,700 13,955 — 190 13,765Related ‐ Overlook Apartments Housing Revenue Bondsvariable rate demand — 2007 Series A, maturing in 2037 5,400 4,500 — — 4,500Remeeder Houses Apartments Housing Revenue Bondsvariable rate demand — 2007 Series A, maturing in 2039 18,900 17,500 — 400 17,100Grace Towers Housing Revenue Bondsvariable rate demand — 2007 Series A, maturing in 2040 19,900 11,530 — — 11,530Baisley Park Gardens Housing Revenue Bondsvariable rate demand — 2008 Series A, maturing in 2039 18,800 18,300 — 200 18,100Related ‐ Caroline Apartments Housing Revenue Bondsvariable rate demand — 2008 Series A, maturing in 2043 16,900 16,900 — — 16,900West 37th Street Housing Revenue Bondsvariable rate demand — 2008 Series A, maturing in 2042 18,900 18,900 — — 18,900variable rate demand — 2008 Series B (Federally Taxable), maturing in 2042 31,500 12,000 — 600 11,400variable rate demand — 2009 Series A, maturing in 2042 25,200 25,200 — — 25,200variable rate demand — 2009 Series B, maturing in 2042 30,900 30,900 — — 30,900West Village Apartments Housing Revenue Bondsvariable rate demand — 2008 Series A, maturing in 2039 9,700 6,900 — 400 6,500330 Riverdale Avenue Apartments Housing Revenue Bondsvariable rate demand — 2008 Series A, maturing in 2041 28,700 14,200 — — 14,200320 West 38th Street Housing Revenue Bondsvariable rate demand — 2008 Series A, maturing in 2042 74,500 74,500 — — 74,500variable rate demand — 2009 Series A, maturing in 2042 119,500 119,500 — — 119,500variable rate demand — 2009 Series B, maturing in 2042 106,000 106,000 — — 106,000

Original Face

Amount


Balance October 31,

2012

BalanceOctober 31,

2013 Issued

70

Shore Hill Housing Revenue Bondsvariable rate demand — 2008 Series A, maturing in 2045 39,000 19,500 — — 19,500505 West 37th Street Housing Revenue Bondsvariable rate demand — 2008 Series A, maturing in 2042 95,600 95,600 — — 95,600variable rate demand — 2008 Series B (Federally Taxable), maturing in 2042 138,000 58,400 — — 58,400variable rate demand — 2009 Series A, maturing in 2042 100,800 100,800 — — 100,800variable rate demand — 2009 Series B, maturing in 2042 119,600 119,600 — — 119,600College Arms Apartments Housing Revenue Bondsvariable rate demand — 2008 Series A, maturing in 2048 11,390 11,090 — 100 10,99080 DeKalb Avenue Housing Revenue Bondsvariable rate demand — 2008 Series A, maturing in 2042 32,850 5,090 — — 5,090variable rate demand — 2009 Series A, maturing in 2042 43,800 43,800 — — 43,800variable rate demand — 2009 Series B, maturing in 2042 55,110 55,110 — — 55,110Related ‐ Clarkstown Maplewood Gardens Housing Revenue Bondsvariable rate demand — 2009 Series A, maturing in 2049 4,085 4,085 — — 4,0858 East 102nd Street Housing Revenue Bondsvariable rate demand — 2010 Series A, maturing in 2044 95,630 135,690 — — 135,690variable rate demand — 2010 Series B (Federally Taxable), maturing in 2044 8,010 8,010 — — 8,010Hegeman Residence Apartments Housing Revenue Bondsvariable rate demand — 2010 Series A, maturing in 2040 22,800 22,800 — 22,800 — 330 West 39th Street Housing Revenue Bondsvariable rate demand — 2010 Series A, maturing in 2044 65,000 65,000 — — 65,000Clinton Park Housing Revenue Bondsvariable rate demand — 2010 Series A, maturing in 2044 70,000 70,000 — — 70,00025 Washington Street Housing Revenue Bondsvariable rate demand — 2010 Series A, maturing in 2044 19,700 19,700 — — 19,70029 Flatbush Avenue Housing Revenue Bondsvariable rate demand — 2010 Series A, maturing in 2044 90,000 90,000 — — 90,0002180 Broadway Housing Revenue Bondsvariable rate demand — 2011 Series A, maturing in 2044 96,300 96,300 — — 96,300variable rate demand — 2011 Series B (Federally Taxable), maturing in 2044 27,320 27,320 — — 27,320Gotham West Housing Revenue Bondsvariable rate demand — 2011 Series A‐1, maturing in 2045 133,000 133,000 — — 133,000variable rate demand — 2011 Series A‐2, maturing in 2045 67,000 67,000 — — 67,000

Original Face

Amount


Balance October 31,

2012

BalanceOctober 31,

2013 Issued

71

variable rate demand — 2011 Series B (Federally Taxable), maturing in 2045 20,000 20,000 — — 20,000variable rate demand — 2012 Series A‐1, maturing in 2045 173,000 173,000 — — 173,000variable rate demand — 2012 Series A‐2, maturing in 2045 87,000 87,000 — — 87,000variable rate demand — 2013 Series A (Federally Taxable) maturing in 2012 40,000 — 40,000 — 40,000160 West 62nd Street Housing Revenue Bondsvariable rate demand — 2011 Series A‐1, maturing in 2044 155,000 155,000 — — 155,000variable rate demand — 2011 Series A‐2, maturing in 2044 80,000 80,000 — — 80,000variable rate demand — 2011 Series B (Federally Taxable), maturing in 2044 25,000 25,000 — — 25,000Clinton Park Phase II Housing Revenue Bondsvariable rate demand — 2011 Series A‐1, maturing in 2049 83,000 83,000 — — 83,000variable rate demand — 2011 Series A‐2, maturing in 2049 42,000 42,000 — 0 42,000variable rate demand — 2011 Series B (Federally Taxable), maturing in 2049 20,000 20,000 — — 20,000111 Nassau Street Housing Revenue Bondsvariable rate demand — 2011 Series A, maturing in 2044 65,240 65,240 — — 65,240variable rate demand — 2011 Series B (Federally Taxable), maturing in 2044 6,260 6,260 — — 6,260Related West 30th Street Housing Revenue Bondsvariable rate demand — 2012 Series A‐1, maturing in 2045 73,000 73,000 — — 73,000variable rate demand — 2012 Series A‐2, maturing in 2045 37,000 37,000 — — 37,000variable rate demand — 2013 Series A maturing in 2045 53,200 — 53,200 — 53,200388 Bridge Street Housing Revenue Bondsvariable rate demand — 2012 Series A, maturing in 2046 86,000 86,000 — — 86,000175 West 60th Street Housing Revenue Bondsvariable rate demand — 2012 Series A‐1, maturing in 2046 40,000 31,000 9,000 — 40,000variable rate demand — 2012 Series A‐2, maturing in 2046 20,000 20,000 — — 20,000Jackson Avenue Apartments Housing Revenue Bondsvariable rate demand — 2012 Series A, maturing in 2044 27,335 2,620 10,650 — 13,270variable rate demand — 2012 Series B maturing in 2044 325 325 — — 32511th Street Apartments Housing Revenue Bondsvariable rate demand — 2012 Series A, maturing in 2044 21,000 2,750 7,345 — 10,095Dock Street Apartments Housing Revenue Bondsvariable rate demand — 2012 Series A, maturing in 2046 34,700 — 34,700 — 34,700variable rate demand — 2013 Series B, maturing in 2046 65,800 — 65,800 — 65,800

OriginalFace

Amount


BalanceOctober 31,

2012

BalanceOctober 31,

2013 Issued

72

626 Flatbush Avenue Apartments Housing Revenue Bondsvariable rate demand — 2013 Series A, maturing in 2046 40,000 — 13,305 — 13,305variable rate demand — 2013 Series B, (Federally Taxable) maturing in 2046 10,940 — 835 — 835Riverside Center 2 Housing Revenue Bondsvariable rate demand — 2012 Series A, maturing in 2046 25,000 — 25,000 — 25,000variable rate demand — 2013 Series A‐1, maturing in 2046 41,200 — 41,200 — 41,20044th Drive Apartments Housing Revenue Bondsvariable rate demand — 2013 Series A, maturing in 2043 24,500 — 4,009 — 4,009Related West 29th Street Housing Revenue Bondsvariable rate demand — 2012 Series A, maturing in 2045 45,000 — 45,000 — 45,000Terrace Gardens Housing Revenue Bonds5.34% — 2013 A, maturing in varying semi‐annual installaments to 2043 27,020 — 27,020 — 27,020Total Secured Loan Rental Housing Bonds and Other 10,061,205 8,930,715 377,064 111,280 9,196,499Housing Project Mortgage Revenue Bonds:3.60% to 6.125% — 1996 Series A Refunding, maturing in varying semi‐annual installments to 2020 484,540 9,970 — 2,730 7,240Affordable Housing Bonds:Affordable Housing Revenue Bonds3.65% to 5.25% — 2007 Series A, maturing in varying semi‐annual installments to 2038 11,805 8,985 — 170 8,8153.60% to 5.45% — 2007 Series B, maturing in varying semi‐annual installments to 2045 81,570 35,435 — 615 34,8202.375% to 5.45% — 2008 Series A, maturing in varying semi‐annual installments to 2040 14,880 6,310 — 90 6,2203.30% to 5.00% — 2008 Series B, maturing in varying semi‐annual installments to 2045 23,000 11,905 — 850 11,0555.00% — 2008 Series C, maturing in varying semi‐annual installments to 2045 15,515 12,905 — 880 12,0252.15% to 6.80% — 2008 Series D, maturing in varying semi‐annual installments to 2041 53,740 15,905 — 375 15,5301.80% to 5.25% — 2009 Series A, maturing in varying semi‐annual installments to 2041 53,680 37,585 — 650 36,9350.70% to 5.00% — 2009 Series B, maturing in varying semi‐annual installments to 2045 80,525 63,890 — 1,180 62,7101.10% to 4.95% — 2009 Series C, maturing in varying semi‐annual installments to 2041 35,590 15,950 — 240 15,7100.45% to 5.20% — 2009 Series D, maturing in varying semi‐annual installments to 2045 70,795 38,695 — 960 37,7350.50% to 5.00% — 2010 Series A, maturing in varying semi‐annual installments to 2042 45,800 42,340 — 11,140 31,2000.40% to 4.875% — 2010 Series B, maturing in varying semi‐annual installments to 2042 24,600 16,295 — 320 15,9752.625% to 5.25% — 2010 Series C, maturing in varying semi‐annual installments to 2042 3,140 2,960 — 170 2,7901.05% — 2011 Series A, maturing in 2013 9,800 9,800 — 9,800 — 0.55% to 5.20% — 2011 Series B, maturing in varying semi‐annual installments to 2042 16,545 16,545 — 11,995 4,550

