Low income apartments, owned by Global Ministries Foundation, are one step closer to changing hands.
FOX13 confirmed there is a deal in the works for GMF to sell certain Section 8 properties.
Late last week, Millenia Companies, the owners of apartments all over the country, went from interested in GMF properties, to contractually committed.
Millenia will take over the management of Goodwill Village, Madison Tower, and Serenity Tower. All three are in Memphis. Millenia will not take ownership right away. A purchase agreement has been signed for them to buy the properties outright by the end of 2017.
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Alpheious Neely’s daughter lives at Goodwill Village and said, “I believe that new management if they come in with a positive attitude, I believe they can take care of the place.”
Neither side would confirm a sale price.
The deal still needs HUD approval. That could take a few months.
This deal does not include Warren and Tulane Apartments, which lost a federal HUD subsidy last year.
Those properties are under the control of a federal receiver, and it is their task to market and sell those properties.
On Wednesday, we asked Congressman Steve Cohen to weigh in on the business of low income housing ownership.
Congressman Cohen said he is concerned about the leadership of HUD under incoming Secretary Dr. Ben Carson adding, “He's a big one on people taking care of themselves and probably supporting management and landlords, and I'm afraid that's an error we're coming into.”
GMF and its owners are under HUD investigation. HUD did not have a comment when asked for an update.
Cox Media Group