New York City Housing Development Corp. converts from auction rate on $215.9 million revenue bonds

By Cristal Cody

Springdale, Ark., March 18 - New York City Housing Development Corp. changed the interest rate on $215.9 million auction-rate bonds, according to a notice Tuesday.

The $162 million series 2006A multi-family rental housing revenue bonds and $53.9 million series 2006B bonds were converted Monday to a variable rate.

The bonds were priced for the 2 Gold Street project.

Because of the interest rate change, Standard & Poor's Rating Services has assigned the bonds an A-1+ rating.

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