Original Face

Amount


Balance October 31,

2012

Balance October 31,

2013 Issued

73

0.95% — 2011 Series C, maturing in 2013 6,800 6,800 — 6,800 — 0.55% to 4.875% — 2011 Series D, maturing in varying semi‐annual installments to 2042 14,630 14,630 — 5,770 8,8600.83% — 2011 Series E, maturing in 2013 5,600 5,600 — 5,600 — 0.75% to 4.13% — 2012 Series A, maturing in 2044 22,795 22,795 — 120 22,6750.25% to 4.00% — 2012 Series B, maturing in varying semi‐annual installments to 2047 45,500 45,500 — 145 45,3550.25% to 3.85% — 2012 Series C, maturing in varying semi‐annual installments to 2044 50,355 — 50,355 70 50,2850.70% to 3.60% — 2012 Series D, maturing in varying semi‐annual installments to 2045 23,685 — 23,685 — 23,6850.33% to 3.75% — 2012 Series E, maturing in varying semi‐annual installments to 2050 157,500 — 157,500 1,315 156,1850.40% to 4.10% — 2012 Series F, maturing in varying semi‐annual installments to 2048 91,500 — 91,500 305 91,1950.30% to 4.65% ‐ 2013 Series A, maturing in varying semi‐annual installments to 2046 61,600 — 61,600 — 61,6000.80% to 5.20% — 2013 Series B, maturing in varying semi‐annual installments to 2046 36,085 — 36,085 — 36,0850.625% to 5.10% — 2013 Series C, maturing in varying semi‐annual installments to 2045 21,955 — 21,955 — 21,955

1,078,990 430,830 442,680 59,560 813,950Affordable Housing Revenue Bonds (Federal New Issue Bond Program ʺNIBPʺ)Conversions:3.16% — 2009 Series 1, Subseries A, conversion: maturing in varying annual installments to 2043 47,660 46,382 — 22,852 23,5303.16% — 2009 Series 1, Subseries B, conversion: maturing in 2043 45,080 45,062 — 13,144 31,9183.68% — 2009 Series 1, Subseries C, conversion: maturing in 2044 24,760 24,666 — 167 24,4992.47% — 2009 Series 1, Subseries D, conversion: maturing in varying semi‐annual installments to 2043 22,260 22,260 — 3,647 18,6132.47% — 2009 Series 1, Subseries E, conversion: maturing in varying semi‐annual installments to 2043 21,320 21,248 — 1,616 19,6322.47% — 2009 Series 1, Subseries F, conversion: maturing in varying semi‐annual installments to 2044 98,380 97,986 — 1,791 96,195New Issues:0.50% to 1.375% — 2010 Series 1, maturing in varying semi‐annual installments to 2013 32,135 25,683 — 2,248 23,4351.25% to 1.95% — 2010 Series 2, maturing in varying annual installments to 2014 30,460 27,998 — 10,416 17,5821.85% — 2011 Series 1, maturing in 2015 29,000 28,885 — 204 28,6810.55% to 3.80% — 2011 Series 2, maturing in varying semi‐annual installments to 2022 16,470 16,470 — 3,728 12,7420.375% to 1.625% — 2011 Series 3, maturing in varying semi‐annual installments to 2015 5,890 5,872 — 3,254 2,6180.30% to 1.70% — 2011 Series 4, maturing in varying semi‐annual installments to 2016 35,510 35,379 — 4,324 31,055

408,925 397,891 — 67,391 330,500Total Affordable Housing Bonds 1,487,915 828,721 442,680 126,951 1,144,450

OriginalFace

Amount Issued


BalanceOctober 31,

2013

Balance October 31,

2012

74

State Revenue Bond Programs:Service Contract Revenue Bonds4% to 5% — 2003 Series K Refunding, maturing in varying semi‐annual installments to 2021 60,290 — — — — variable rate demand — 2003 Series L Refunding, maturing in varying semi‐annual installments to 2021 88,750 88,750 — 9,800 78,950variable rate demand — 2003 Series M‐1 Refunding, maturing in varying semi‐annual installments to 2021 63,750 63,750 — 7,040 56,710variable rate demand — 2003 Series M‐2 Refunding, maturing in varying semi‐annual installments to 2021 25,000 25,000 — 2,760 22,240

237,790 177,500 — 19,600 157,900Consolidated Service Contract Revenue Bonds2% to 5% — 2011 Series A Refunding, maturing in varying semi‐annual installments to 2020 71,165 54,695 — 12,600 42,095State Personal Income Tax Revenue Bonds (Economic Development and Housing)5% to 5.25% — 2003 Series A, maturing in varying semi‐annual installments to 2033 128,330 19,625 — 19,625 — 1.37% to 4.46% — 2003 Series B (Federally Taxable), maturing in varying semi‐annual installments to 2013 101,690 6,020 — 6,020 — 4.60% to 5.25% — 2004 Series A, maturing in varying semi‐annual installments to 2034 54,085 41,035 — 12,740 28,2951.35% to 4.79% — 2004 Series B (Federally Taxable), maturing in varying semi‐annual installments to 2014 56,655 13,110 — 6,405 6,7054% to 5% — 2005 Series A, maturing in varying semi‐annual installments to 2034 57,215 57,215 — 20,615 36,6003.58% to 4.88% — 2005 Series B (Federally Taxable), maturing in varying annual installments to 2015 34,985 12,155 — 3,865 8,290variable rate demand — 2005 Series C, maturing in varying semi‐annual installments to 2033 80,000 80,000 — — 80,0003.75% to 5% — 2006 Series A, maturing in varying semi‐annual installments to 2036 47,525 47,525 — — 47,5255.04% to 5.22% — 2006 Series B (Federally Taxable), maturing in varying annual installments to 2015 83,435 29,710 — 9,390 20,3203.625% to 5% — 2006 Series C, maturing in varying semi‐annual installments to 2019 31,945 31,945 — 100 31,8455% — 2007 Series A, maturing in varying semi‐annual installments to 2037 71,075 71,075 — — 71,0754.957% to 5.167% — 2007 Series B (Federally Taxable), maturing in varying annual installments to 2016 45,695 21,020 — 4,860 16,1604% to 5% — 2007 Series C (Federally Taxable), maturing in varying semi‐annual installments to 2021 19,220 19,220 — — 19,2204% to 5% — 2008 Series A, maturing in varying annual installments to 2038 109,885 109,885 — — 109,8853.05% to 5.35% — 2008 Series B (Federally Taxable), maturing in varying annual installments to 2017 40,115 22,105 — 3,985 18,1201.75% to 5% — 2009 Series A, maturing in varying annual installments to 2039 96,990 92,040 — 1,905 90,1351.943% to 4.911% — 2009 Series B (Federally Taxable), maturing in varying annual installments to 2019 103,010 78,040 — 9,965 68,075

1,161,855 751,725 — 99,475 652,250Total State Revenue Bond Programs 1,470,810 983,920 — 131,675 852,245Hospital and Health Care Project Revenue Bonds3.60% to 5.15% — 1998 Series A, maturing in varying annual installments to 2016 42,090 20 — 10 10

OriginalFace

Amount


BalanceOctober 31,

2012

BalanceOctober 31,

2013 Issued

75

Nursing Home and Health Care Project Revenue Bonds3.60% to 5.15% — 1998 Series A, maturing in varying annual installments to 2016 190,080 16,915 — 8,265 8,650Total Bond Indebtedness 13,977,545 10,785,146 866,184 385,166 11,266,164Bond Premium — 16,416 — — 13,867Total Net Bond Indebtedness $ 13,977,545 10,801,562 * 866,184 385,166 11,280,031

*Restated for GASB 65 Implementation****

Original Face

Amount


Balance October 31,

2012

Balance October 31,

2013 Issued

76


Ernst & Young LLP 5 Times Square New York, NY 10036-6530

Tel: +1 212 773 3000 Fax: +1 212 773 6350 ey.com

1401-1186403

Report of Independent Auditors on Internal Control Over Financial Reporting and

on Compliance and Other Matters Based on an Audit of Financial Statements

Performed in Accordance with Government Auditing Standards

Management and Directors of the Board

New York State Housing Finance Agency

New York, New York

We have audited, in accordance with auditing standards generally accepted in the United States

and the standards applicable to financial audits contained in Government Auditing Standards

issued by the Comptroller General of the United States, the financial statements of the New York

State Housing Finance Agency (the “Agency”), a component unit of the State of New York,

which comprise the statement of net position as of October 31, 2013, and the related statements

of revenues and expenses and changes in net position, and cash flows for the year then ended,

and the related notes to the financial statements, and have issued our report thereon dated

January, 29, 2014.

Internal Control Over Financial Reporting

In planning and performing our audit of the financial statements, we considered the Agency’s

internal control over financial reporting (internal control) to determine the audit procedures that

are appropriate in the circumstances for the purpose of expressing our opinion on the financial

statements, but not for the purpose of expressing an opinion on the effectiveness of the Agency’s

internal control. Accordingly, we do not express an opinion on the effectiveness of the Agency’s

internal control.

A deficiency in internal control exists when the design or operation of a control does not allow

management or employees, in the normal course of performing their assigned functions, to

prevent, or detect and correct misstatements on a timely basis. A material weakness is a

deficiency, or combination of deficiencies, in internal control, such that there is a reasonable

possibility that a material misstatement of the entity’s financial statements will not be prevented,

or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a

combination of deficiencies, in internal control that is less severe than a material weakness, yet

important enough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph

of this section and was not designed to identify all deficiencies in internal control that might be

material weaknesses or significant deficiencies. Given these limitations, during our audit we did

not identify any deficiencies in internal control that we consider to be material weaknesses.

However, material weaknesses may exist that have not been identified.

77

1401-1186403

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the Agency’s financial statements are

free of material misstatement, we performed tests of its compliance with certain provisions of

laws, regulations, contracts and grant agreements, noncompliance with which could have a direct

and material effect on the determination of financial statement amounts. However, providing an

opinion on compliance with those provisions was not an objective of our audit, and accordingly,

we do not express such an opinion. The results of our tests disclosed no instances of

noncompliance or other matters that are required to be reported under Government Auditing

Standards.

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and

compliance and the result of that testing, and not to provide an opinion on the entity’s internal

control or on compliance. This report is an integral part of an audit performed in accordance with

Government Auditing Standards in considering the entity’s internal control and compliance.

Accordingly, this communication is not suitable for any other purpose.

