'Nut'-house empire

New York Post website ^ | September 21, 2009 | Brendan Scott

[RayChuang88]

ACORN has quietly become one of the Big Apple's biggest owners of low- and moderate-income housing, amassing a real-estate empire worth at least $50 million, The Post has learned.

New York ACORN and a tangled web of affiliates own or manage nearly 1,500 housing units across three boroughs and draw in an estimated $5.7 million in rents, fees and profits from sales.

The properties are controlled by an opaque collection of nonprofits, holding companies and development funds. Many have generic names, like the 385 Palmetto Street Housing Development Fund or the Mutual Housing Association of New York, leaving no clue of their ties to the national ACORN conglomerate.

[RayChuang88]

This could be the tip of the iceberg of ANOTHER ACORN scandal that could bring the organization down. This type of influence in the New York City housing market is not healthy considering ACORN's notorious links to the Democrats.

[XHogPilot]

Now this is BIG! What is ACORN doing accumulating property assets? And “we” give federal funds to this gang?

[Daveinyork]

I’m not surprised. Here in York, PA we have a nonprofit organization named York Area Development Corporation, whose only “development” is owning and managing taxpayer subsidized housing, which is euphemistically called “affordable housing.”

I don’t think this organization has any ties to ACORN, but it would not surprise me if it did.

[heiss]

let me guess: last year those 1,500 apartments provided 100,000 votes in NY, OH and FL

[BunnySlippers]

I agree, this could be another issue.

[rbg81]

I bet ACORN helped get loans for the low income people who initially bought those houses. When they defaulted, ACORN bought them for a song (probably by intimidating the lenders). Now they own the house and (by proxy) the tenants who live there at ACORN’s pleasure.

[RayChuang88]

let me guess: last year those 1,500 apartments provided 100,000 votes in NY, OH and FL

Given ACORN's reach, probably a LOT more--maybe several million.

[pointsal]

Are these buildings on or off the tax rolls?
How is the income reported (Rangel-alert)?

[pointsal]

Does ACORN own a bus company that only operates during the month of November?

[Grampa Dave]

Ray thanks for finding this and posting this.

Liz another heads up for you re how rotton Acorn and liberal pseudo non profits are.

[snowrip]

They’ll need those houses as barracks for the Glorious Leader’s Shining Path People’s Army.

[Grampa Dave]

"Let me guess: last year those 1,500 apartments provided 100,000 votes in NY, OH and FL!"

[Ann Archy]

ACORN has about 300 different groups under it’s umbrella!!! It need UNRAVELLING....NOW!

[PGalt]

Thanks for posting. BTTT!

[oprahstheantichrist]

" When they defaulted, ACORN bought them for a song ...."

With cash, or with subprime mortgage money?

[oprahstheantichrist]

Wonder if this is what Brietbart was hinting at?

[oprahstheantichrist]

ACORN = Slumlords

Tony Rezko is a slumlord.
Habitat Corp (Valerie Jarrett) has owned half of Chicago for decades.

[Sir Francis Dashwood]

... we have a nonprofit organization named York Area Development Corporation, whose only “development” is owning and managing taxpayer subsidized housing, which is euphemistically called “affordable housing.”

Here is a good one to use...

affordable housing = slaves' quarters

[Sir Francis Dashwood]

ACORN = Slumlords

affordable housing = slaves' quarters

"Affordable housing" is the big liberal buzzword of late in a lot of places.

[mo]

RICO.....Big Time!!!