Sunday, September 16, 2007

HUD To Foreclose On 8 Syracuse Buildings; Tenants Get The Boot

According to media reports out of Syracuse, New York, the U.S. Department of Housing and Urban Development ("HUD") "[i]s foreclosing on eight Syracuse apartment buildings because of their poor condition, which means more than 250 low-income tenants are scrambling for a place to live."

Reportedly, a senior vice president for the current owner says a deal to sell all 8 buildings to another company should close within a matter of days. The new company, he says, plans to fix up the buildings for continued use by the Federal section 8 rent subsidy program. But for now, tenants must move. For more, see: