A HUD sponsored landlord has begun pre-demolition work on a vacant former  housing co-op where it plans to build back 30 affordable apartments.

 A   holding company  formally bought the vacant 30-unit complex   for just over $1.2 million.  

 The  holding company secured $11.1 loan that included a $2,215,500 construction loan and an $8,884,500 permanent loan.

In total each apartment will cost $400,000. The real story here is that irresponsible people will be moving into a Taxpayer funded apartment with all of the toys of a half million dollar house. HEY, TAXPAYER, IS YOU BLOOD PRESSURE RISING? WAIT!

These are the same people who destroyed the apartments in the first place. They are the same folks moving in. True story. This is a ubiquitous narrative across the Inner City trash that has been and is being bought by the liberal radical mongers who control the lever in the infested Democrat run New Jack Cities across America. Housing agencies want equity. They will make it happen. Wait 20 years and this will be a “wash and repeat.”