NHPF ENTERS THE NEW YORK MARKET
property using bridge financing from the New York City Acquisition Fund. We obtained a commitment from the New York City Housing Development Corporation to provide up to $10 million in tax-exempt bonds, enabling us to rehabilitate the property pursuant to the Low- income Housing Tax Credit program. We anticipate a December 2013 closing for the bond financing. The Borinquen Plaza transaction has led us to review several other acquisition opportunities in New York and New Jersey, and going forward, we are eager to grow NHPF’s presence in the New York metropolitan market. We welcome the Plaza Borinquen tenants to the NHPF family.
Powered by FlippingBook