The Real Deal New York

From the June issue: Stung by a wave of condominium defaults and the collapse of the credit market for jumbo loans, some real estate brokers are channeling their energies into a different area: affordable housing developments with government-backed financing for first-time buyers. For some brokers these offer a stable alternative to market-rate condominiums and co-ops. In recent years, firms like Halstead Property and Fillmore Real Estate have expanded their presence in affordable housing or mixed-income projects. And, in recent months, as the recession has made market-rate sales more difficult, competition among brokers has intensified because more buyers are turning to affordable units. “We are seeing people who will come to our sales showrooms now who can’t quite afford the market-rate units,” said Stephen Kliegerman, executive director of development marketing at Halstead Property. “These are affordable housing [units] but they are open to free-market [buyers] under restricted income [guidelines].”