Columbia Daily Spectator | 11/21/2013
This article is the first part of a three-part series looking at the challanges facing Housing Development Fund Corporation (HDFC) buildings in the city. Part two focuses on management problems in some HDFC buildings. Part three explores sales trends of HDFCs in Harlem.
In 1988, Archie McDaniels bought his apartment from the city for $250. Despite his modest income, “born and raised” Harlemite McDaniels became a first-time homeowner through a state program called the Housing Development Fund Corporation.
If he still owned his unit, McDaniels would be holding prime real estate in Manhattan—his building, 320 St. Nicholas Avenue, is a block away from bustling 125th Street. But in 2001, the city foreclosed on the building, citing hundreds of thousands of dollars in unpaid property taxes.
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Naomi Cohen | journalist 