BUILDING BUCKS

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The city’s Department of Housing Preservation and Development (HPD) has announced its 2005 federal Low Income Housing Tax Credit awards. The tax credits, allocated on a competitive basis, total $12.4 million and will help build 1,397 apartments in 74 developments, according to HPD. Of those new or substantially renovated units, 1,093 will be geared toward low-income households, those earning less than $45,200 for a family of three. Groups awarded more than $1 million in tax credits include The Lantern Group, Inc., a Manhattan-based firm, and Krislen Management Corp., a Bronx developer rehabbing nine buildings in Crotona Park. The city’s funding announcement follows a similar one by the State Division of Housing and Community Renewal. Dunn Development Corp. was a big winner there, awarded more than $3 million in tax credits for three separate developments with a total of 134 units. Dunn is also using tax credits to help finance Palmer’s Dock, the first chunk of affordable housing on the newly rezoned Greenpoint-Williamsburg waterfront. (C. Feldman) [10/11/05]