Watchdog: COLORADO SPRINGS, Colo. — The Department of Housing and Urban Development provided a $9.4 million loan guarantee to renovate an apartment complex here eight months after the owner convinced the county to value the complex at just $3.8 million, a Watchdog.org investigation found.
The loan for Apollo Village Apartments defaulted and the property was foreclosed on in 2012 with HUD losing as much as $4.5 million on the deal, public trustee records show.
Pete Sepp, president of the National Union of Taxpayers, said these government programs put a substantial amount of taxpayer money at risk and should be eliminated. MORE
Nothing out of the ordinary here. Business as usual
This place is less than 2 miles from me. It’s old. It’s unkempt, despite the picture. It’s infested with young criminals, roaches, bedbugs, and a few unfortunate elderly who can’t afford to move elsewhere.
Considering local circumstances, I can’t imagine that place being worth more than $1.5M, except to torch it and rebuild.