The New York City Acquisition Fund, which the city created last year to build or preserve 30,000 units of affordable housing, has made its first major loan. The purpose of the fund is to loan money to nonprofits and small developers so they can compete with market-rate developers. Yesterday the city announced it would give a $23 million loan from the fund to the nonprofit Fordham Bedford Housing Corp. so the developer could purchase 283 rent-stabilized apartments in six buildings in the northwest Bronx. The city is also giving the Fordham Bedford Housing Corp. an $8.5 million construction loan to renovate the units. more [Crain’s]