A.G. Gancarski
Global Ministries Foundation, the non-profit that has recently gotten bad press in Jacksonville for owning and operating the nightmarish Eureka Garden and Washington Heights, has had its funding cut off in Tennessee, where it owns similarly blighted properties, according to Fox 13 in Memphis.
The Fox 13 report says that “The funding body that approved millions of dollars for GMF to buy Tulane and Warren Apartments [in Memphis] was asked by a state agency [the Tennessee Department Housing Agency] to stop funding future projects… the Memphis Health, Education and Housing Board… has challenges to work through before doing any business in the future.”
The Memphis Health, Education and Housing Board, which has gone five months without an executive director, approved nearly $12 million for GMF to buy Tulane and Warren Apartments.
In a scenario that may seem plausible to Jacksonville residents, GMF lost its federal funding because of repeated code violations. Residents had to relocate.
Bloomberg reports, meanwhile, that when HUD cut off subsidies in Memphis on March 14, housing bonds tanked by two-thirds.
“The loss of the federal funds caused the securities to default, pushing the price to as little as 21 cents on the dollar.”
It’s as if roach and vermin infested tenements are somehow unsafe investments there.
