About Us
The New York City Housing Development Corporation is a public finance agency created by the New York State Legislature in 1971 to provide financing for affordable housing independent of the City's capital budget. HDC issues bonds and provides subsidy and low-cost loans to develop and preserve rental and homeownership housing for low-, moderate-, and middle-income New Yorkers across the full range of project scales.
Since its founding, HDC has grown into the leading local housing finance agency in the nation. In 2012, the organization issued more than $1.8 billion in bonds and ranked third nationally among all multi-family bond issuers. HDC has also devoted more than $1.8 billion in direct subsidy from its corporate reserves to deepen affordability across its supported developments. The organization's statutory flexibility allows it to adjust programs and goals in response to changing economic conditions.