HUD strikes down Starrett City sale to developer

(03/02/07) WASHINGTON, D.C. ? The federal Department of Housing and Urban Development (HUD) struck down the sale of the Starrett City subsidized housing complex to

(03/02/07) WASHINGTON, D.C. ? The federal Department of Housing and Urban Development (HUD) struck down the sale of the Starrett City subsidized housing complex to Clipper Equity Friday.

HUD Secretary Alphonso Jackson says the $1.3 billion sales price raises questions about rents being significantly raised to cover the mortgage and expenses. In addition, Jackson says Clipper Equity did not provide enough information about its financial capabilities and plans for management.

Some tenants in Starrett City pay as little as $200 a month in rent. Jackson says HUD is not going to stand by while a community?s residents are unnecessarily placed at risk of losing their homes and their way of life.

Related information: Brooklyn residents protest billion-dollar sale of Starrett City Brooklyn politicians demand hearing on Starrett City sale BK officials threaten to revoke sale of Starrett City Hope on the horizon for Starrett City advocates

 

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