Two distressed condos could become affordable housing

The owners of two distressed condominium buildings are negotiating with
the city on a deal that would put vacant apartments on the market as affordable housing, the New York Post reported. City officials would
not reveal the exact locations of the buildings, which are in Harlem
and Downtown Brooklyn, but they are negotiating with the banks that
have foreclosed on the properties. City Council Speaker Christine Quinn
has advocated a $20 million program that would put vacant apartments on
the market at a discount as affordable housing, and these two buildings
would be the first to take part in the program. Potential apartment
buyers would have to meet income requirements and be chosen in a
lottery.

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