The federal government is looking out for the not-so-little guy -- insuring mortgages at luxury Manhattan condos.
Intended to spur low-to-moderate-income home ownership, relaxed regulations by the Federal Housing Administration have buildings in TriBeCa, Midtown, Battery Park and on the Upper East and West sides turning to the agency for help selling their swanky condos.
The FHA has been insuring mortgages for apartments at the 98-unit Tempo development in Gramercy Park since March, Bloomberg News reported.
The development features an outdoor movie theater, panoramic city views, apartments valued between $820,000 and $3 million -- and, thanks to the government, the ability to land a mortgage with less than a $100,000 deposit.
Read more: Luxury '$uite' Deals...
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