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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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.