Well that ought to discourage others. What bank would want to finance such a monstrosity.
Sadly, the bank is forced to finance this and other low-income poroperty loans. Remember back in the early '90's when banks were accused of discrimination by not giving housing loans to low-income, non-traditional family, part-time employed folk of the various victim classes? It just wasn't fair that adequately employed, good credit , median income white folk got loans that were unavailable to the afore mentioned classes.
The result was Robert Reich and the Clinton administration forcing banks and lending institutes to lend to what would otherwise be less than credit worthy people. Public funds being routed for these projects were then supplemented with banks private (yours and mine) funds. Note how Ms. Simmons quickly leveraged her new home to purchase other properties, a tactic she undoubtably learned in her Homeowner's Education class.
The rot in this project is more pervasive than just in the condemned home.