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NEW YORK CITY-Days after Starrett City was put on the auctionblock, New York City's government is taking steps to assureaffordable housing still exists in the area. The HousingDevelopment Corp. has approved providing $550 million in financingfor about 2,000 apartments and Mayor Michael Bloomberg has backedreforms to the 421-a property tax program.

On Friday, the Housing Development Corp. approved funding forthe creation or preservation of 2,000 apartments. This year the HDChas provided $1.8 billion to create or preserve more than 9,000apartment units in all of New York's boroughs. The recent fundingwill provide $71.5 million for four projects in the Bronx. Theprojects are for residents who make less than $42,540 per year fora family of four, and include 500 East 165 St. in Morrisania; 4278Third Ave. in East Tremont; 1926 Crotona Pkwy in Crotona Park; and1785 Walton Ave. in Morris Heights.