Operating as GMF-Arbors LLC, the Cordova-based relief and development agency purchased the 348 garden style walk-up units at 6205 and 6249 Knight Arnold Road...
Founded in 2003, the faith-based organization owns and operates more than 5,200 affordable, low-to-moderate multifamily units nationwide as a 501(c)3 affordable housing developer.
http://www.bizjournals.com/memphis/news/2012/06/15/relief-agency-buys-southeast-memphis.html
So this legislation may be part of the picture:
CHDO's operate through the HOME Investment Partnerships Program, which is a federally funded housing program created in 1990 as part of the Cranston-Gonzalez National Affordable Housing Act. The HOME program is intended to create partnerships among federal, state and local governments and for-profit and nonprofit organizations who build, own manage, finance and support low-income housing.
http://www.housingnm.org/community-housing-development-organizations-chdo
Cranston-Gonzalez = Bush 1
And I'm wondering if this financing is like the deal with independent Parking Authorities which ultimately leaves the taxpayers on the hook if anything goes wrong with the financing...?
According to city officials, the Department of Housing and Urban Development has been to city hall on several occasions and last visited on Friday. The city is now asking Redemptive to provide documentation by June 15 that shows employment agreements and payroll records to support payments to board members. It also wants documentation involving proceeds from the sales of homes as well as proof that Redemptive received the proper annual certification by the city to be Community Housing Development Organization.
What a stinky mess. The City is on the hook for $4.1 million, that means we, the taxpayors on the hook for $4.1 million. I hope the good Reverend is going to help raise funds to pay us back!
http://blogs.palmbeachpost.com/westpalmbeat/2012/06/city-demands-documents-from-redemptive-life-bishop-ray-calls-press-conference-with-willie-gary/
Everything is being privatized on the QT & corporate types, scammers & "religious" being given a license to steal under the 501(c)(3) label of "charity" & "philanthropy".
More:
The Multifamily Capital Advance/Project Rental Assistance Contract (PRAC) modernizes the traditional Section 811 model by providing capital as well as project rental assistance to nonprofit organizations for the development of integrated permanent supportive housing for very low-income households with disabilities.
Capital Advance
Capital advances, to purchase or rehabilitate existing property or to develop new property, bear no interest and repayment is not required as long as the housing remains available for very low-income persons with disabilities for 40 years, in accordance with the Section 811 statute.
http://811resourcecenter.tacinc.org/policy-programs/multifamily-prac-option
Now I'm wondering how this ties in with the housing bubble and the purchase of large blocs (2500 at a pop) of foreclosures by LLCs.
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