by The Tim » Fri Apr 18, 2008 10:35 am
Actually they will be leaving out step 4. This particular project (in pic 2 and 3, not pic 1) is a non-profit "low income" housing developer. They paid nearly $1 million for the land over two years ago, and are just now getting around to actually doing something.
They build the townhomes/condos then sell them to people with some sort of legal conditions on the deed that they can't really ever be sold at true market rate, but have to remain affordable for low-income families in perpetuity.