Syracuse, NY - The Syracuse Common Council Monday voted unanimously to buy nine Syracuse apartment buildings the federal government has been trying to unload for more than two years. City Corporation Counsel Juanita Perez Williams said she is still working out details of the contract with officials from the U.S. Department of Housing and Urban Development, which would sell the...
Syracuse, NY - The Syracuse Common Council Monday voted unanimously to buy nine Syracuse apartment buildings the federal government has been trying to unload for more than two years.
City Corporation Counsel Juanita Perez Williams said she is still working out details of the contract with officials from the U.S. Department of Housing and Urban Development, which would sell the buildings for $1 each. HUD initiated foreclosure on the properties owned by Eljay Redevelopment Co. in 2007 because of a series of failed inspections.
Since then, HUD has tried four times to auction all nine buildings that housed low-income tenants, but the package has attracted no bidders. HUD has estimated the buildings need $16.7 million in repairs.
The city recently sought offers from developers who would buy some or all of the properties. Ten offers were received, said Paul Driscoll, commissioner of business and neighborhood development. A committee will be formed to make selections from the pool of developers, Driscoll said.
The city hopes to have a signed contract with HUD in place by June 1, and buy and immediately sell the properties to chosen developers within 90 days, Driscoll said.