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NYC Council Members Release Plan to Revamp Liberty Bond Program

Thursday, September 19, 2002 - 1:45AM

Several New York City Council members, including council speaker Gifford Miller, yesterday released a plan that would completely revamp the $1.6 billion Liberty Bond program for residential development in Lower Manhattan to provide more of the funds for affordable housing. The council is also actively lobbying Congress to amend the program to allow it to be used in conjunction with the low-income housing tax credit (LIHTC) program. Under the current plan, which is administered by the New York State Housing Finance Agency, 5 percent of housing units in Liberty Bond-financed buildings must be designated affordable; under the proposed plan, no less than 20 percent, or 1,000 total units, would be affordable to low- and very low-income families.

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