Affordable Housing Wire

The nonprofit Mutual Housing Association of New York purchased four distressed affordable housing properties in Bedford-Stuyesvant in 2012 with financing from the New York City Acquisition Fund in order to repair and maintain the properties. But a prolonged foreclosure process has delayed the repairs and cause the buildings to further deteriorate (see this Flickr gallery for evidence). Foreclosure proceedings in Brooklyn take nearly twice as they do in the rest of the country, and MHANY has been left in limbo, waiting for the refinancing to fund further repairs. Now the nonprofit is vulnerable to private investors swooping in, picking up the properties, and redeveloping them for profit. [WSJ]