The winning proposal will form the basis for a mixed-income rental building in the Kips Bay neighborhood of Manhattan consisting of micro-units.

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Nonprofit, low-income housing developers and for-profit developers like AvalonBay Communities (nyse: AVB - news - people ), who use the credits to develop mixed-income rental projects in high-income areas, stand to lose too.

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The mixed-use project will eventually include 200 luxury rental apartments, 30, 000 square feet of retail and about 330, 000 square feet of new office space.

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