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Bonds for Queens NYCHA Complex are approved

The Ocean Bay Area

Bureaucracy gets in the way

Though many bureaucratic setbacks were registered, the State approved a major quantity of tax exemption bonds. The bonds amount to $227 million and will be put to good use. This transaction is meant to fund necessary repairs at the Ocean Bay public housing complex, located in Rockaway, Queens. Hurricane Sandy heavily damaged the area, which need repairing since.

24 buildings and 1,400 units are due to repairs. These improvements are long overdue, since Hurricane Sandy destroyed the area in 2012. The money will fund new boilers and repairs for both bathrooms and kitchens.

The approved measures

These renovations are extremely needed, but, the Public Authorities Control Board had cancelled their last meeting (in November) where they were expected to vote on bonds. Some have speculated that lawmakers delayed these meetings as a way to negotiate their own salaries. Nevertheless, the three members of the board met and voted affirmatively in this matter. The Housing Finance Agency of the State will issue the bonds shortly.

The board also took a vote regarding different matters. Consequently, they also approved $120 million in bonds expected to fund a multifamily building. This property, owned by Fetner’s, is called The Victory and is located at 501 West 41st Stret. In addition to this, the board also approved other transactions and financings.

Most of these approved financings will take effect before the end of the year. Donald Trump’s administration may lower taxes next year. This measure can make housing tax credits less appealing, starting in January. [The Real Deal]