City officials “very concerned” over rise in delinquent multi-family mortgages

Around 442 residential buildings across the city are in serious
default on property taxes, according to the New York Times, as a result
of recession-related fiscal challenges, including unemployed tenants
unable to make rent payments. The rise of delinquent mortgages among
multi-family properties underscores the simultaneous climb of blighted
buildings in the city, experts say, with necessary maintenance often
falling by the wayside when financial times get tough. Douglas Apple,
first deputy commissioner of the Department of Housing Preservation and
Development, said that the rise of delinquent mortgages, largely
localized to the South Bronx, Harlem and central Brooklyn, is alarming.
“More and more of these properties, especially the not-for-profits, are
not making their mortgages, not paying taxes, water,” Apple said. “It’s
gotten to the point where we are very concerned.” [NYT]