Last spring, Gov. Mario M. Cuomo unveiled a program under which foreign banks would invest $100 million to finance housing in New York City's poorer neighborhoods.

The program, called Global Reinvestment in Affordable Neighborhood Development, or GRAND, is expected to create 2,500 new housing units throughout the five boroughs of New York City. It is designed to assist families whose incomes fall within what the state defines as low to moderate income households, which range from $20,000 to $50,000.

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