|Donald Trump's father built his 400 million dollar estate with Affordable Housing.|
Most people think of Donald Trump as the brash developer of Casinos, Golf Courses and Luxury properties. Not too many people know that his family fortune was built by on the foundation that his father Fred Trump (1905-1999) built with affordable housing in the New York area
From Wikipedia: http://en.wikipedia.org/wiki/Fred_Trump
[Fred]Trump embarked on a career as an entrepreneur through real estate development, building, and operating affordable rental housing via large apartment complexes in New York City, including more than 27,000 low-income multifamily apartments and row houses in the neighborhoods of Coney Island, Bensonhurst, Sheepshead Bay, Flatbush, and Brighton Beach in Brooklyn and Flushing and Jamaica Estates in Queens.
The next time you hear about "non-profit developers" remember that there is huge money in public sector housing development. A business must be organized as a non profit corporation to qualify for HUD financing.
The business plan may be different than market rate housing but it is very profitable just the same. The average low income apartment costs $250,000 to $500,000 per unit making it far more expensive per square foot than market rate real estate.
Remember that "low income" only refers to the resident. Everyone else makes a very healthy living. That is why developers love One Bay Area Plan and the mandate for low income housing.
Low income housing provides greater certainty for profits at lower risk.
Just ask Donald Trump!