Times: Hercules made $300,000 loan on housing manager’s condo
— by Jeffrey Wisniewski — 11 July 2009 — No comments yet »
According to Tom Lochner’s report, an affordable housing loan was made on a property owned by a manager of the City’s affordable housing program (which is run as an independent corporation), a loan of $295k on a purchase price of $345k (with an additional $50k first-time homebuyer loan issued later that covers the difference). The sale was made in December 2008. The market value of similar properties are currently (eight months later) in the low 100s.
Hercules’ affordable housing department loaned almost $300,000 in public funds for an 869-square-foot condominium in the city’s Foxboro section once owned by the department’s project manager, records show.
The two-bedroom, one-bathroom condo, at 1507 Chelsea, was sold Dec. 24, 2008, to another person for $350,000, according to real estate industry records. City records additionally refer to a $50,000 First-Time Homebuyer loan on the condo during the 2008-09 fiscal year as well as another six-figure loan.
The previous owner, Rachael Redford, works for Affordable Housing Solutions Group, a private contractor that runs the city’s Affordable Housing Department.
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