City Officials and a Developer Have a New Affordable Housing Formula. Will it Fly?

In return, the developer would restrict all of the apartments in a planned tower abutting Canvas to people with low and moderate incomes. What’s unusual is that NR Investments principals Nir Shoshani and Ron Gottessmann bought the lots where they plan to build at market rates, and the developers are not among the handful of firms that specialize in affordable housing, often in deals using publicly owned land. The CRA plan deliberately eschews the complex, time-consuming and increasingly hard-to-get federal tax credits that are key to the business model used by firms focused on affordable housing.

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