- See more at: http://blogtimenow.com/blogging/automatically-redirect-blogger-blog-another-blog-website/#sthash.Q6qPkwFC.dpuf On the Housing Front | Bronx News Networkbronx

Monday, June 22, 2009

On the Housing Front

Here are a few Bronx-related housing stories for the beginning of summer:

The main topic for 2009 that will likely continue on for the foreseeable future is the issue of foreclosures in apartment buildings, especially those owned by private equity investors who gambled on increasing rents dramatically.

In the Gotham Gazette, Bronx-based freelance reporter Eileen Markey documents the Foreclosure Threat that Looms Over Thousands of City Apartments, including many in the Bronx.

Included in her piece is the worst-case scenario being played out a number of Bronx buildings owned by private equity investor Ocelot Properties, where the owners have walked away, the buildings are in complete disarray and a number of them have gone vacant.

Earlier this month, City Limits reported on the situation in these buildings and the efforts by the City and housing advocates to get the lender, Fannie Mae, to "take a more active role in ensuring upkeep of the properties."

University Neighborhood Housing Program has warned about these types of scenarios for years at our affordable housing forums. Two years ago at our forum on Shrinking Affordability, panelist Frank Anelante of Lemle & Wolff warned about the condition of much of the City's housing stock and that we would be seeing more and more buildings falling down, such as what happened in Brooklyn yesterday.

(The report from this year's forum on Envisioning the Future of the Red Zone contains an extensive collection of maps and charts focusing on the west Bronx including new housing, demographic, economic and real estate data.)

Finally, NY1 has a segment on how the City's housing department (HPD) is buying foreclosed homes to rehab and sell them at below-market prices.


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