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New York State Rejects Starrett City Bid

Clipper Equity LLC has had another door slammed on its attempted $1.3 billion purchase of Starrett City in Brooklyn, N.Y.

New York State Housing Commissioner Deborah Van Amerongen said Saturday that her office had rejected the private investor group¿s second attempt to get approval for its purchase of the huge housing complex, ¿because we don¿t believe it protects the residents,¿ the AP reported.

The 6,000-unit, 46-building complex is the nation¿s largest federally subsidized housing development.

This isn¿t the first time Clipper has run into government resistance. Early last month, Housing and Urban Development Secretary Alphonso Jackson blocked the deal over concerns that Clipper wouldn¿t keep the huge housing complex affordable.

The deal needs approval from both federal and state officials, although Van Amerongen said that, by law, Clipper has time to submit another proposal, according to AP.

HUD Secretary Jackson and New York City housing officials have been concerned about Clipper principal David Bistricer, who is known for having scores of violations at apartment complexes he has operated.

After the HUD rejection, Clipper revised its plan for the deal, putting a greater emphasis on affordability for tenants, according to the AP report.

Clipper Equity spokeswoman Lisa Linden said the developer would continue to try to get the deal done, the report said. "We are confident that we can and will maintain affordability for current and future tenants,'' she was quoted saying.

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