Could the Bond Market Hurt Atlantic Yards Affordable Housing?

Could the limited pool of affordable housing bonds jeopardize the 2,250 units of subsidized housing that developer Bruce Ratner pledged as part of his Atlantic Yards mixed-use stadium project?

Norman Oder, of the Atlantic Yards Report, seems to think so. Ratner seeks $1.4 billion in such bonds, which would allow him to borrow money at discounted rate over the course of the 10-year project. But it’s not clear whether Forest City Ratner has applied for those bonds, and there is a lot of evidence indicating that there might not be any money available if Forest City did, Oder wrote. The city’s Housing Development Corporation wouldn’t say whether the agency received the bond application from Ratner or not.

Either way, sounds like it’s gonna be tough to build the affordable housing.