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Re: HDFC's = savings for taxpayers

Posted by EZT on December 31, 2001 at 01:03:06:

In Reply to: usual lack of knowledge by Fred posted by Blue Zephyr on December 28, 2001 at 00:54:55:

: HDFC = Housing Development Fund Corporation. Its great that some tenants buy their apartments for $250.00, but its a obviously a subsidy, and there are rules. Its not a program for those in Atlanta.

Most HDFC coops and related programs were for buildings abandoned by their owners with huge unpaid real estate taxes, utilities, etc. Then, at taxpayers expense, HPD ran the buildings, usually very poorly at great expense. Finally, NYC turned them over to tenants for a song and usually a 10-20 loan to repair the neglected major components: roofs, boilers, plumbing, with HPD supervision.

These programs have been discontinued. Now NYC gives these buildings away to contractors/developers who get low-cost loans, make major improvements then make millions selling the coops to high-income or high-middle-income buyers, way out of proportion to neighborhood incomes.................... And, yes, the purchasors can evict, permanently or temporarily, the low-rent tenants.

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