Phipps Houses, a nonprofit developer, bought the development from the city for a nominal fee and will own and manage the buildings.

He had already invested $1 million into affordable housing projects by setting up Phipps Houses, an organisation that continues to this day.

Phipps Houses, one of the oldest and largest nonprofit housing management organizations, is the managing agent.

Phipps Houses mourns the tragic loss of a special friend and business partner.

The developer would own the rental units, which would be managed by Phipps Houses and rented to people 62 or older.

Phipps Houses is likely to hold the lottery in early 2002, and occupancy is likely in the latter part of that year.

But Phipps Houses made every attempt to avoid the aura of high-mindedness.

Phipps Houses now owns and manages 4,000 apartments and manages an additional 8,800; its annual operating budget is $50 million.

Phipps Houses, the city's oldest not-for-profit housing developer, has agreed to manage the building.

Phipps Houses has adopted a new approach that emphasizes acquisition of existing buildings serving lower-income tenants.