Saturday, January 2, 2010

Should Commissioner Chuck Nelson have voted to bail out affordable housing developer?

As stated in Florida Today, during the real estate boom, a developer says he spent more than $1 million buying and remodeling the Riverview Apartments on Pineapple Avenue into condominiums. The boom died off, as did the project. A divided County Commission has earmarked $573,000 in state funding to pay down the developer's debt. Included in the $573,000 sum were the developer's mortgage interest and unpaid property taxes.