Seeking personal experience: Subsidized housing impact on market

[Christopher Abele]

I'm looking for some feedback based on other investors experience. 

We live in a B class suburban neighborhood in the Midwest and are under contract to purchase a property in a nearby C+ neighborhood (closing in less than 48 hours.) Near the property is a large shopping center that has been mostly empty for years. It currently contains a gym, a Big Lots, and a mix of vacant shops and locally owned retail. A local micro brewery had plans to move into one of the vacant anchor stores and a pizza place was slated to take up the spot next to it. There looked to be some promising development two months ago. 

Yesterday the city announced that they would begin public hearings to rezone the lot for mixed use (residential and commercial.) The re-zoning is being considered because a developer would like to build a 60 unit low income (subsidized) apartment complex in the parking lot. Based on other properties, the developer will have a maximum income threshold of $34,500 with two adults living in the home. (That's $8.29 / hr if working full time.) From what I can tell from the plans thus far, there will be limited "green space" or "communal areas" (the developer committed to "total green space equal to 1/2 of a soccer field") which I suspect will drive foot traffic to the local residential neighborhood. 

For reference, houses in the neighborhood where I'm purchasing have sold for between $170,000 - $242,000. I realize these numbers will seem low to many unfamiliar with our market, however the median income for the city is around $36,000 for a family of 4. Thus, its safe to say that the neighborhood itself is in fact C+/B-.

What has your experience been with the introduction of low-income, subsidized housing (at a larger scale) as it relates to property values in middle to upper-middle class neighborhoods? 

Ultimately, the home we are purchasing is in need up updates; however, as an investor I have the additional exit strategy of rehabbing this to be a higher quality rental, then moving yet again in another year if we can find another home that we like.