NEW YORK-Citigroup is funding $100 million to invest inmoderate- and low-income houses located in New York City. This fundwill be used specifically for the properties in the Queens, Bronx,Upper Manhattan and Brooklyn.
L+M Development Partners, a New York-based firm, will handleCitigroup's funds. Citigroup and L&M are investing $95 millionand $5 million, respectively, for the fund. The Citizens Housingand Planning Council said that nearly 100,000 rent-stabilized homesin New York City occupy indebted buildings. For the fullstory, go to Wall Street Journal.
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