When a developer can't obtain subsidies for their affordable housing projects, do they just wait until the next round of subsidies availability? 

You're definitely in the right community. 

You're on the right path to success!

I'll let the rest of the peanut gallery take it from here. 

I would say it could be done, just need to have the following:#1 - Have great overall knowledge of that market, and better than agents.#2 - Learn how to run comps so you know the value of the property better than anyone. #3 - Have finances in order (i.e) is this going to be bought through conventional, cash, HML, etc.

If the US proves out to be the safest investment haven globally and sees continued capital inflows, Treasuries will likely compress / fall and investors will turn to real estate to continue to diversify.  

Bridge Loan with Refinancing Exit: A bridge loan could provide a short-term solution to pull the cash you need now, especially if you’ve already added value through your rehab.

I've looked through the forums and can't find answers to a question similar to mine so I thought I'd post.

The property that you sell and then purchase through a 1031 Exchange must be held for rental, investment (capital appreciation), or used in a business. 

I think you should go through with this project.