Trump To Get $36M From Sale Of Largest Subsidized Affordable Housing Complex
Source: Talking Points Memo/AP
By BERNARD CONDON | May 9, 2018 10:42 am
NEW YORK (AP) — The nation’s largest subsidized affordable housing complex was just sold for hundreds of millions of dollars, with some of the money going to a prominent critic of government housing programs: President Donald Trump.
Trump and other investors in Starrett City in Brooklyn have sold the 46-building complex to two real estate firms for $906 million, according to a statement Tuesday from the new owners. Trump’s financial disclosure documents last year show he owned 4 percent of the complex, giving him potential proceeds from the sale of about $36 million.
Under his federal budget plans, the Trump administration had proposed deep cuts in subsidized housing programs.
Starrett City has received subsidies from the federal government worth millions of dollars a year, including $78 million in 2009 alone, according to a letter last year sent by House Democrats to the president criticizing his continued ownership of the complex. The letter said the president shouldn’t own the buildings while overseeing the federal agency that would review any future sales and, meanwhile, determines the size of subsidies to renters that ultimately end up in his pocket.
Read more: https://talkingpointsmemo.com/news/trump-profit-sale-new-york-affordable-housing-complex
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just adds to the size of the tsunami coming!
