NEW ISSUE — BOOK-ENTRY ONLY See “RATINGS” herein In the opinion of Bond Counsel to the Corporation, under existing statutes and court decisions and assuming continuing compliance with certain tax covenants described herein, (i) interest on the 2014 Series C-1-C Bonds, the 2014 Series E Bonds and the 2014 Series F Bonds is excluded from gross income for Federal income tax purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”), except that no opinion is expressed as to such exclusion of interest on any 2014 Series C-1-C Bond, 2014 Series E Bond or 2014 Series F Bond for any period during which such 2014 Series C-1-C Bond, 2014 Series E Bond or 2014 Series F Bond is held by a person who, within the meaning of Section 147(a) of the Code, is a “substantial user” of the facilities financed with the proceeds of the 2014 Series C-1-C Bonds, the 2014 Series E Bonds or the 2014 Series F Bonds, respectively, or a “related person,” (ii) interest on the 2014 Series C- 1-C Bonds and the 2014 Series F Bonds is not treated as a preference item in calculating the alternative minimum tax imposed on individuals and corporations under the Code and is not included in adjusted current earnings of corporations for purposes of calculating the alternative minimum tax, and (iii) interest on the 2014 Series E Bonds is not treated as a preference item in calculating the alternative minimum tax imposed on individuals and corporations under the Code; such interest, however, is included in the adjusted current earnings of certain corporations for purposes of calculating the alternative minimum tax imposed on such corporations. In the opinion of Bond Counsel to the Corporation, under existing statutes, interest on the 2014 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.” $104,110,000 NEW YORK CITY HOUSING DEVELOPMENT CORPORATION Multi-Family Housing Revenue Bonds, $30,500,000 2014 Series C-1-C (Fixed Rate) $39,595,000 2014 Series E (Fixed Rate) $34,015,000 2014 Series F (Term Rate) Dated: Date of delivery Due: as shown on the inside cover pages The 2014 Series C-1-C Bonds and the 2014 Series E Bonds are being issued as fixed rate bonds, with interest payable on the dates and at the fixed rates set forth on the inside cover pages of this Official Statement. See “DESCRIPTION OF THE FIXED RATE BONDS.” The 2014 Series F Bonds (the “Term Rate Bonds”) are being issued as variable rate obligations initially in a Term Rate Period and will bear interest during the Term Rate Period set forth on the inside cover pages of this Official Statement at the fixed rate and payable on the dates set forth on the inside cover pages of this Official Statement. The Term Rate Bonds are subject to mandatory tender as set forth herein and the Corporation will be obligated to pay the Purchase Price of those Term Rate Bonds subject to mandatory tender for purchase and not remarketed only from monies available from and held under the Resolutions. No liquidity facility has been obtained to fund such obligation. See “DESCRIPTION OF THE TERM RATE BONDS.” The 2014 Bonds (as defined herein) are subject to redemption as set forth herein. The Bank of New York Mellon, located in New York, New York, is the Trustee with respect to the 2014 Bonds. The 2014 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 2014 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 2014 Bonds will not receive physical delivery of bond certificates. The 2014 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 2014 Bonds are being issued, when combined with other available monies, to finance directly or indirectly construction and permanent mortgage loans for certain developments and to refund certain outstanding bonds of the Corporation. Payment of the principal or Redemption Price or Purchase Price, as applicable, of and interest on the 2014 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 the Mortgage Loans, and monies and/or Cash Equivalents held under the Debt Service Reserve Account. The 2014 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). Payment of the principal or Redemption Price or Purchase Price, as applicable, of and interest on the 2014 Series F Bonds will also be secured by certain accounts securing only the 2014 Series F Bonds. The 2014 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 2014 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 2014 Bonds be payable out of any funds other than those of the Corporation pledged therefor. The Corporation has no taxing power. The 2014 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 2014 Bonds will be passed upon for the Corporation by its General Counsel and for the Underwriters by their Counsel, Orrick, Herrington & Sutcliffe LLP, New York, New York. It is expected that the 2014 Bonds will be available for delivery in New York, New York on or about September 24, 2014. Wells Fargo RBC Capital Morgan Stanley† J.P. Morgan† Citigroup † Securities † Markets† Academy Securities† Blaylock Beal † BofA Merrill Lynch† Ramirez† Raymond James† Stern Brothers & Roosevelt and Cross† Co.† Dated: September 16, 2014 † The underwriters for each Series of the 2014 Bonds are identified on the inside cover pages. MATURITIES, PRINCIPAL AMOUNTS, INTEREST RATES, PRICES $30,500,000 2014 Series C-1-C Bonds $1,945,000 2014 Series C-1-C Fixed Rate Serial Bonds Interest Due Amount Rate Price CUSIP No.† Nov. 1, 2018 $120,000 1.10% 100% 64972CBK8 May 1, 2019 120,000 1.30 100 64972CBL6 Nov. 1, 2019 120,000 1.40 100 64972CBM4 May 1, 2020 125,000 1.75 100 64972CBN2 Nov. 1, 2020 120,000 1.85 100 64972CBP7 May 1, 2021 125,000 2.15 100 64972CBQ5 Nov. 1, 2021 130,000 2.25 100 64972CBR3 May 1, 2022 125,000 2.45 100 64972CBS1 Nov. 1, 2022 130,000 2.55 100 64972CBT9 May 1, 2023 135,000 2.65 100 64972CBU6 Nov. 1, 2023 135,000 2.70 100 64972CBV4 May 1, 2024 135,000 2.85 100 64972CBW2 Nov. 1, 2024 140,000 2.90 100 64972CBX0 May 1, 2025 140,000 3.00 100 64972CBY8 Nov. 1, 2025 145,000 3.00 100 64972CBZ5 $18,075,000 1.10% 2014 Series C-1-C Fixed Rate Term Bonds due November 1, 2018—Price 100% CUSIP No.† 64972CCA9 $1,250,000 3.40% 2014 Series C-1-C Fixed Rate Term Bonds due November 1, 2029—Price 100% CUSIP No.† 64972CCB7 $1,880,000 3.70% 2014 Series C-1-C Fixed Rate Term Bonds due November 1, 2034—Price 100% CUSIP No.† 64972CCC5 $2,335,000 3.85% 2014 Series C-1-C Fixed Rate Term Bonds due November 1, 2039—Price 100% CUSIP No.† 64972CCD3 $2,915,000 3.90% 2014 Series C-1-C Fixed Rate Term Bonds due November 1, 2044—Price 100% CUSIP No.† 64972CCE1 $2,100,000 4.00% 2014 Series C-1-C Fixed Rate Term Bonds due November 1, 2047—Price 100% CUSIP No.† 64972CCF8 Interest Payment Dates: Interest on the 2014 Series C-1-C Bonds is payable on May 1 and November 1, commencing November 1, 2014, and on any earlier redemption date. Authorized Denominations: $5,000 or any integral multiple thereof. Co-Senior Managing Underwriters: Wells Fargo Bank, National Association, J.P. Morgan Securities LLC and RBC Capital Markets, LLC Co-Managing Underwriters: Academy Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Blaylock Beal Van, LLC, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Samuel A. Ramirez & Co., Inc., Raymond James & Associates, Inc., Roosevelt and Cross, Incorporated and Stern Brothers & Co. † 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 2014 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 2014 Bonds or as indicated above. The CUSIP number for a specific maturity is subject to being changed after the issuance of the 2014 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 2014 Bonds.