Mixed-Use Financing Project
Developer: New York City Housing Authority
Location: New York, N.Y.
The New York City Housing Authority executed a unique, highly structured transaction in March 2010 that was meant to generate funding for the renovation of as many city and state projects in its portfolio as possible; and, most importantly, to secure ongoing operating subsidies from the federal government in the form of new annual contribution contracts. Under a labyrinthine deal, NYCHA will receive about $230 million for rehabilitating 21 developments that have received no federal subsidies for the past seven years.
Transaction Team: The New York City Housing Authority, NYC Department of Housing Preservations, NYC Housing Development Corporation, CSG Advisors, Ballard Spahr, Hawkins Delafield & Wood, Citigroup, Jones Day, Nixon Peabody, Citigroup, Sidley Austin Brown & Wood, JP Morgan Securities, Goldman Sachs and Orrick Herrington