Who Invests in Low-Income Housing? Google, for One

The New York Times | Wednesday, January 26, 2011

…But demand is so high in New York that the 124 units at Sugar Hill will be allocated by lottery. A three-bedroom apartment at Sugar Hill will rent for about $1,200, less than half of market rent, Broadway Housing officials said. About 5,000 applications are expected, they said.

Perched on the promontory known as Coogan’s Bluff, near where the old New York Giants played baseball at the Polo Grounds, the $73 million Sugar Hill development will also include a children’s museum named for the Harlem artist Faith Ringgold, and education and other services for the low-income residents and the surrounding neighborhood. By augmenting housing with services, “we can serve more families than can be accommodated in a residential development,” said Ellen Baxter, the executive director of Broadway Housing, a nonprofit organization that has redeveloped six other buildings in Harlem…

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