HUD cash clinches St. Paul apartment deal

  • Article by: ROCHELLE OLSON , Star Tribune
  • Updated: May 8, 2012 - 7:45 PM

The Penfield development project should get underway soon, the mayor's office said.

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hjlazniMay. 9, 1210:19 AM

Who owns the building? Who makes the big money after the loan is paid off and there is no mortgage payment. Is there a cash flow to the owners at a certain percent occupancy right away. How does the original developer fit into the project. The public has a right to know. The article is very short on informatiion.

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basia2186May. 9, 1210:36 AM

The developer is the one that makes a killing. So do all of the developer's cronies that will get the mgmt. contract, construction contract etc. Business as usual with our tax dollars. HUD needs to get out of business. If it doesn't work in the private market, it should not be financed with tax dollars. Let the banks take the risk.

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