Is "urban redevelopment" ever good for private investors?

[Alex Silang]

I bet there are government loans out there for this.

So what if you bought an entire block of apartment buildings, filled with section 8. You hire very good managers, fix up the places. Maybe attract better tenants (not sure if this is allowed if you have gov loans).

Is this profitable? Feasible?

I've seen redevelopment corporations in the news but have no idea how profitable they are and if its feasible for a larger-than-average mom and pop investor.

Thanks!