Non-profit stuck with empty properties

Non-profit agency Neighborhood
Housing Services recently gut-renovated 24 empty properties in the
Bronx, Brooklyn and Queens, but isn’t having luck finding buyers.
Sarah Gerecke, CEO of NHS, said the agency’s buyers are usually
first-time purchasers, small business owners and immigrants who are
having trouble getting financing because of the credit crunch. The
properties range from studios to three-bedroom apartments to commercial
spaces. NHS was just granted permission to sell on the open market. “The equity we’ve built up is going
down the drain … We don’t want these sitting vacant.” Gerecke said.

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