January 29, 2014


78

ADDITIONAL SUPPLEMENTAL INFORMATION

AFFORDABLE HOUSING REVENUE PROGRAM

79

DebtBond Construction Service Interest Special General ReserveProceeds Finance Reserve Reserve Loan Revenue Reserve For Retention LOC Escrow

Total Account Account Funds Funds Funds Funds Funds Replacement Accounts Accounts Account

Cash held principally by Trustee and Depository 52,633,593$ 2,660$ 14,936,675$ 2,551$ 177,320$ 129,716$ 11,850,256$ 623$ 10,986,542$ 47,008$ 8,091,850$ 6,408,392$ Investments (including accrued interest of $76,816):U.S. Treasury securities and obligations of government agencies 284,200,311 — 186,764,909 5,973,575 — 61,939,669 5,012,954 22,431,206 — — 2,077,998 —Corporate notes and repurchase agreements 2,151 — — — — — — — — — — 2,151

Total cash and investments 336,836,055$ 2,660$ 201,701,584$ 5,976,126$ 177,320$ 62,069,385$ 16,863,210$ 22,431,829$ 10,986,542$ 47,008$ 10,169,848$ 6,410,543$

Debt Service

AFFORDABLE HOUSING REVENUE BOND PROGRAM NEW YORK STATE HOUSING FINANCE AGENCY

October 31, 2013

Cash and Investments

80

CumulativeMortgage Amount Principal Balance

Project Loan Advanced Repayments Oct. 31, 2013439 West 53rd Street 5,600,000$ 5,600,000$ 5,600,000$ —625 West 140th Street Apartments 21,700,000 21,700,000 18,208,340 3,491,660 774 West Main Street Apartments 22,800,000 22,800,000 4,800,045 17,999,955 2240 Washington Avenue Residence 14,250,000 14,250,000 3,776,949 10,473,051 3361 Third Avenue 10,450,000 1,913,810 — 1,913,810 Abraham Lincoln Apartments 3,950,000 1,335,646 — 1,335,646 Abyssinian Towers 11,700,000 11,700,000 3,060,680 8,639,320 Adams Court 9,130,000 9,130,000 2,209,558 6,920,442 Allen By The Bay 9,800,000 9,800,000 9,800,000 —Amsterdam Senior Housing 4,680,000 2,410,920 7,913 2,403,007 Artspace Patchogue Apartments 9,100,000 9,100,000 6,334,413 2,765,587 Bayshore Apartments 7,900,000 7,900,000 7,900,000 —Bedell Terrace Apartments 22,390,000 22,390,000 6,173,453 16,216,547 Birches at Chambers 7,600,000 7,600,000 5,235,832 2,364,168 Birches at Esopus 8,600,000 8,600,000 5,705,715 2,894,285 Boston Road Apartments 23,900,000 2,787,980 — 2,787,980 Bridleside Apartments 14,630,000 8,084,426 2,434,104 5,650,322 Brookdale Village 13,590,000 13,590,000 3,694,487 9,895,513 Brookside II Apartments 6,500,000 6,500,000 3,841,711 2,658,289 Calkins Corner 9,000,000 7,911,503 — 7,911,503 Cedar Avenue Apts 26,900,000 26,900,000 8,276,342 18,623,658 Children's Village Residence 1,580,000 1,580,000 78,562 1,501,438 Clinton-Mohawk Apartments 5,460,000 5,460,000 131,425 5,328,575 Colon Plaza Apartments 8,300,000 8,300,000 4,761,990 3,538,010 Colonial Square Apartments 8,500,000 7,337,535 — 7,337,535 Concern MacDougal 13,465,000 13,465,000 582,779 12,882,221 Cornerstone Senior Apartments 13,750,000 11,241,767 — 11,241,767 Creek Bend 6,870,000 6,870,000 4,360,836 2,509,164 Creston Avenue Residence 11,400,000 3,977,547 — 3,977,547 David E. Podell House 5,770,000 5,770,000 16,689 5,753,311 Enclave on Fifth 5,225,000 1,563,467 — 1,563,467 F.I.G.H.T Village Apartments 11,705,000 11,705,000 2,908,841 8,796,159 Farmington Senior Apartments 6,650,000 6,650,000 3,058,934 3,591,066 Frederick Douglass Apartments 4,000,000 4,000,000 4,000,000 —

October 31, 2013

AFFORDABLE HOUSING REVENUE BOND PROGRAM OF THE

Mortgage Loan

NEW YORK STATE HOUSING FINANCE AGENCY

81


Project Loan Advanced Repayments Oct. 31, 2013Gananda Senior Apartments 4,300,000$ 4,300,000$ 2,206,280$ 2,093,720 Gardens at Town Center aka Greece Senior Apartments 15,500,000 2,081,321 — 2,081,321 Genesis Neighborhood Plaza II 17,500,000 17,500,000 10,379,628 7,120,372 Goodwin Himrod Apartments 17,200,000 17,200,000 6,046,062 11,153,938 Grant Park Apartments 22,500,000 22,500,000 15,195,116 7,304,884 Greater Hempstead Apartments 18,250,000 7,171,172 — 7,171,172 Greenacres Apartments 4,550,000 4,550,000 63,563 4,486,437 Hughes House 2010B 11,050,000 11,050,000 333,161 10,716,839 John Crawford Apartments 4,375,000 4,375,000 61,119 4,313,881 Loguen Homes 3,800,000 3,800,000 3,152,246 647,754 Los Sures Housing 6,850,000 4,085,592 — 4,085,592 Madison Plaza Apartments 5,415,000 5,415,000 2,402,978 3,012,022 Mariner Towers Apartments 20,700,000 14,481,641 — 14,481,641 Mills at High Falls 8,600,000 8,600,000 4,829,812 3,770,188 Montcalm Apartments 8,765,000 8,765,000 682,918 8,082,082 NOTA Apartments 5,940,000 5,940,000 5,940,000 —Odgen Heights Senior Apartments 6,790,000 6,790,000 2,947,682 3,842,318 O'Neil Apartments 6,400,000 5,405,667 — 5,405,667 Orenstein Building Apartments 27,400,000 27,400,000 160,718 27,239,282 Park Drive Manor I Apartments 5,100,000 5,100,000 2,629,670 2,470,330 Parkside Commons 14,830,000 14,830,000 355,983 14,474,017 Pine Harbor Apartments(Harborview) 11,470,000 11,470,000 1,158,357 10,311,643 Pine Street Homes 3,120,000 3,120,000 739,626 2,380,374 Pinnacle Place Apartments 17,790,000 12,835,643 474,062 12,361,581 Public School 6 Apartments 31,100,000 4,800,895 — 4,800,895 Ridgeview Special Needs Apartments 5,300,000 5,300,000 2,747,323 2,552,677 River Park Towers 157,500,000 93,686,837 2,377,695 91,309,142 Selfhelp Kissena Apartments 21,900,000 21,900,000 13,966,952 7,933,048 Shiloh Senior Apartments 6,800,000 6,800,000 6,800,000 —St. Michaels 5,600,000 5,600,000 5,600,000 —St. Philip's Senior Apartments 22,615,000 22,219,962 356,497 21,863,465 St. Simon's Terrace 7,800,000 7,800,000 5,297,258 2,502,742 Stonewood Village Apartments 15,500,000 15,500,000 7,843,566 7,656,434



Mortgage Loan

October 31, 2013

82


Project Loan Advanced Repayments Oct. 31, 2013Surrey Carlton Apartments 20,270,000$ 20,270,000$ 187,197$ 20,082,803$ The Hamilton 9,900,000 9,900,000 4,280,831 5,619,169 The Mews at Baldwin Place II 11,000,000 509,976 — 509,976 Tri-Veterans Housing 30,460,000 30,460,000 16,981,013 13,478,987 Washington Avenue Apartments 18,200,000 18,200,000 11,678,535 6,521,465 Wesley Hall 9,545,000 9,545,000 6,411,838 3,133,162 Westfall Heights Apartments 5,650,000 5,650,000 2,585,743 3,064,257 Wilcox Lane II 3,090,000 3,090,000 414,706 2,675,294 Willoughby Court Apartments 23,445,000 23,445,000 185,267 23,259,733 Woodlands and Barkley Apartments 6,500,000 6,500,000 2,951,853 3,548,147 Woodstock Manor Apartments 6,550,000 6,550,000 2,080,969 4,469,031 Yonkers Apartments 19,260,000 17,445,620 — 17,445,620 Total 1,073,025,000 873,863,927 269,465,822 604,398,105



Mortgage Loan

October 31, 2013

83

AFFORDABLE HOUSING

REVENUE BOND PROGRAM (NIBP)

NEW ISSUE BOND PROGRAM

84

Construction Debt Reserve for Capitalized EscrowFinance Reserve Revenue Replacement Interest LOC IRP

Total Account Funds Account Account Account Account Account

Cash held principally by Trustee and Depository 14,787,105$ 1,763,598$ 942$ 5,862,486$ 1,873,229$ 177,937$ 4,678,218$ 313,214$ Investments (including accrued interest of $35.53):U.S. Treasury securities and obligations of government agencies 15,700,332 4,379,894 2,194,501 7,611,946 — 99,995 1,413,996 —

Total cash and investments 30,487,437$ 6,143,492$ 2,195,443$ 13,474,432$ 1,873,229$ 277,932$ 6,092,214$ 313,214$

