NEW YORK-Citigroup is funding $100 million to invest in moderate- and low-income houses located in New York City. This fund will be used specifically for the properties in the Queens, Bronx, Upper Manhattan and Brooklyn.
L+M Development Partners, a New York-based firm, will handle Citigroup's funds. Citigroup and L&M are investing $95 million and $5 million, respectively, for the fund. The Citizens Housing and Planning Council said that nearly 100,000 rent-stabilized homes in New York City occupy indebted buildings. For the full story, go to Wall Street Journal.
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