NEW YORK CITY-New York City Housing Authority officials say that bond financing totaling $476 million will allow it press forward with major repairs at 24 public housing developments in the city.
The authority's borrowing for current work is backed by future federal housing funds according to the Wall Street Journal. The financing will allow the authority to fast track work that was planned for future years.
The financing was part of a capital project bond issuance that generated approximately $732 million, which city officials have termed the largest bond proceeds ever raised for public housing authority capital funds.
Most of the work at the 24 projects is scheduled to be finished within the next two years. See story in the Wall Street Journal.
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