October 31, 2013

AFFORDABLE HOUSING REVENUE BOND PROGRAM (NIBP) OFNEW YORK STATE HOUSING FINANCE AGENCY


85

Cumulative CumulativeMortgage Amount Principal Balance

Project Loan Advanced Repayments Oct. 31, 201325 State Street Apts 8,760,000$ 8,760,000$ 4,871,766$ 3,888,234$ Albany Gardens aka CAMBA 34,060,000 29,616,542 — 29,616,542 Bradmar Village 8,320,000 8,320,000 1,992,736 6,327,264 Burt Farms Preservation 3,350,000 3,350,000 108,943 3,241,057 Ennis Francis Houses 38,565,000 37,580,493 — 37,580,493 Erie Harbor 18,390,000 18,390,000 4,019,729 14,370,271 Fairway Richmond 23,500,000 23,500,000 394,978 23,105,022 Gateway Gardens Villas 6,000,000 5,896,882 — 5,896,882 Grote Street 22,270,000 22,270,000 10,246,203 12,023,797 HANAC Senior Apts.. 12,100,000 12,100,000 2,926,461 9,173,539 Heritage Homes 18,390,000 18,390,000 — 18,390,000 James Street Apartments 8,775,000 8,181,121 — 8,181,121 Kennedy Plaza Apts (Tower) 10,780,000 10,780,000 4,626,590 6,153,410 Liberty Green III 7,870,000 7,870,000 4,121,397 3,748,603 Monteagle 5,720,000 5,720,000 1,025,476 4,694,524 North Country Rural Preserv 14,390,000 14,390,000 7,309,423 7,080,577 Phillips Village II 27,050,000 27,050,000 3,422,830 23,627,170 Pine Town Homes 19,650,000 19,650,000 471,221 19,178,779 PJ Housing Preservation 2,310,000 2,310,000 75,121 2,234,879 Radisson Lysander Greenway Apt 12,790,000 12,632,049 2,543,133 10,088,916 Roundtop Commons Apts 15,500,000 15,500,000 8,569,818 6,930,182 Spring Valley Apts 8,400,000 8,400,000 3,582,462 4,817,538 The Highlands Apts (Genesseo) 4,950,000 4,950,000 198,289 4,751,711 Towpath Senior 5,430,000 5,430,000 1,803,866 3,626,134 Twin Oaks Hempstead 15,610,000 15,610,000 9,692,969 5,917,031 Twin Parks North East 25,550,000 25,550,000 8,915,838 16,634,162 Village Square Apts 3,450,000 3,450,000 416,804 3,033,196 Wartberg Marie Heins Residence 8,600,000 8,532,187 — 8,532,187 Wells Warburton 16,200,000 16,200,000 6,286,091 9,913,909 Total 406,730,000 400,379,274 87,622,144 312,757,130$

AFFORDABLE HOUSING REVENUE BOND PROGRAM (NIBP) OF THE


Mortgage Loan

October 31, 2013

86

SECURED LOAN RENTAL HOUSING BOND PROGRAMS

87

DebtService Reserve Supplemental Risk GeneralReserve Revenue for Security Operating Sharing Reserve

Total Fund Fund Replacement Fund Escrow Escrow Fund

Cash held principally by Trustee and Depository 2,169,396$ 3,393$ 43,328$ 1,864,550$ 3,692$ 132,246$ 121,606$ 581$ Investments (including accrued interest of $10,038):U.S. Treasury securities and obligations of government agencies 6,530,677 1,033,797 1,410,969 — 2,337,950 — 757,987 989,974 Corporate notes and repurchase agreements 78,321 — — — — — 78,321 —

Total cash and investments 8,778,394$ 1,037,190$ 1,454,297$ 1,864,550$ 2,341,642$ 132,246$ 957,914$ 990,555$

SECURED LOAN PROGRAMS OF THENEW YORK STATE HOUSING FINANCE AGENCY

FHA-INSURED MULTI-FAMILY HOUSING REVENUE BOND PROGRAM


October 31, 2013

88

Mortgage CumulativeLoan Mortgage Principal Balance

Project Commitments Loan Repayments Oct. 31, 2013Cedarwood Towers 8,010,000$ 8,010,000$ 2,274,033$ 5,735,967$ Fairway Manor Apartments 8,700,000 8,700,000 8,700,000 —Jonas Bronck Apartments 4,470,000 4,470,000 2,736,506 1,733,494 Senior Horizons of Newburgh 3,290,000 3,290,000 470,407 2,819,593 Terrace Pines Apartments 4,800,000 4,800,000 1,309,544 3,490,456 The Mill at Saugerties 1,000,000 1,000,000 203,438 796,562 Total 30,270,000$ 30,270,000$ 15,693,928$ 14,576,072$

October 31, 2013


FHA-INSURED MULTI-FAMILY HOUSING REVENUE BOND PROGRAM

Mortgage Loan

89

DebtService Reserve General MortgageReserve Revenue for Reserve Reserve

Total Fund Fund Replacement Fund Fund

Cash held principally by Trustee and Depository 123,751$ 590$ 1,469$ 116,296$ 4,955$ 441$ Investments (including accrued interest of $2,347):U.S. Treasury securities and obligations of government agencies 395,354 192,386 170,974 — — 31,994

Total cash and investments 519,105$ 192,976$ 172,443$ 116,296$ 4,955$ 32,435$



October 31, 2013

MULTI-FAMILY FHA-INSURED MORTGAGE REVENUE BONDS

90


Project Commitments Loan Repayments Oct. 31, 2013Diamond Rock 2,397,500$ 2,397,500$ 270,232$ 2,127,268$

October 31, 2013


MULTI-FAMILY FHA-INSURED MORTGAGE REVENUE BONDS

Mortgage Loan

91

Construction D/S D/S GeneralFinance Principal Revenue Interest Principal Reserve Bank

Total Account Reserve Fund Fund Fund Fund Repayment

Cash held principally by Trustee and Depository 46,198,180$ 41,061,635$ 1,144,683$ 1,189,846$ 121,338$ 59,383$ 2,961$ 557$

Investments (including accrued interest of $7,378):U.S. Treasury securities and obligations of government agencies 648,718,928 467,486,140 179,034,919 2,178,870 — 18,999 — —

Total cash and investments 694,917,108$ 508,547,775$ 180,179,602$ 3,368,716$ 121,338$ 78,382$ 2,961$ 557$

SECURED LOAN RENTAL HOUSING BOND PROGRAM OF THENEW YORK STATE HOUSING FINANCE AGENCY

VARIABLE RATE DEMAND


October 31, 2013

92


Project Commitments Loan Repayments Oct. 31, 201310 Barclay Street 135,000,000$ 135,000,000$ $ — 135,000,000$ 10 Liberty Street 95,000,000 95,000,000 — 95,000,000 100 Maiden Lane 98,000,000 98,000,000 — 98,000,000 101 West End Avenue 126,000,000 126,000,000 — 126,000,000 111 Nassau Street 71,500,000 53,094,180 — 53,094,180 11th Street Apartments 21,000,000 13,805,000 3,710,000 10,095,000 125 West 31st Street 176,800,000 176,800,000 — 176,800,000 150 East 44th Street 110,000,000 98,000,000 — 98,000,000 160 West 62nd Street 260,000,000 196,441,834 5,405,848 191,035,986 175 West 60th Street 165,000,000 20,421,990 — 20,421,990 188 Ludlow Street 83,000,000 83,000,000 — 83,000,000 20 River Terrace 116,500,000 116,300,000 10,900,000 105,400,000 240 East 39th Street 119,000,000 119,000,000 — 119,000,000 25 Washington Street 19,700,000 17,959,503 — 17,959,503 250 West 50th Street 118,900,000 118,900,000 18,400,000 100,500,000 250 West 93rd Street 66,800,000 66,800,000 — 66,800,000 29 Flatbush Avenue 90,000,000 62,131,832 — 62,131,832 316 Eleventh Avenue 224,100,000 191,500,000 — 191,500,000 320 West 38th Street 396,000,000 300,000,000 — 300,000,000 330 Riverdale Avenue Apartments 28,700,000 28,700,000 14,500,000 14,200,000 330 West 39th Street 65,000,000 63,228,603 — 63,228,603 345 East 94th Street 49,300,000 48,000,000 4,400,000 43,600,000 350 West 43rd Street 113,000,000 113,000,000 10,500,000 102,500,000 360 West 43rd Street 82,000,000 78,500,000 1,500,000 77,000,000 363 West 30th Street 17,700,000 17,700,000 700,000 17,000,000 388 Bridge Street 86,000,000 42,227,505 — 42,227,505 44th Drive Rentals 24,500,000 4,008,578 — 4,008,578 455 West 37th Street Apartments 168,000,000 168,000,000 23,300,000 144,700,000 505 West 37th Street 454,000,000 374,400,000 — 374,400,000 55 West 25th Street 173,300,000 173,300,000 8,200,000 165,100,000 600 West 42nd Street 609,000,000 533,560,000 64,250,000 469,310,000 626 Flatbush Avenue 50,940,000 14,140,000 — 14,140,000 66 West 38th Street 119,700,000 113,717,469 8,917,469 104,800,000 70 Battery Place 37,000,000 33,300,000 — 33,300,000 750 Sixth Avenue 76,600,000 76,600,000 6,000,000 70,600,000 8 East 102nd St 143,700,000 141,789,396 — 141,789,396 80 DeKalb Avenue 159,260,000 159,326,840 55,326,840 104,000,000 88 Leonard Street 132,000,000 132,000,000 — 132,000,000

October 31, 2013

SECURED LOAN RENTAL HOUSING BOND PROGRAMS OF THENEW YORK STATE HOUSING FINANCE AGENCY

VARIABLE RATE DEMAND PROGRAM

Mortgage Loan

93


Project Commitments Loan Repayments Oct. 31, 2013900 Eighth Avenue Apartments 135,000,000$ 135,000,000$ 45,500,000$ 89,500,000$ 1500 Lexington Avenue 50,000,000 45,717,232 2,717,232 43,000,000 2180 Broadway 123,620,000 97,809,371 — 97,809,371 1501 Lexington Avenue 35,600,000 35,600,000 5,000,000 30,600,000 Admiral Halsey Senior Apartments Housing Rental 6,650,000 6,650,000 3,795,598 2,854,402 Archstone Westbury Apartment 85,200,000 85,200,000 1,560,000 83,640,000 Avalon Bowery Place I 93,800,000 93,800,000 — 93,800,000 Avalon Chrystie Place 117,000,000 117,000,000 — 117,000,000 Baisley Park 18,800,000 18,800,000 700,000 18,100,000 Bennington Hills Apartments 10,300,000 10,300,000 10,300,000 —Biltmore Tower 145,000,000 128,396,038 12,196,038 116,200,000 Chelsea Apartments 104,000,000 104,000,000 8,500,000 95,500,000 Chelsea Arms 18,000,000 18,000,000 — 18,000,000 Clinton Green North 147,000,000 147,000,000 — 147,000,000 Clinton Green South 121,500,000 121,500,000 — 121,500,000 Clinton Park 70,000,000 70,000,000 — 70,000,000 Clinton Park Phase II 145,000,000 141,604,893 — 141,604,893 College Arms Apartments 11,390,000 11,390,000 400,000 10,990,000 East 84th Street 60,000,000 60,000,000 — 60,000,000 Gateway at New Cassel Housing 9,500,000 9,500,000 3,500,000 6,000,000 Gotham West 520,000,000 473,446,981 15,853,348 457,593,633 Grace Towers Housing 19,900,000 19,900,000 8,370,000 11,530,000 Historic Front Street 46,300,000 46,300,000 — 46,300,000 Horizons at Waywayanda 12,100,000 12,100,000 3,958,645 8,141,355 Jackson Avenue Apartments 32,380,000 19,215,000 5,620,000 13,595,000 Keeler Park Apartments 17,900,000 17,900,000 5,889,103 12,010,897 Kew Gardens Hills 87,000,000 87,000,000 — 87,000,000 McCarthy Manor Apartments 6,800,000 6,800,000 — 6,800,000 Normandie Court II 56,100,000 56,100,000 24,100,000 32,000,000 North End Avenue 102,200,000 102,200,000 — 102,200,000 Overlook Apartments 5,400,000 5,400,000 900,000 4,500,000 Parkledge Apartments 39,000,000 39,000,000 4,400,000 34,600,000 Prospect Plaza Apartments 23,300,000 23,300,000 15,300,000 8,000,000 Related - Caroline Apartments 16,900,000 16,900,000 — 16,900,000 Related Clarkston Maplewood Garde 4,085,000 4,085,000 — 4,085,000 Related - East 39th Street 75,500,000 75,500,000 5,500,000 70,000,000 Related - West 20th Street 88,000,000 83,000,000 — 83,000,000

