I was originally going to post some of this as a comment over on this thread about PEDCOR on SoLo, where Ambrose Fulton calls the project an amenity-less future Americana Park.
I would hardly consider this amenity-less, as they're going to have a clubhouse and pool, among other things.
As far as financing, the development is supposed to use Section 42, which gives the developer cheap financing, but as far as I know, not grants, in order to provide housing for people who make less than 60% of the median income for the area. The residents don't necessarily get cheaper rent because of it, but it allows the company to build nicer places than they normally could for people making under $35,000.
The other main reason I'm not opposed to this is that I think low-medium income apartments can be done without problems, if correctly managed. When the apartments were built behind Culvers at 53rd and Jersey Ridge, everyone said it was going to be another Northwood Village, yet there have been relatively few problems there. The Davenport Lofts are a mix of Section 42 and market rate, which the PEDCOR project is supposed to be after the 2nd phase, and due to good management, any troublemakers get the boot as soon as legally possible. It can be done.
There is certainly a large risk with a project like this, but it isn't impossible for PEDCOR to create a successful community. We just have to hold them to all their promises, and verify with other communities that they are good property managers.
Its all about the management.