City Launching Plan To Turn Unfinished Condos Into Subsidized Housing

clipped from www.observer.com City Launching Plan To Turn Unfinished Condos Into Subsidized Housing By Eliot Brown Will the dangling of city money be enough to get stalled condo projects moving again? Perhaps. The city is launching a $20 million initiative to restart stalled condo projects, turning some of the unfinished developments into below market-rate housing. Details are still hazy, but Council Speaker Christine Quinn and the commissioner of the  Department of Housing Preservation and Development, Rafael Cestero, said Wednesday that the city would solicit proposals from developers and lenders by the end of July. ebrown@observer.com More… (55) WordPress