October 31, 2013


Mortgage Loan (continued)


94


Project Commitments Loan Repayments Oct. 31, 2013Related - West 23rd Street 110,000,000 107,000,000 — 107,000,000 Related - West 29rd Street 45,000,000 26,313,613 — 26,313,613 Related - West 30th Street 188,400,000 138,564,493 3,017,621 135,546,872 Related - 42nd & and 10th Avenue 350,000,000 350,000,000 30,000,000 320,000,000 Related -Capital Green Apartments 16,500,000 16,500,000 3,140,742 13,359,258 Related - Ocean Park Apartments 39,000,000 39,000,000 7,274,886 31,725,114 Related - Taconic West 17th Street 126,000,000 126,000,000 — 126,000,000 Related - Tribeca Green 110,000,000 107,055,544 2,455,544 104,600,000 Related - Warren Knolls Apartments 6,700,000 6,700,000 — 6,700,000 Related - West Haverstraw Senior Citizens Apartments 6,700,000 6,700,000 — 6,700,000 Related - Weyant Green Apartments 3,800,000 3,800,000 — 3,800,000 Remeeder Houses 18,900,000 18,900,000 1,974,230 16,925,770 Reverand Polite Avenue Apartment 16,000,000 16,000,000 8,565,000 7,435,000 Rip Van Winkle 11,500,000 11,500,000 800,000 10,700,000 Riverside Center II 275,000,000 100,000 — 100,000 Saville 55,000,000 55,000,000 — 55,000,000 Sea Park East 18,700,000 18,700,000 4,900,000 13,800,000 Sea Park West 22,900,000 22,900,000 7,400,000 15,500,000 Shore Hill 39,000,000 39,000,000 19,500,000 19,500,000 South Cove Plaza 34,900,000 34,900,000 2,900,000 32,000,000 St. Phillips on the Park 16,250,000 16,250,000 3,061,975 13,188,025 Talleyrand Crescent 36,500,000 36,500,000 1,500,000 35,000,000 Terrace Gardens 27,020,000 27,159,978 198,619 26,961,359 The Helena 143,000,000 143,000,000 — 143,000,000 The Victory Housing 120,000,000 120,000,000 5,500,000 114,500,000 Theatre Row Tower 74,800,000 74,800,000 — 74,800,000 Tower 31 93,800,000 93,800,000 5,700,000 88,100,000 Tri-Senior Housing 15,200,000 15,200,000 1,518,333 13,681,667 Tribeca Landing 64,400,000 56,500,000 1,700,000 54,800,000 Tribeca Park 84,000,000 83,000,000 1,300,000 81,700,000 Union Square South 49,000,000.0 49,000,000.0 $ — 49,000,000 West 33rd Street 50,700,000 50,700,000 4,100,000 46,600,000 West 37th Street 94,500,000 94,500,000 8,100,000 86,400,000 West Village Apartments 9,700,000 9,700,000 3,477,914 6,222,086

October 31, 2013




95


Project Commitments Loan Repayments Oct. 31, 2013Worth Street 113,900,000$ 113,900,000$ 11,500,000$ 102,400,000$ Total (Net of Participation Agreements) 10,025,095,000$ 8,873,810,873$ 543,977,071$ 8,147,848,802$

October 31, 2013




96

FNMAGeneral Revenue Special

Total Reserve Fund Reserve

Cash held principally by Trustee and Depository 159,660$ 1,032$ 157,890$ 738$ Investments (including accrued interest of $3):U.S. Treasury securities and obligations of government agencies 391,837 56,976 216,910 117,951

Total cash and investments 551,497$ 58,008$ 374,800$ 118,689$


October 31, 2013

NEW YORK STATE HOUSING FINANCE AGENCYMULTI-FAMILY FNMA-BACKED PROGRAM

SECURED LOAN RENTAL HOUSING BOND PROGRAMS OF THE

97


Project Commitments Loan Repayments Oct. 31, 2013Jefferson Woods Apartments 3,169,097$ 3,169,097$ 1,835,180$ 1,333,917$

October 31, 2013

SECURED LOAN RENTAL HOUSING BOND PROGRAMS OF THE

Mortgage Loan

NEW YORK STATE HOUSING FINANCE AGENCYMULTI-FAMILY FNMA-BACKED PROGRAM

98

DebtService GeneralReserve Revenue Reserve

Total Funds Accounts Funds

Cash held principally by Trustee and Depository 497,010$ 1,094$ 494,698$ 1,218$ Investments (including accrued interest of $15):U.S. Treasury securities and obligations of government agencies 1,776,699 497,924 538,887 739,888

Total cash and investments 2,273,709$ 499,018$ 1,033,585$ 741,106$


TRANSITIONAL HOUSING PROJECTS REVENUE BOND PROGRAMS


October 31, 2013

99


Project Commitments Loan Repayments Oct. 31, 2012Children's Rescue Fund 10,660,000$ 10,660,000$ 7,310,000$ 3,350,000$

October 31, 2013


Mortgage Loan

TRANSITIONAL HOUSING PROJECTS REVENUE BONDS PROGRAMS

100

Debt Debt DebtService Service General Reserve ServiceFund Reserve Revenue Reserve for Other Redemption

Total Interest Fund Fund Fund Replacement Escrows Fund

Cash held principally by Trustee and Depository 7,242,049$ 5,009$ 13,719$ 171,904$ 131,746$ 6,551,323$ 366,029$ 2,319$ Investments (including accrued interest of $15,003):U.S. Treasury securities and obligations of government agencies 21,107,182 — 6,091,874 6,761,155 6,941,182 — — 1,312,971

Total cash and investments 28,349,231$ 5,009$ 6,105,593$ 6,933,059$ 7,072,928$ 6,551,323$ 366,029$ 1,315,290$


October 31, 2013

SECURED LOAN RENTAL PROGRAM HOUSING BOND PROGRAMS OF THENEW YORK STATE HOUSING FINANCE AGENCY

MULTI-FAMILY HOUSING MORTGAGE REVENUE BONDS(SECURED MORTGAGE PROGRAM)

101


Project Commitments Loan Repayments Oct. 31, 2013

244 North Main Street 4,400,000$ 4,400,000$ 1,866,860$ 2,533,140$ Abraham Lincoln Apartments 2,300,000 2,300,000 2,300,000 —Airmont Gardens Apartments 12,000,000 12,000,000 3,679,631 8,320,369 Bedford Lake Apartments 4,000,000 4,000,000 1,009,768 2,990,232 Bettina EstatesMeadow Ridge Apartments 4,600,000 4,600,000 1,701,374 2,898,626 Bristow Stebbins Apartments 7,480,000 7,480,000 7,480,000 —Brookview Gardens 14,400,000 14,400,000 4,705,852 9,694,148 Cannon Street Apartments 3,350,000 3,350,000 1,622,866 1,727,134 Chevy Place at 200 East Avenue Apartment Project 5,395,000 5,395,000 5,395,000 —Community Re-Entry Project 1,000,000 1,000,000 526,368 473,632 Crotona Estates 3,845,000 3,845,000 1,578,708 2,266,292 Division Street 2,600,000 2,600,000 1,223,016 1,376,984 Dominican Village Apartments 7,500,000 7,500,000 2,771,491 4,728,509 Dominican Village Apartments Phase II 17,933,000 17,933,000 5,298,193 12,634,807 Extra Place Apartments 6,225,000 6,225,000 3,706,863 2,518,137 Evergreen Hills Apartments 1,700,000 1,700,000 500,683 1,199,317 Framark Place Apartments 2,750,000 2,750,000 1,155,772 1,558,035 Friendship House 2,840,000 2,840,000 246,911 2,593,089 Golden Age 2,800,000 2,800,000 650,001 2,149,999 Grant Street Senior Rental Housing 2,100,000 2,100,000 2,100,000 —Greenhaven Arms/Berkeley Square Apartments 9,500,000 9,500,000 3,929,220 5,570,780 Highland Avenue Senior Apartments 10,370,000 10,370,000 3,940,071 6,429,929 Hopkins Court Apartments 2,740,000 2,740,000 2,740,000 —Horizons at Fishkill 6,975,000 6,975,000 1,616,015 5,237,524 Kensico Terrace 7,080,000 7,080,000 3,264,161 3,737,489 Middle Island/Eagle View Court 6,955,000 6,955,000 1,827,283 5,127,717 Nathan Hale 5,745,000 5,745,000 1,535,418 3,994,636 Northfield Apartments 4,990,000 4,990,000 625,020 4,364,980 North Street Y Senior Apartments 3,900,000 3,900,000 1,940,728 1,959,272 Park Drive Manor II 6,640,000 6,640,000 3,032,408 3,607,592 Patchogue Senior Apartments I 6,415,000 6,415,000 1,048,500 5,366,500

October 31, 2013


Mortgage Loan

(SECURED MORTGAGE PROGRAM)MULTI-FAMILY HOUSING MORTGAGE REVENUE BONDS

102


Project Commitments Loan Repayments Oct. 31, 2013Seneca Gardens Apartments 1,320,000 1,320,000 1,320,000 —Senior Horizons at Silver Lake 4,500,000 4,500,000 1,446,961 3,053,039 Stuyvesant Hotel Conversion Project 1,245,000 1,245,000 469,201 775,799 Sycamore Crest Apartments 7,000,000 7,000,000 2,555,323 4,444,677 Tall Oaks Apartments 5,930,000 5,930,000 2,170,525 3,759,475 Tiffany Gardens 9,880,000 9,880,000 4,888,431 4,991,569 Walnut Hill Apartments 10,030,000 10,030,000 2,941,052 7,088,948 Washington Apartments 4,165,000 4,165,000 1,789,131 2,320,232 Watergate II Apartments 7,800,000 7,800,000 2,096,258 5,703,742 Webster Place Apartments 6,500,000 6,500,000 3,433,670 3,066,330 Woodland Place Apartments 3,500,000 3,500,000 1,810,079 1,689,921 Total 61,870,000$ 61,870,000$ 24,920,631$ 113,794,415$

