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New York

State agency underwrites luxury housing

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A new report says a state agency designed to finance the construction of affordable housing in New York has over the last five years, instead, financed developers building luxury homes. From 2000 to 2005, only 5,959 out of 12,715 total units, mostly in Manhattan, built with funding from the state Housing Finance Agency were deemed affordable, according to the report from the Pratt Center for Community Development. more [Post]