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NEW YORK CITY HOUSING DEVELOPMENT CORPORATION (Federally Taxable)

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NEW YORK CITY HOUSING DEVELOPMENT CORPORATION (Federally Taxable) PRELIMINARY OFFICIAL STATEMENT DATED SEPTEMBER 26, 2017 NEW ISSUE—BOOK-ENTRY ONLY See “RATINGS” herein In the opinion of Bond Counsel to the Corporation, interest on the 2017 Series A Bonds is included in gross income for Federal income tax purposes pursuant to the Internal Revenue Code of 1986, as amended (the “Code”). In the opinion of Bond Counsel to the Corporation, under existing statutes, interest on the 2017 Series A Bonds is exempt from personal income taxes imposed by the State of New York or any political subdivision thereof (including The City of New York). See “TAX MATTERS”. $63,000,000* NEW YORK CITY HOUSING DEVELOPMENT CORPORATION Multi-Family Secured Mortgage Revenue Bonds, $23,175,000* 2017 Series A-1 $39,825,000* 2017 Series A-2 (Federally Taxable) (Index Floating Rate) (Federally Taxable) (Sustainable Neighborhood Bonds) (Sustainable Neighborhood Bonds) Dated: Date of delivery Due: Feb. 1 and Aug. 1, as shown on the inside cover The Multi-Family Secured Mortgage Revenue Bonds, 2017 Series A-1 (the “2017 Series A-1 Bonds” or the “Fixed Rate Bonds”) of the New York City Housing Development Corporation (the “Corporation”) are being issued as fixed rate bonds, with interest payable on the dates and at the fixed rates set forth on the inside cover page of this Official Statement. The 2017 Series A-1 Bonds are subject to redemption as set forth herein. See “DESCRIPTION OF THE FIXED RATE BONDS.” The Multi-Family Secured Mortgage Revenue Bonds, 2017 Series A-2 (the “2017 Series A-2 Bonds” or the “Index Floating Rate Bonds” and, collectively with the 2017 Series A-1 Bonds, the “2017 Series A Bonds”) of the Corporation are being issued as indexed floating rate obligations bearing interest at a floating rate reset quarterly based on an interest rate index as described herein, payable on the dates set forth on the inside cover page of this Official Statement. The 2017 Series A-2 Bonds are subject to redemption as set forth herein. The 2017 Series A-2 Bonds are subject to tender at the option of the holder thereof and mandatory tender at the option of the Corporation as set forth herein. The Corporation will be obligated to pay the Purchase Price of those 2017 Series A-2 Bonds subject to tender for purchase and not remarketed only from monies available from and held under the General Resolution. No liquidity facility has been obtained to fund such obligation. See “DESCRIPTION OF THE INDEX FLOATING RATE BONDS.” The Bank of New York Mellon, located in New York, New York, is the Trustee with respect to the 2017 Series A Bonds. The 2017 Series A Bonds will be issued in book-entry form only and, when issued, will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). Interest on and principal of the 2017 Series A Bonds will be payable by the Trustee to Cede & Co., as nominee of DTC, which will, in turn, remit such principal and interest to DTC Direct Participants for subsequent disbursement to the Beneficial Owners. Purchasers of the 2017 Series A Bonds will not receive physical delivery of bond certificates. The 2017 Series A Bonds will not be transferable or exchangeable, except for transfer to another nominee of DTC or otherwise as described herein. See “BOOK-ENTRY ONLY SYSTEM”. The 2017 Series A Bonds are being issued to finance certain permanent multi-family housing mortgage loans described herein. Payment of the principal or Redemption Price or Purchase Price, as applicable, of and interest on the 2017 Series A Bonds will be secured by the Revenues and assets pledged to such payment, including, without limitation, certain payments to be made under or with respect to Mortgage Loans, and monies and/or Cash Equivalents held under the Debt Service Reserve Account. The 2017 Series A Bonds are being issued on a parity with and shall be entitled to the same benefit and security as other Bonds issued and to be issued under the General Resolution (other than Subordinate Bonds). The 2017 Series A Bonds are special obligations of the New York City Housing Development Corporation, a corporate governmental agency, constituting a public benefit corporation, organized and existing under the laws of the State of New York. The 2017 Series A Bonds are not a debt of the State of New York or The City of New York, and neither the State of New York nor The City of New York shall be liable thereon, nor shall the 2017 Series A Bonds be payable out of any