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NEW YORK CITY-The New York City Housing Development Corp,approved $232 million in bond financing for the construction orpreservation of 552 apartments in four buildings in Manhattan,Brooklyn and the Bronx. In the largest deal, the agency approved$210 million in Liberty Bonds to finance the conversion of 20Exchange Place in Lower Manhattan. The 56-story tower will beconverted from offices to 366 apartments.

The group approved the use of $7.97 million in tax exempt bondsto finance the rehabilitation of two 70-year-old, six-storyapartment buildings containing 83 apartments at Grand and Tremontavenues in Morris Heights in the Bronx. The two buildings, 1971 and1975 Grand Avenue, will be purchased by a company controlled byMill Plain Properties Inc., and Omni New York LLC, a developmentcorporation whose principals are former New York Met Mo Vaughn andEugene Schneur.