The money taps out the HDC's bond allocation for the year beforethe year is even half through. "We have submitted an innovativeproposal to our legislators in Washington that would, if enacted,free up several hundred million in tax-exempt bonding capacity tocreate housing for hard-working New Yorkers this year," says EmilyA. Youssouf, HDC president, in a statement.

"Pending action by state or federal officials, HDC's pipeline of$500 million in affordable housing developments for 2007 will haveto wait until 2008," she says. "The fear is that deals that areready to close now may not be there in '08." HDC issued $1.65billion of affordable housing bonds in 2006 and $1.54 billion in2005.

Of the boroughs, Queens is getting the most money, with $137million going to two projects with an aggregate of 505 units. Thevacant Queens Family Court Building at Parson Blvd. and 89th Ave.in Jamaica, will be replaced by a 346-unit rental and co-opapartment. The 159-unit seniors apartment at 138-52 Elder Ave. inFlushing will be rehabbed with the current tenants staying put.