funds other than those of the Corporation pledged therefor. The Corporation has no taxing power. The 2017 Series A Bonds are offered when, as and if issued and received by the Underwriters thereof subject to prior sale, to withdrawal or modification of the offer without notice, and to the unqualified approval of legality by Hawkins Delafield & Wood LLP, New York, New York, Bond Counsel to the Corporation. Certain legal matters related to the 2017 Series A Bonds will be passed upon for the Corporation by its General Counsel. Certain legal matters related to the 2017 Series A Bonds will be passed upon for the Underwriters by their counsel, Orrick, Herrington & Sutcliffe LLP, New York, New York. It is expected that the 2017 Series A Bonds will be available for delivery in New York, New York on or about October __, 2017. Ramirez & Co., Inc. BofA Merrill Lynch Raymond James October __, 2017 This Preliminary Official Statement and the information contained herein are subject to completion or amendment without notice. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or a solicitation of an a solicitation of sell or to this Preliminary shall no circumstances Under an offer constitute Statement Official This Preliminary notice. amendment without or completion to subject contained herein are information the and Official Statement any such jurisdiction. priorlaws of qualification or filing under the securities to registration, be unlawful solicitation or sale would sale of these securities jurisdiction nor shall there be any in any in which such offer, to buy, offer * Preliminary, subject to change. MATURITIES, PRINCIPAL AMOUNTS, INTEREST RATES, PRICES $23,175,000∗ 2017 Series A-1 Bonds (Federally Taxable) (Sustainable Neighborhood Bonds) $23,175,000* 2017 Series A-1 Fixed Rate Serial Bonds Interest Due Amount Rate Price CUSIP No.† Feb. 1, 2018 $ 50,000 % % Aug. 1, 2018 850,000 Feb. 1, 2019 1,145,000 Aug. 1, 2019 1,035,000 Feb. 1, 2020 890,000 Aug. 1, 2020 770,000 Feb. 1, 2021 150,000 Aug. 1, 2021 150,000 Feb. 1, 2022 980,000 Aug. 1, 2022 995,000 Feb. 1, 2023 965,000 Aug. 1, 2023 980,000 Feb. 1, 2024 1,000,000 Aug. 1, 2024 1,015,000 Feb. 1, 2025 1,035,000 Aug. 1, 2025 1,020,000 Feb. 1, 2026 950,000 Aug. 1, 2026 970,000 Feb. 1, 2027 1,295,000 Aug. 1, 2027 1,370,000 Feb. 1, 2028 1,455,000 Aug. 1, 2028 1,365,000 Feb. 1, 2029 1,355,000 Aug. 1, 2029 1,385,000 Interest Payment Dates: Interest on the 2017 Series A-1 Bonds is payable on February 1 and August 1, commencing February 1, 2018, and on any redemption date. Authorized Denominations: $5,000 or any integral multiple thereof. Senior Managing Underwriter: Samuel A. Ramirez & Co., Inc. Co-Senior Managing Underwriter: Raymond James & Associates, Inc. Co-Managing Underwriter: Merrill Lynch, Pierce, Fenner & Smith Incorporated $39,825,000* 2017 Series A-2 Bonds (Index Floating Rate) (Federally Taxable) (Sustainable Neighborhood Bonds) $39,825,000* 2017 Series A-2 Index Floating Rate Term Bonds due August 1, 2041*— Price ___% CUSIP No.† __________ Interest Payment Dates: Interest on the 2017 Series A-2 Bonds is payable on February 1, May 1, August 1 and November 1, commencing February 1, 2018, and on any redemption or tender date. Authorized Denominations: $100,000 or any integral multiple of $5,000 in excess of $100,000. Senior Managing Underwriter: Samuel A. Ramirez & Co., Inc. Co-Senior Managing Underwriters: Merrill Lynch, Pierce, Fenner & Smith Incorporated and Raymond James & Associates, Inc. ∗ Preliminary, subject to change. † CUSIP numbers have been assigned by an independent company not affiliated with the Corporation and are included solely for the convenience of the owners of the 2017 Series A Bonds. The Corporation is not responsible for the selection or uses of these CUSIP numbers, and no representation is made as to their correctness on the 2017 Series A Bonds or as indicated above. The CUSIP number for a specific maturity is subject to being changed after the issuance of the 2017 Series A Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of such maturity or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the 2017 Series A Bonds. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the 2017 Series A Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. No dealer, broker, salesman or other person has been authorized by the New York City Housing Development Corporation or any of the Underwriters named on the inside cover pages (collectively, the “Underwriters”) to give any information or to make any representations other than as contained in this Official Statement.
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