BK section 8 tenants celebrate new owners
Tenants of a section 8 Brooklyn housing complex are celebrating new ownership and a new beginning.
Pratt Area Community Council recently finished an $11 million deal to take over the Magnolia Plaza Apartments property. The council spent three years in bankruptcy court to seal the deal. During that time, many residents feared they?d lose their homes.
Pratt has paid off $700,000 in the debts owed by the previous owners. Tenants say that with the new owners, they want some changes enacted such as nicer bathrooms, kitchens and the reintroduction of the tenant patrol.
Financing for the section 8 complex is expected to last about 30 years.