Should I be concerned about a new HUD housing development?

[Jim P.]

I own a rental property (a single family house) on a street where they're building a large "HUD 221(d)(4)" multifamily housing development across the street from the house. It's a nice up and coming centrally located neighborhood with high property values that can attract high end tenants who are willing to pay for the more high end housing.

I'm wondering what this HUD housing will likely be, and will it affect property values on the street? Is this a "housing project" for low income renters that may scare away some home buyers / renters and lower property values and rental income around it?