October 31, 2013



(SECURED MORTGAGE PROGRAM)MULTI-FAMILY HOUSING MORTGAGE REVENUE BONDS

103

MORAL OBLIGATION HOUSING PROGRAMS

104

Project DebtMortgage Service

Operating Revenue Loan Principal Interest Redemption ReserveTotal Fund Fund Accounts Accounts Accounts Account Fund

Cash held principally by Trustee and Depository 4,339,459$ 2,047$ 264,224$ 43,126$ 3,056,682$ 270,157$ 251,200$ 452,023$ Investments (including accrued interest of $165):U.S. Treasury securities and obligations of government agencies 17,867,840 — — 1,442,577 — — — 16,425,263

Total cash and investments 22,207,299$ 2,047$ 264,224$ 1,485,703$ 3,056,682$ 270,157$ 251,200$ 16,877,286$

Debt Service Fund

NON-PROFIT HOUSING PROGRAM OF THENEW YORK STATE HOUSING FINANCE AGENCY


October 31, 2013

105


Project Commitments Loan Repayments Oct. 31, 2013

Bernadine Apartments 5,250,000$ 5,250,000$ 4,915,000$ 335,000$ Brighton Towers Apartments 12,390,000 12,390,000 10,070,000 2,320,000 Brothers of Mercy Apartments 2,600,000 2,600,000 2,600,000 —Cambray 2,340,000 2,340,000 2,190,000 150,000 Denton Green 2,300,000 2,300,000 2,300,000 —Eckelberger Tower 1,780,000 1,780,000 1,780,000 —Findlay House 1,145,000 1,145,000 1,010,000 135,000 McGraw House 2,720,000 2,720,000 2,720,000 —St Simeon Apartments 2,585,000 2,585,000 2,585,000 —Schwartz Towers 3,925,000 3,925,000 3,925,000 —Springbrook Apartments 3,300,000 3,300,000 3,090,000 210,000 The Meadows at Middle Settlement 3,300,000 3,300,000 3,070,000 230,000 Trinity Towers 2,125,000 2,125,000 2,125,000 — Total 45,760,000$ 45,760,000$ 42,380,000$ 3,380,000$

October 31, 2013

NON-PROFIT HOUSING PROGRAM OF THENEW YORK STATE HOUSING FINANCE AGENCY

Mortgage Loan

106

DebtGeneral ServiceReserve Principal Interest Reserve

Total Fund Accounts Accounts Funds

Cash held principally by Trustee and Depository 408,502$ 61,792$ 279,605$ 66,800$ 305$ Investments (including accrued interest of $0):U.S. Treasury securities and obligations of government agencies 709,739 — — — 709,739

Total cash and investments 1,118,241$ 61,792$ 279,605$ 66,800$ 710,044$

Debt Service Fund

HOUSING PROJECT BOND PROGRAM OF THENEW YORK STATE HOUSING FINANCE AGENCY


October 31, 2013

107


Project Commitments Loan Repayments Oct. 31, 2013Simeon DeWitt Apartments 4,180,000$ 4,180,000$ 2,765,000$ 1,415,000$ Towpath Towers 3,490,000 3,490,000 2,210,000 1,280,000 Total 7,670,000$ 7,670,000$ 4,975,000$ 2,695,000$

October 31, 2013

HOUSING PROJECT BOND PROGRAM OF THENEW YORK STATE HOUSING FINANCE AGENCY

Mortgage Loan

108

HOSPITAL AND HEALTH CARE PROJECT PROGRAM

109

Debt MortgageService General Capital Bond Repayment DebtReserve Reserve Reserve Reserve Escrow Revenue Service

Total Fund Fund Fund Fund Accounts Fund Interest

Cash held principally by Trustee and Depository 35,877$ 755$ 7,931$ 577$ 728$ 15,305$ 10,579$ 2$ Investments (including accrued interest of $119,796):U.S. Treasury securities and obligations of government agencies 11,770,977 270,999 2,552,995 4,472,991 4,368,992 — 105,000 —Corporate notes and repurchase agreements 4,319,774 4,319,774 — — — — — —

Total cash and investments 16,126,628$ 4,591,528$ 2,560,926$ 4,473,568$ 4,369,720$ 15,305$ 115,579$ 2$

HOSPITAL AND HEALTH CARE PROJECT PROGRAM OF THE


October 31, 2013


110


Project Commitments Loan Repayments Oct. 31, 2013Geneva General Hospital 2,385,000$ 2,385,000$ 2,385,000$ $ —

HOSPITAL AND HEALTH CARE PROJECT PROGRAM OF THENEW YORK STATE HOUSING FINANCE AGENCY

Mortgage Loan

October 31, 2013

111

NURSING HOME AND HEALTH CARE PROJECT PROGRAM

112

Debt MortgageConstruction Service General RepaymentFinancing Redemption Reserve Reserve Escrow Revenue

Total Account Account Fund Fund Accounts Fund

Cash held principally by Trustee and Depository 3,935,880$ 77,903$ 137$ 5,013$ 8,818$ 116,553$ 3,727,456$ Investments (including accrued interest of $540,326):U.S. Treasury securities and obligations of government agencies 30,281,283 287,956 — 9,411,096 18,785,633 473,866 1,322,732 Corporate notes and repurchase agreements 21,103,999 81,377 — 19,636,917 1,385,705 — —

Total cash and investments 55,321,162$ 447,236$ 137$ 29,053,026$ 20,180,156$ 590,419$ 5,050,188$

NURSING HOME AND HEALTH CARE PROJECT PROGRAM OF THENEW YORK STATE HOUSING FINANCE AGENCY


October 31, 2013

113


Project Commitments Loan Repayments Oct. 31, 2013Bethel 2,270,000$ 2,270,000$ 2,270,000$ $ —Bezalel 3,531,840 3,531,840 3,260,668 271,172 Brookdale (Shulman Institute for Nursing and Rehabilitation) 8,070,000 8,070,000 7,888,190 181,810 Brothers of Mercy 6,840,000 6,840,000 6,651,464 188,536 CABS 6,055,000 5,910,000 5,054,086 855,914 Gloversville Extended Care 2,315,000 2,304,425 2,288,123 16,302 Greater Harlem 7,625,000 7,625,000 6,356,078 1,268,922 Jennie B. Richmond Chaffee 2,024,269 2,024,269 1,936,233 88,036 Long Beach Memorial 6,212,036 6,212,036 6,034,509 177,527 Morningside House 10,450,000 10,389,491 10,389,491 —Niagara Falls Memorial 4,350,000 4,348,784 4,348,784 —Palisade 14,800,000 14,749,844 14,101,578 648,266 Penn Yan Manor 1,330,000 1,330,000 1,330,000 —Plaza 7,125,000 7,121,470 7,121,470 —Rutland 21,565,656 21,565,656 20,365,828 1,199,828 St. Joseph 2,970,000 2,970,000 2,970,000 —Samaritan-Keep 7,030,000 7,027,964 7,027,964 —Grand Total 114,563,801$ 114,290,779$ 109,394,466$ 4,896,313$

Less provision for losses on loans 1,268,922

Net mortgage loan balance 3,627,391$

October 31, 2013

NURSING HOME AND HEALTH CARE PROJECT PROGRAM OF THENEW YORK STATE HOUSING FINANCE AGENCY

Mortgage Loan

114

HOUSING PROJECT MORTGAGEREVENUE BOND PROGRAM

115

MortgageGeneral Repayment Special

Interest Redemption Reserve Income Reserve Cash Escrow EscrowTotal Fund Fund Fund Fund Funds Trap 06A Accounts Accounts

Cash held principally by Trustee and Depository 2,837,677$ 80$ 710,380$ $ — 1,997,264$ 26,642$ 1,816$ 90,752$ 10,743$ Investments (including accrued interest of $507,440):U.S. Treasury securities and obligations of government agencies 38,160,645 — — — 92,986 12,459,680 9,508,924 185,965 15,913,090 Corporate notes and obligations of State and Local Governments 15,154,348 — — 15,157,146 (2,798) — — — —

Total cash and investments 56,152,670$ 80$ 710,380$ 15,157,146$ 2,087,452$ 12,486,322$ 9,510,740$ 276,717$ 15,923,833$

Debt Service

HOUSING PROJECT MORTGAGE REVENUE BOND PROGRAMNEW YORK STATE HOUSING FINANCE AGENCY


October 31, 2013

116


Project Commitments Loan Repayments Oct. 31, 2013Baptist Manor 3,785,000$ 3,785,000$ 2,405,000$ 1,380,000$ Clinton Plaza 8,495,000 8,495,000 5,270,000 3,225,000 Fort Schuyler House 4,005,000 4,005,000 2,680,000 1,325,000 Hudson Pointe Apartments 400,000 400,000 130,822 269,178 Mayfield Apartments 3,705,000 3,705,000 2,445,000 1,260,000 Promenade Apartments 11,435,000 11,435,000 11,435,000 —Regina Pacis 5,615,000 5,615,000 3,470,000 2,145,000 South-East Towers 3,740,000 3,740,000 3,740,000 —Stuypark House 3,605,000 3,605,000 2,190,933 1,414,067 Total 44,785,000$ 44,785,000$ 33,766,755$ 11,018,245$

Less: Provision for losses on loans 336,172

Net Mortgage Loan Balance 10,682,073$

October 31, 2013

HOUSING PROJECT MORTGAGEREVENUE BOND PROGRAM OF THE

Mortgage Loan


117

STATE REVENUE BOND PROGRAMS

118

Cost of RevenueTotal Issuance Fund

Cash held principally by Trustee and Depository 10,000$ 7,263$ 2,737$

Investments (including accrued interest of $2):U.S. Treasury securities 438,998 — 438,998 and obligations of government agencies

Total cash and investments 448,998$ 7,263$ 441,735$

SERVICE CONTRACT OBLIGATION REVENUE BOND PROGRAM OF THENEW YORK STATE HOUSING FINANCE AGENCY


October 31, 2013

119

NYSService

ContractsReceivable

October 31, 2013

Service Contracts due from New York State on October 31, 2012 232,195,000$

Principal Payments on Bonds and other (32,200,000) Total 199,995,000$

October 31, 2013

SERVICE CONTRACT OBLIGATION & SERVICE CONTRACTREVENUE BOND PROGRAMS OF THE


Service Contracts and Related Expenses Due from New York State

120

SubordinatedDebt Revenue Payment

Total Service Fund Fund

Cash held principally by Trustee and Depository 30,843$ 214$ 978$ 29,651$ Investments (including accrued interest of $1):U.S. Treasury securities and obligations of government agencies 151,999 15,000 136,999 —

