The developer, Diego Beekman Mutual Housing Association (Housing Development Fund Corp.), is a not-for-profit entity formed in 2003 for the acquisition of the Diego Beekman complex from HUD. In compliance with HUD mandates, 75% of the residential units have been earmarked for households with income under $50,240. Current low-income families will receive rent subsidy for five years through the Section 8 program. Since 1998, Fleet has provided some $200 million in financing in the Bronxresulting in over 2,500 units of affordable housing.

"Our hope is that it will serve as the catalyst to ongoing improvement in the entire area," says Philip Grossman, EVP and market manager, Community Real Estate Finance at Fleet.

Another Fleet project is the Fountains at Spring Creek. The East New York development at 922 and 1101 Forbell Street consists of two newly constructed three-story buildings containing a total of 102 affordable apartments. A partnership between the public and private sectors enabled the development, which cost $15.5 million to construct, to be financed as an affordable housing for low-income residents. Monthly rents range from $586 to $753 for the studio, one- and two-bedroom apartments.