July 16, 2010
Bond Program Will Help Affordable Housing in New York City
by Robert Kropp
Through its CRA Qualified Investment Fund, Community Capital Management will finance the
acquisition and development of 5,600 affordable units.
One of the programs established by the Obama administration's American Recovery and Reinvestment
Act of 2009 is the Build America Bond program, which authorizes state and local governments to
issue taxable bonds to finance capital expenditures at lower borrowing costs.
recent example of the program was unveiled in New York City this week, where one of the nation’s
largest tax credit bond deals will incorporate public and private financing sources to generate
more than $400 million for 21 public housing developments. The taxable series portion of the deal
was purchased by the CRA Qualified Investment Fund, which was launched in 1999 by Community Capital Management, a
Florida-based fixed income investment advisor.