Atlanta Journal-Constitution: 1,000 families forced out by developer's default

[marmar]

City and state taxpayers will have to cover $5 million in bad loans, and potentially much more, as one of the state’s largest private developers of low-income housing faces a slew of defaults.

More than 1,000 poor families will be turned out of six metro Atlanta government subsidized apartment complexes in default. Some were just boarded up by the developer, the Atlanta-based Progressive Redevelopment Inc. The state has taken control of three other PRI properties.

The largest project headed for foreclosure is a signature renewal development in downtown Atlanta, the 99-year-old Imperial Hotel. Its high-profile, $9.4 million refurbishment in the mid-1990s produced 120 units of low-income housing. It’s slated to be sold at a foreclosure auction in January.

Most of the money to rehabilitate the Imperial — about $8 million — came from low interest loans, tax credits and grants from Atlanta and the state. About $2 million is still owed to the city and the state, most of which will be lost in foreclosure. ...............(more)

The complete piece is at: http://www.ajc.com/news/low-income-housing-developer-731247.html

[madrchsod]

1. that happen here on a much smaller scale

the city had no room in the small homeless center. the social services finally found enough houses or apartments.

our country is falling apart at the seams

[madrchsod]

2. dupe