$2 Million in Development Funds Up For Grabs in Upstate New York
Author: Joshua Dorkin • URL: http://www.biggerpockets.com/August 9th, 2006 •
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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Tags: Buffalo, development, housing, non-profit, real estate
Joshua Dorkin
Charles Feldman
Ted Karsch.
Troy Schuricht
Anwell Tsai
Richard Warren
Jim Watkins
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.