Interesting: housing project = "a group of houses or flats/apartments built for poor families, usually with government money".
Frankly speaking, it's the first time I learn about it. If I had not read your post, I would think it is just a "project", i.e. something what is being planned, not constructed yet.
BTW, I've just looked through some pictures of "housing projects" at "housing project" - Поиск в Google.
Some of them look more like what we call "микрорайон" in Russian (e.g. pictures of Singapore and Mumbai). I'd say they are beautiful and modern, I would never guess they are for "poor families".