1988
FIRST MARKET RATE HOUSING
1988
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The decision to team up with Anthony Diaco (AJD Construction) as a general contractor was inspired. It was a simple choice that yielded huge benefits. My confidence in Anthony’s talent enabled Applied Housing to plan building after building of high-rise market-rate housing, a giant leap from just rehabilitation.
On the heels of the late 1980’s real estate boom, almost all condo and single-family projects imploded in the real estate recession of 1989-1991. The regional banks were going bankrupt. However, a 12-story rental apartment building – with 20% of the units reserved for low-income families – appeared to be a viable and much-needed project, and the proposal was funded.
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