October 23, 2008

Part 8: Low to Mod Housing Projects

I need to get back on the airport--I promise three parts to go and I am done.

After voting to approve the purchase of the former City Builders parcel for $495,000 from a grant from CEDAC, it was called to our attention by one board member, after reading the documents, that this "grant" had to be repaid. In other words it was not a "grant" at all, but a loan.

At our next board meeting it was not explained that the "grant" in fact really was not a "grant", but a loan. After much discussion another vote was taken and it was voted to approve the loan (much closer vote) and still buy the City Builders property. The plan then was to build 20 plus owner occupied units with duplex style housing with off street parking.

Part 9: When 20+ duplex style owner occupied units turns into one 23 unit apartment building for low to mod income tenants.

2 comments:

jahn said...

I assume these neighborhood social/fraternal type organizations have an attorney on the board or they are savvy enough to hire one?

Somehow my gut tells me that all the subcontractors they hire to build this housing are probably taking them to the cleaners given their naivete'?

Who (person) has the most to gain by turning SWNC into a housing developer? I always say follow the money trail

Jahn said...

Is a non profit (I assume) neighborhood fraternal organization allowed to own 23 apts that I assume will throw off a profit or will eventually throw off a profit?

So if they are violating their charter by making a profit what they do is charge the real estate rental operation some sort of mamangement fee...just enough to make it (the rental operation) lose money...and who gets the benefit(s)of the management fee income that SWNC will realize??........the beneficiaries of SWNC's benevolence and/or those who draw salaries from SWNC?

Absent some answers to my concerns,The closer I look, the more this whole endeavor reeks...almost seems like another CDC?? (Comm Dev'ment Cartel)

If they fall behind on their real estate taxes on Cambridge/Hacker will they still be allowed to pull a building permit for City Builders site?