Good for them (and good on Citigroup for putting up the money). CPC let itself get distracted by being thinking they should be a developer, which they never were. Their core role of providing funding for affordable housing is too important:

Experts, such as president of the city Housing Development Corporation Marc Jahr, see CPC’s focus on small, four-story walk-ups and six-story elevator buildings as essential to revitalizing the city. “The fate of a neighborhood resides in the fate of those buildings,” Jahr told the Journal.