Total cash and investments 182,842$ 15,214$ 137,977$ 29,651$

October 31, 2013

STATE PERSONAL INCOME TAXREVENUE BONDS PROGRAM OF



121

NYSService

ContractsReceivable

Program October 31, 2013

State Personal Income Tax Revenue Bond 2005 Series A 36,600,000$ State Personal Income Tax Revenue Bond 2005 Series B 8,290,000 State Personal Income Tax Revenue Bond 2005 Series C 80,000,000 State Personal Income Tax Revenue Bond 2004 Series A 28,295,000 State Personal Income Tax Revenue Bond 2004 Series B 6,705,000 State Personal Income Tax Revenue Bond 2003 Series A —State Personal Income Tax Revenue Bond 2003 Series B —State Personal Income Tax Revenue Bond 2006 Series A 47,525,000 State Personal Income Tax Revenue Bond 2006 Series B 20,320,000 State Personal Income Tax Revenue Bond 2006 Series C 31,845,000 State Personal Income Tax Revenue Bond 2007 Series A 71,075,000 State Personal Income Tax Revenue Bond 2007 Series B 16,160,000 State Personal Income Tax Revenue Bond 2007 Series C 19,220,000 State Personal Income Tax Revenue Bond 2008 Series A 109,885,000 State Personal Income Tax Revenue Bond 2008 Series B 17,949,359 State Personal Income Tax Revenue Bond 2009 Series A 87,298,345 State Personal Income Tax Revenue Bond 2009 Series B 68,075,000

Total 649,242,704$

October 31, 2013

STATE PERSONAL INCOME TAXREVENUE BOND PROGRAM OF THE


Service Contracts due from New York State

122

COMMUNITY RELATED AND OTHER LOAN PROGRAMS

123

OperatingTotal Fund

Cash held principally by Trustee and Depository 18,217$ 18,217$ Investments (including accrued interest of $531):U.S. Treasury securities and obligations of government agencies 7,687,198 7,687,198 Corporate notes and repurchase agreements 3,067 3,067

Total cash and investments 7,708,482$ 7,708,482$

COMMUNITY RELATED AND OTHER LOAN PROGRAMS OF THENEW YORK STATE HOUSING FINANCE AGENCY

COMMUNITY RELATED PROGRAM


October 31, 2013

124


Project Commitments Loan Repayments Oct. 31, 2013Brooklyn Retardation Campus 4,266,000$ 4,266,000$ 3,614,585$ 651,415$ The Charles A. Mastronardi Center for Mental Retardation 421,000 420,862 343,468 77,394 Edenwald Residential Child Care Facility 7,453,499 7,453,499 2,424,605 5,028,894 Grace's Place 1,000,000 1,000,000 — 1,000,000 Jefferson County A.R.C. Training 651,000 650,000 516,608 133,392 Queens Community Mental Health and Mental Retardation Services Co., Inc. 817,044 817,044 682,346 134,698 Queens Daughters Day Care Center 832,000 832,000 136,080 695,920 Steinberg Vocational Training Center 1,371,000 1,371,000 1,099,671 271,329 Wyandanch Day Care Center 911,000 911,000 276,765 634,235 Total 17,722,543$ 17,721,405$ 9,094,128$ 8,627,277$

Less: Provision for Loses on Loans 6,663,129

Total 1,964,148$

October 31, 2013


COMMUNITY RELATED PROGRAM

Mortgage Loan

125

Pre-Bonding Claims Insured

Operating Revenue Payment MortgageTotal Fund Fund Fund Escrow

Cash held principally by Trustee and Depository 335,735$ 68,027$ 149,148$ 89,021$ 29,539$ Investments (including accrued interest of $1,441):U.S. Treasury securities and obligations of government agencies 13,953,923 — 7,117,119 4,798,016 2,038,788

Total cash and investments 14,289,658$ 68,027$ 7,266,267$ 4,887,037$ 2,068,327$

October 31, 2013

COMMUNITY RELATED AND OTHER LOAN PROGRAM OF THENEW YORK STATE HOUSING FINANCE AGENCY

RESIDUAL INDEBTEDNESS PROGRAM


126


Project Commitments Loan Repayments Oct. 31, 2013Brookdale Village 1,797,800$ 1,797,800$ 700,650$ 1,097,150$ Castleton Park 3,360,900 3,360,900 29,648 3,331,252 Dunn Tower Apartments 925,484 925,484 674,394 251,090 Dutchess Senior Citizens 570,100 570,100 437,237 132,863 Jonas Bronck Apartments 956,300 956,300 297,993 658,307 Limestone Gardens 396,100 396,100 304,096 92,004 Marien-Heim Tower 518,400 518,400 403,929 114,471 Wilcox Lane Senior Citizens 284,700 284,700 284,700 — Total 8,809,784$ 8,809,784$ 3,132,647$ 5,677,137$

October 31, 2013


RESIDUAL INDEBTEDNESS PROGRAM

Mortgage Loan

127

PROJECT IMPROVEMENT AND OTHER PROGRAMS

128

Infra-Housing Energy Housing structure Manu- Neighbor SubsidyProject Assistance Assistance Trust factured Capital Stabilization Mortgage

Total TCAP Repair Program Program Fund Homes Grant Project Program

Cash held principally by Trustee and Depository 2,247,648$ 214$ 31,762$ 26,994$ 375,971$ 251,294$ 164,663$ 12,645$ 48,957$ 1,335,148$ Investments:Investments (including accrued interest of $9,928):U.S. Treasury securities and obligations of government agencies 35,691,497 — — 1,774,267 770,930 10,425,883 11,028,676 — — 11,691,741 Corporate notes and repurchase agreements 209,645 — — — — — 207,567 — — 2,078

Total cash and investments 38,148,790$ 214$ 31,762$ 1,801,261$ 1,146,901$ 10,677,177$ 11,400,906$ 12,645$ 48,957$ 13,028,967$

PROJECT IMPROVEMENT AND OTHER PROGRAMS OF THENEW YORK STATE HOUSING FINANCE AGENCY


October 31, 2013

129


Project Commitments Loan Repayments Oct. 31, 2013Manufactured Homes Program:Bush Gardens 2,600,000$ 2,577,000$ 111,682$ 2,465,318$ Champion MHP 2,650,000 2,650,000 304,821 2,345,179 Clarkson Creek Estates, Inc. 420,000 420,000 212,909 207,091 Greenhurst Village, Inc. 1,415,680 1,415,680 195,684 1,219,996 Hidden Brook Estates Cooperative Corp. 1,444,045 1,380,239 1,198,909 181,330 Hidden Meadows 1,573,100 1,573,100 385,093 1,188,007 High Meadows Cooperative Corp. 1,905,000 1,905,000 1,042,233 862,767 Meadow Valley MHP 600,000 600,000 26,528 573,472 Maple Ridge Cooperative Community Corporation 1,293,000 1,293,000 811,847 481,153 Ogden Lane Cooperative Corp. 361,890 361,890 190,069 171,821 Parkview Community, Inc. 1,620,400 1,620,400 1,206,562 413,838 Ridley Road 118,750 118,750 3,843 114,907 Three Mile Harbor Mobile Home Park, Inc. 500,000 500,000 118,649 381,351 Total 16,501,865$ 16,415,059$ 5,808,829$ 10,606,230$

October 31, 2013


Mortgage Loan and Other

130

MortgageLoan Mortgage Balance

Project Commitments Loan Oct. 31, 2013Forrest Point Apartments 2,600,000$ 2,600,000$ 2,600,000$

October 31, 2013

PROJECT IMPROVEMENT AND OTHER PROGRAMS OF THE NEW YORK STATE HOUSING FINANCE AGENCY

SUBORDINATED LOAN PROGRAM

Mortgage Loan

131

CumulativeMortgage Principal Balance

Project Loan Repayments Oct. 31, 2013Housing Company Shares 159,936$ 10,900$ 149,036$

October 31, 2013


CAPITAL GRANT

Mortgage Loan

132

HOUSE NEW YORK REVENUE BONDS

133

Mortgage Mortgage Cost of Revenue Payment Payment Issuance Escrow

Total Fund Unpledged Fund Fund Fund

Cash held principally by Trustee and Depository 2,297,073$ 1,094,826$ 1,591$ 87,940$ 383$ 1,112,333$ Investments (including accrued interest of $41):U.S. Treasury securities and obligations of government agencies 10,284,918 4,541,026 2,082,970 3,592,923 67,999 —

Total cash and investments 12,581,991$ 5,635,852$ 2,084,561$ 3,680,863$ 68,382$ 1,112,333$

HOUSE NEW YORK REVENUE BONDS PROGRAM OF THENEW YORK STATE HOUSING FINANCE AGENCY


October 31, 2013

134

BalanceProject Oct. 31, 2013Coney Island Site 9 Houses 170,018$ Twin Parks SW Houses 1,582,525 Twin Parks NW Houses 1,221,003 Buffalo Waterfront Home Site 2 689,600 Twin Parks SE Houses 1,692,715 Woodrow Wilson Houses 59,726 Ellicott Houses 275,640 Broadway East Townhouses 227,655 Rockland Manor Houses 138,551 Niagara Park Phase II 300,983 SE Loop Area 3B Houses 121,628 Cherry Hill 357,070 Woodbrook Houses 37,838 Charlotte Lake River Houses 1,626,712 Buena Vista Houses 4,371,585 Warburton Houses 339,364 SE Loop Area 3B Part 1A 815,954 Coney Island Site 4A-1 Houses 8,149,044 Coney Island Site 4A-2 Houses 8,405,477 North Town Phase III Houses 15,224,704 Beaver Road Houses 1,345,015 Fulton Park Site 2 Houses 1,069,000 Rutland Road Houses 3,730,808 106th Street Houses 8,574,178 Coney Island Site 1A Houses 4,941,944 Melrose Site D-1 Houses 11,568,564 Parkside Houses 667,475 Borinquen Plaza Housing Co. 696,864 Clifton Springs Houses II 326,159 Valley Vista Houses 159,097 Harlem Canaan House 2,062,289 Malone Town Houses 463,936 Ulster Senior Citizens Houses 497,627 Eastern Scattered Sites Houses 670,305


