Firm to sell troubled base housing projects

[unhappycamper]

Firm to sell troubled base housing projects
By Karen Jowers - Staff writer
Posted : Friday Mar 21, 2008 17:08:35 EDT

Two imminent sales are expected to fix problems with privatized family housing projects owned by American Eagle at four Air Force bases and one Army base, officials said.

Lenders backing the projects at Moody Air Force Base, Ga.; Hanscom Air Force Base, Mass.; Little Rock Air Force Base, Ark.; and Patrick Air Force Base, Fla., are negotiating a sale of the projects to another company, said Kathleen Ferguson, Air Force deputy assistant secretary for installations.

Although the Air Force is not involved in the sale, it has approval authority. A letter of intent will be signed by the current owner and the potential owner, and will be approved by the Air Force.

The four projects initially were awarded individually, but are expected to be sold as a single project, Ferguson said.

The Army, which is a limited partner in all its housing privatization deals, is also close to selling the American Eagle project at Fort Leonard Wood, Mo., said Ivan Bolden, the Army’s chief of public-private initiatives.


Rest of article at: http://www.armytimes.com/news/2008/03/military_housingsale_032108w/



uhc comment: Previous thread(s) on privatized housing -->
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=259&topic_id=7775