Stressed lenders shy away from program used to fund low-income housing

When Miami-based Carrfour Supportive Housing applied for tax credits in April 2007, the low-income housing developer hoped to raise $23.47 million by selling credits to corporate investors on Wall Street.

Carrfour wants to build a 100-unit apartment building for low-income families and homeless people at Northwest 14th Avenue and 54th Street in Miami’s Liberty City. The project, named Dr. Barbara Carey Shuler Manor, carries an estimated cost of about $28 million. Carrfour hoped to subsidize most of the project by selling tax credits.