Affordable housing on the way to Pelham Parkway

THE BRONX - Mayor Michael Bloomberg has unveiled plans for a new affordable housing complex on Pelham Parkway.

Officials say the 91-unit Pelham Parkway Towers will be built over land formerly occupied by rundown horse stables. The owner of the stables was squatting on the land and forced to move off the property, officials say.

The complex is expected to be ready by 2012 and will cost $30 million.

Developers say a lottery will be held for prospective tenants.

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