The Miami Herald chronicles how the nation's most ambitious public housing effort in decades has become plagued by corruption and greed.
The paper is publishing a multi-part series on how the Miami-Dade Housing Agency has given millions of dollars to private and non-profit developers, but failed to manage projects to ensure that new affordable housing is built.
"Overall, the Housing Agency pledged more than $87 million to put up 72 developments for the poor, including apartments, houses and complexes for the elderly. The expected payoff: more than 8,300 new homes."
"But about 40 percent of the projects funded between 2003 and 2005 have been canceled. Others are delayed for months, even years. Only 14 projects less than one-fifth of what was pledged have actually been completed."
Some developers that the Housing Agency contracted with stand accused of selling homes earmarked as affordable to real estate investors who turned quick profits.
Thanks to Senen Antonio
Read the full story: Housing agency is an ATM
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