As Prices Rise, Housing Groups Face the Need to Alter Tactics

With prices at astronomical levels how much of a problem is this for supportive housing developers in NJ?

The NY Times, January 7, 2007

As Prices Rise, Housing Groups Face the Need to Alter Tactics

By JANNY SCOTT

Much of the rebirth of New York City neighborhoods in recent years can be traced to a force that many New Yorkers barely know exists: a sprawling network of community-development corporations and other homegrown nonprofit groups, which developed some 100,000 moderately priced apartments out of the ashes and abandonment of places like the South Bronx, central Brooklyn and parts of Harlem.

Now those neighborhoods are flourishing; private developers are back, and rents are rising. The city has exhausted its supply of properties taken in tax foreclosure, which were passed on to nonprofits to make into apartments that people of modest means could afford. As a result, the countrys largest network of community development organizations is at a crossroads: The groups can retool themselves or fade away.

To read the full article click here.