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More than a fifth of New York City’s core affordable housing stock is in the red or close to it — putting tenants at risk.

That’s according to a new report from the Association for Neighborhood and Housing Development, which finds that at least 63,700 apartments receiving a government subsidy and operated by community development corporations and other nonprofit groups are financially distressed. That means the buildings’ operating costs exceed the money coming in.

“Some people are operating at thin margins. The piece of this that really moves it to b

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