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NEW YORK CITY-L +M Development Partners and Citi Community Capital have launched a $150-million fund targeted at acquiring and renovating low and middle-income apartment properties that do not receive conventional government aid.

The NYAH II fund, is a successor to a 2010 fund by Citi Community Capital, a unit of Citigroup Inc., and L+M, which invested $100 million to purchase more than 4,700 housing units in the New York area, according to the Wall Street Journal. Ron Moelis, chief executive of L+M Development Partners, says the fund allowed them to invest in properties despite limited government funding in recent years.

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