New York City plans to use more than $200 million of federal stimulus funds for Recovery Zone Facility Bonds to spur stalled industrial and commercial projects, Mayor Michael Bloomberg said on Wednesday.
New York City's real estate developers have shut or delayed many projects in all five boroughs, and those with development costs ranging from $20 million to $100 million would qualify for the new tax-exempt bonds allowed under the stimulus bill, he said in a statement.
The Recovery Zone Facility Bond Program is another tool the city will use to help get stalled projects back on track and jump-start those on hold due to lack of adequate financing, Bloomberg said in a statement.
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