The Harlem Shuffle

Number 16007
Subject Housing
Source City Limits (New York)
State NY
Year 1999
Publication Date November
Summary Investigation into the HUD loan program 203(k) for nonprofit organizations to purchase and fix-up run-down housing for resale. Johnson found a wide-open opportunity for speculators to purchase inexpensive buildings and immediately resell them at inflated prices to nonprofits. The story concludes that the program's flaw is a lack of HUD oversight, which leaves policing to appraisers and mortgage lenders who have few incentives to act responsibly.
Category IRE Contest Entry
Pages 9
Keywords real estate flipping; conspiracy; racketeering; Alliance for Individualized Ministries; No Exit Place Realty Corp.; FHA; Federal Housing Authority; Mortgage Lending of America; Tri-Metro; CLA Inc.
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