For the first time in years, New York City is helping to finance apartment buildings designed to provide relatively low-cost housing for a single profession: teachers and educators. The project, two buildings planned for the Melrose section of the Bronx, is being financed by $28 million in bonds bought by the city?s Teachers? Retirement System, the city comptroller, William C. Thompson Jr., said at a news conference yesterday. The New York City Housing Development Corporation is also providing $20 million in below-market loans. The project is reminiscent of the mammoth, union-backed co-ops that cropped up throughout the city in the post-World War II era.
See "City Will Help Pension Plans Build Housing for Teachers", Elissa Gootman, The New York Times, October 4, 2007