Phoenix Forms Housing Fund

Phoenix Realty Group, New York, has announced the formation of the $250 million Metropolitan Workforce Housing Fund to provide market rate housing to middle-income families and commercial development to communities in New York, New Jersey, and Connecticut that are in need of revitalization.J. Michael Fried, founder and chief executive officer of PRG, said the fund's capital will be leveraged to provide over $1 billion of residential and commercial development. "At a time when the tri-state region has experienced significant growth in jobs and population and tremendous inflation in housing costs, it's essential to increase the availability of housing that is affordable to the key middle-income work force, including teachers, office workers, firefighters, and police," said Keith Rosenthal, president and co-founder of PRG. The company can be found online at http://www.phoenixrg.com.