Government aid is usually a major component of affordable housing projects, but L+M Development Partners and Citi Community Capital have joined together to try something a little different: a fund that will create low- and middle-income housing without the use of government aid. The $150 million fund will be used to buy up distressed properties and renovate them. L+M has already tested the model at Ocean Village in the Rockaways, picked up after Sandy. Rents will start at around $700/month for a studio and $1,300/month for a 4BR. [WSJ]
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