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The New York State Legislature created the New York City Housing Development Corporation (HDC) as a supplementary and alternative means of supplying financing for affordable housing that was independent from the City's capital budget. HDC has been given the authorization to make low-cost loans for either the new construction or rehabilitation of housing in an effort to provide to persons or families whose need for safe, quality and affordable housing is not being met in New York City.
During its first years of operation, HDC concentrated on providing financing for large-scale rental developments. However, as the City's fiscal crisis continued, the combined effect of the federal government's wholesale withdrawal from the affordable housing industry led to the alteration of HDC's operations, concentrating more on providing financing for a variety of different types of development, from large to small, rental to homeownership.
Due to HDC's ability to change its programs and goals as a result of the changing economic climate, HDC has become the leading local housing finance agency in the nation. Its effective use of the capital market has led to HDC being ranked the nation's number one issuer of bonds for multi-family affordable housing.