Affordable housing funds struggle

October 13, 2008 09:33AM

The New York City Acquisition Fund, which Mayor Michael Bloomberg tapped in his campaign to build 165,000 units of affordable housing, may be in trouble, as the private-sector banks contributing to it falter. Partners in the $240 million fund include Washington Mutual, Wachovia and Fannie Mae. This is especially a problem because the city faces a shortage of 100,000 to 300,000 units of affordable housing, according to the Pratt Center for Community Development.

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