The New York State Housing Finance Agency approved an $18 million tax-exempt bond financing at its monthly board meeting last week.

The Related Cos. , a real estate developer, in partnership with the nonprofit Metropolitan New York Coordinating Council on Jewish Poverty, will use the proceeds to acquire and renovate a 125-unit apartment complex in northern Manhattan called the Caroline Apartments. All of the apartments are reserved for low-income tenants who use federal Section 8 housing vouchers.

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