October 27, 2005
New York Housing Fund Attracts $40-Million
Seven national organizations have promised $40-million for a project with the New York City government to create low-cost housing for thousands of residents.
Among the grant makers involved:the Ford Foundation, in New York; the John D. and Catherine T. MacArthur Foundation, in Chicago; and the Rockefeller Foundation, in New York. The money will go to the newly created New York Acquisition Fund. The fund is designed to serve as a form of collateral that nonprofit housing developers can
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