As federal funds to subsidize housing dwindle, a New York nonprofit pledges $1 billion to ease the squeeze.
"With the still-booming real estate market driving up rents, more than 14 million American families have critical housing needs...
To help meet the demand, the Enterprise Foundation - a nonprofit group that leverages financing - has pledged an unprecedented $1 billion to New York over the next five years to make it possible for developers like Mr. Magistro to build tens of thousands of new units. It's part of Mayor Michael Bloomberg's goal of building 65,000 new affordable units in the city. And as federal funds to subsidize housing are dwindling, the effort is drawing national attention."
Thanks to Chris Steins
FULL STORY: A public-private answer to affordable housing
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