Senator Hillary Clinton Blasts Failed HUD Auction of Syracuse Buildings

April 15, 2008 -- “After hearing multiple appeals seeking additional time for the City of Syracuse City to continue their search for a developer capable of rehabilitating the ElJay apartments, HUD instead chose to dive head first into the auction process. Today, HUD proceeded with their ill-advised auction which was wholly unsuccessful, and failed to attract a single bidder.

Syracuse skyline: Photo by Taku (CC)

This futile attempt at an auction should serve as a wake-up call for HUD. There are still serious concerns that need to be addressed before any further decisions regarding the sale of these properties can move forward. The issue of the buildings’ market value obviously played a role in the lack of potential bidders, and a thorough assessment of how to maintain the long-term affordability of the ElJay apartments must be conducted.

My position on this issue has been crystal clear: HUD must work with the City to find a bidder that is not only qualified to purchase and restore the apartment buildings, but one who shares their long-term vision of turning them into a resource for the Syracuse community. With the process now on hold, HUD has the opportunity to do exactly that.”

Source: Senator Hillary Clinton

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