The project was financed with $23.7 million from the AFL-CIO Housing Investment Trust as well as $7 million in tax increment financing through the city. The TIF money was a factor in 20% of the units being set aside for renters earning no more than 80% of the area median income.
Built at the start of the Great Depression to house a forerunner to savings and loan associations, the 28-story Art Deco tower was built under a then-new zoning code that required the top of the building to be set back from a larger base. The style already was in vogue in New York City, according to Terry Tatum of the department of planning and development.
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