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$2 Million in Development Funds Up For Grabs in Upstate New York

by Joshua Dorkin on August 9, 2006 · 1 comment

  

Upstate New York is some of the nicest country around, but many of the upstate cities like Rochester and Buffalo are extremely run down; thus, investment properties can be found in both of these cities for dirt cheap prices. The New York State Affordable Housing Corp just announced that it is going to make available $2 million for low-income housing development in the Buffalo Area, but don’t get too excited investors, they are only giving it to non-profits and municipal groups.

Why not just open the money up to anyone who has an interest in developing the area? Non-profits burn and abuse money just like everyone else. Other cities like St. Louis have great programs where investors can purchase run-down properties for development for pennies on the dollar. It would seem to make more sense to do this, no?

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{ 1 comment… read it below or add one }

makingitbig August 10, 2006 at 4:22 am

This sounds just like the kind of situation that Tony Soprano would love to get in on.

In fact, I think he actually did, teaming up with HUD to take money from us taxpayers.

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