Mortgage Loan

October 31, 2013

135

BalanceProject Oct. 31, 2013Ten Broeck Manor Houses 1,025,393$ Liberty Senor Citizens Houses 480,876 Marcus Garvey Brownstone House 15,894,756 Canisteo Homes 682,237 Presidential Plaza Apartments 4,413,960 Grand Total 105,078,277$

Mortgage Loan

October 31, 2013


136

SUBSIDY LOANS

137


Project Commitments Loan Repayments Oct. 31, 201325 State Street Apartments 2,500,000$ 2,500,000$ $ — 2,500,000$ 330 Riverdale Avenue Apartments 6,387,089 6,387,089 — 6,387,089 625 West 140 Street 4,000,658 4,000,658 — 4,000,658 902 Liberty Avenue 1,400,000 1,400,000 — 1,400,000 2240 Washington Avenue 200,000 200,000 — 200,000 2271 Washington Avenue 2,256,217 2,256,217 — 2,256,217 Abraham Lincoln Subsidy 921,832 71,558 — 71,558 Adams Court 2,853,429 2,853,429 — 2,853,429 Admiral Halsey 3,920,000 3,920,000 — 3,920,000 Airmont Gardens 1,201,183 1,201,183 — 1,201,183 Allen By the Bay 1,033,530 1,033,530 — 1,033,530 Andrews House 581,000 581,000 — 581,000 Artspace Projects 1,884,823 1,884,823 — 1,884,823 Baptist Manor 1,079,700 1,079,700 — 1,079,700 BayShore Apartments 2,992,500 2,743,762 — 2,743,762 Birches at Esopus 2,299,585 2,299,585 — 2,299,585 Bloomfield Meadows 400,000 220,000 — 220,000 Bradmar Village 2,140,000 1,921,667 — 1,921,667 Brighton Towers 1,210,000 1,210,000 — 1,210,000 Bristow- Stebbins 994,236 994,236 — 994,236 Bronx Care 1,050,000 1,050,000 — 1,050,000 Brookside II Apartments 2,762,271 2,762,271 — 2,762,271 Brookview Gardens 1,638,561 1,638,561 785,579 852,982 Cannon Street Housing 295,360 295,360 — 295,360 Carnes McKinney Apartments 275,000 275,000 — 275,000 Cedar Avenue 3,268,308 3,268,308 — 3,268,308 Champlain Family Housing 125,000 125,000 — 125,000 Chevy Place 400,000 400,000 400,000 — Children's Village 3,000,000 3,000,000 — 3,000,000 Clinton Mohawk 871,540 871,540 — 871,540 Colon Plaza 2,418,070 2,418,070 — 2,418,070 Colonial Square Apartments 3,100,000 786,300 — 786,300 Community Re-entry Project 189,500 187,397 — 187,397 Concourse Flatiron Apartments 835,000 821,039 89,792 731,247 Creek Bend 4,750,000 4,750,000 — 4,750,000 Crotona Estates Apartments 93,021 93,021 42,669 50,352 Croton Heights Apartments 900,000 900,000 — 900,000

October 31, 2013


Mortgage Loan

SUBSIDY LOANS

138


Project Commitments Loan Repayments Oct. 31, 2013Division Street Multi-Family Housing 350,000$ 350,000$ $ — 350,000$ Dominican Village Apartments, Phase II 500,000 500,000 — 500,000 Erie Harbor 2,700,000 2,700,000 — 2,700,000 Fairport Apartments 625,000 625,000 — 625,000 Forrest Pointe 2,600,000 2,600,000 — 2,600,000 *Framark Place 1,331,907 1,331,907 — 1,331,907 F.I.G.H.T Village 2,886,374 2,832,921 — 2,832,921 Friedman Residence 2,246,000 538,671 — 538,671 Gananada Senior Apartments 1,993,396 1,993,396 — 1,993,396 Gardens at Town Center Subsidy 1,800,000 101,250 — 101,250 Gateway at New Cassel 2,213,559 2,213,559 — 2,213,559 Genesis Neighborhood 3,958,000 3,958,000 — 3,958,000 Goodwin Himrod Apartments 3,310,835 3,310,835 — 3,310,835 Grace Towers Housing II 4,542,967 4,542,967 — 4,542,967 Greater Rochester Housing Partners 180,000 180,000 — 180,000 Greene Park Arms 560,000 560,000 — 560,000 Greenway Apartments 2,990,000 2,866,749 — 2,866,749 Grote Street 750,000 750,000 — 750,000 Hegeman Residence 910,209 910,209 — 910,209 Heritage Homes 2,800,000 2,539,336 — 2,539,336 Highland Avenue Senior 2,318,000 2,318,000 — 2,318,000 Horizons at Fishkill Apartments 2,250,000 2,250,000 — 2,250,000 Horizons at Wawayanda 4,102,275 4,102,275 — 4,102,275 Hotel Seneca 635,000 616,526 91,960 524,566 Howard Beach Senior Apartments 4,188,000 4,188,000 — 4,188,000 Hudson Pointe Apartments 400,000 400,000 130,822 269,178 *Inwood Heights 1,500,000 1,500,000 — 1,500,000 Kensico Terrace 1,048,060 1,048,060 — 1,048,060 Lakeview Family Homes 1,000,000 1,000,000 — 1,000,000 Lakeview Senior Homes 2,300,000 2,300,000 — 2,300,000 Liberty Green 3,462,280 3,462,280 — 3,462,280 Lisle Ave 238,018 238,018 — 238,018 Loguen Homes aka Kennedy Square 1,036,693 1,036,693 — 1,036,693 Marien-Heim Towers 200,000 200,000 — 200,000 MarinerApartments 2,800,000 554,575 — 554,575 Mayfield Apartments 925,000 925,000 — 925,000 McGraw House Subsidy 2,900,000 2,900,000 — 2,900,000

October 31, 2013



SUBSIDY LOANS

139


Project Commitments Loan Repayments Oct. 31, 2013Meadow Ridge Apartments 769,796$ 769,796$ $ — 769,796$ Monteagle Apartments 1,865,400 1,865,400 — 1,865,400 Newburgh Seniors 400,000 400,000 — 400,000 North Street Y 1,415,000 1,415,000 — 1,415,000 Old Brookside Apartments 1,392,000 1,392,000 — 1,392,000 O'Neil Apartments 1,700,000 969,749 — 969,749 Park Drive Manor I Apartments 3,136,100 3,136,100 — 3,136,100 Pastures Preservation 512,826 512,826 — 512,826 Patchogue Senior Apartments 700,000 700,000 — 700,000 Phillips Village II 2,614,642 2,614,642 — 2,614,642 Pine Street Apartments 744,768 744,768 — 744,768 Pinnacle Place 200,000 80,000 — 80,000 Roundtop Commons Apts 1,500,000 1,500,000 — 1,500,000 Promenade Apartments 365,000 365,000 365,000 — Prospect Plaza 4,386,283 4,386,283 — 4,386,283 Ridgeview Special Needs Apartments 2,022,343 2,022,343 — 2,022,343 River Park Towers Subsidy 8,500,000 6,266,667 — 6,266,667 Rochester Manor 60,960 40,114 — 40,114 Rolling Green Estates 1,305,500 1,305,500 — 1,305,500 Seneca Gardens 265,000 265,000 265,000 — Senior Horizons at Silver Lake 830,000 830,000 — 830,000 Shiloh Senior Housing 35,871 35,871 — 35,871 Spring Apartments 1,406,588 1,406,588 — 1,406,588 Spring Valley 1,335,000 1,300,000 — 1,300,000 St. Mary's Commons 1,127,215 1,127,215 — 1,127,215 St. Micheal's Windmill 334,819 334,819 — 334,819 St. Phillips 1,840,000 504,747 — 504,747 St. Phillips Church 1,779,200 1,779,200 — 1,779,200 St. Phillips Heating Oil 291,475 291,475 — 291,475 St. Phillips on the Park 740,000 740,000 — 740,000 St. Simons 5,195,373 5,195,373 — 5,195,373 Stuypark Houses 875,000 875,000 — 875,000 Surrey Carlton 1,725,000 1,725,000 — 1,725,000 Sutter Houses 88,000 48,117 — 48,117 Sycamore Crest 2,200,000 2,200,000 — 2,200,000 The Birches at Chambers 2,826,312 2,826,312 — 2,826,312 The Hamilton 2,192,870 2,192,870 — 2,192,870

October 31, 2013



SUBSIDY LOANS

140


Project Commitments Loan Repayments Oct. 31, 2013The Mill at Saugerties 595,433$ 595,433$ — 595,433$ The Mills at High Falls 2,648,807 2,648,807 — 2,648,807 The Northfield Apartments 2,190,511 2,190,511 — 2,190,511 Tiffany Gardens 875,430 875,430 — 875,430 Towpath Preservation 1,030,894 1,030,894 — 1,030,894 Trinity Towers 1,412,000 1,412,000 — 1,412,000 Tri-Veterans Housing 5,135,193 5,135,193 — 5,135,193 Twin Oaks Apartments 3,400,000 3,400,000 — 3,400,000 Village Green Apartments 1,935,871 1,935,871 — 1,935,871 Village Square 362,000 325,800 — 325,800 Warburton Riverview 2,500,000 2,500,000 — 2,500,000 Wartburg Marie Heins 500,000 459,200 — 459,200 Washington Apartments 2,390,209 2,390,209 — 2,390,209 Waterville Schoolhouse 115,000 115,000 12,473 102,527 Webster Place 1,538,575 1,535,875 — 1,535,875 Wesley Hall 3,827,442 3,827,442 — 3,827,442 West Village Apartments 5,152,914 5,152,914 157,372 4,995,542 Westfall Heights 500,329 500,329 — 500,329 Westview Apartments 633,750 633,750 — 633,750 Wilcox Lane 2,164,757 2,100,000 247,023 1,852,977 Related-Weyant Green Apartments Housing 785,000 785,000 — 785,000 Woodlands Barkley 2,169,290 2,169,290 — 2,169,290 Woodland Place Apartments 800,000 800,000 — 800,000 Woodstock Manor 550,000 550,000 — 550,000 Woodcreek Apartments 5,680,350 5,680,350 — 5,680,350 Yonkers Apartments 1,595,000 1,485,495 — 1,485,495 Sub-totals 245,903,907$ 231,243,100$ 2,587,690$ 228,655,410$

Less Subsidy Loan Adjustment 225,786,232

Total 2,869,178$

* Not part of Subsidy Adjustment 2,869,178$

NEW YORK STATE HOUSING FINANCE AGENCYSUBSIDY LOANS

Mortgage Loan

October 31, 2013

141

Documents

New York State Housing Finance Agency Financial Statements ... · October 31, 2013 New York State Housing Finance Agency Financial Statements and Supplementary Information