September 4, 2007
Albany -- Low income apartments, once foreclosed on by the city, may be revived by a Community Housing Development Organization.
In August of 2006, Mission Outreach was foreclosed on by the city for not making payments on a two and a half million dollar loan.
Since the foreclosure, the city has been managing New Jerusalem Apartments, but Cutliff Grove Church is now interested in buying the property from the city to operate as affordable housing apartments.
"Will provide other affordable housing ammenities such as loan information, first time home buyers training, financial and child care assistance, that kind of thing," said Jennifer Clark, Director of Community and Economic Development.
Any profits Cutliff Grove receives from New Jerusalem, must be reinvested in the property or in the community.