“URBAN DEVELOPERS SEEK TARP RELIEF”
12/15/2009

“Thousands of brand new condominium units stand empty, creating blight across the urban landscape. Developers are now requesting TARP support to relieve the burden of ‘boom-time loans,’ as they fight to hold onto these distressed assets,” says Bernard Butler spokesman for a group of real estate developers. “We would like TARP funding to be made available through major financial institutions to moderate and middle income urban families who could then purchase these prime condominium units.”

Online PR News – 15-December-2009 – – Cour Noir Productions, Inc.

IMMEDIATE RELEASE

Contact: Kim Kirkley
support@TarpHelpnow.com
(212) 543-2750
(646) 410-9755

“URBAN DEVELOPERS SEEK TARP RELIEF”

“Thousands of brand new condominium units stand empty, creating blight across the urban landscape. Developers are now requesting TARP support to relieve the burden of ‘boom-time loans,’ as they fight to hold onto these distressed assets,” says Bernard Butler spokesman for a group of real estate developers. “We would like TARP funding to be made available through major financial institutions to moderate and middle income urban families who could then purchase these prime condominium units.”

The developers appreciate President Obama’s efforts to assist small businesses by opening lines of credit and offering tax breaks. However, the developers that are dealing with empty and stalled developments, need and deserve the kind of assistance offered to struggling homeowners, specifically the opportunity to modify “boom-time loans” to mirror our current economic conditions and fill these units with working Americans who still believe in the American dream.

Contractors and mixed-use developers nationwide believe the country would be better served if TARP funds were utilized to create housing opportunities for moderate and middle-income families. Butler says “We are dealing with a twenty-first century urban dust-bowl revisiting the realities of the Great Depression where families searched for housing. We’ve seen Main Street bail out Wall Street. Now it is time for Wall Street to bail out Main Street. We seek a TARP funded, Mitchell-Lama type of housing program.”

Most damagingly, urban real estate developers are being left to cope with the worldwide recession, unaided. Thousands of new commercial foreclosures in ‘up and coming’ residential and commercial areas could indefinitely forestall our Nation’s return to prosperity. The group maintains that the lack of compassion for their plight, poses a new and dangerous threat to the Country’s infant economic recovery. Many of these areas were only beginning to become stable communities and have been hit the hardest and are extremely vulnerable in the current economy.

In view of these potential losses to urban developers and the communities they serve, the group is spearheading a campaign seeking TARP assistance. To join this campaign to fill empty and stalled condominium developments please visit http://www.TARPhelpnow.org. These “high end” urban developers are now forced to deal with the devastating demands by major financial institutions, that they repay their principal debts in full, including all back interest, penalties, and legal fees, even though the condominium housing market has collapsed.

“It’s a ‘no brainer,’” said the spokesman. “TARP should be allocating funding to attract moderate and middle-income buyers to achieve some level of economic recovery in urban America.” Ideally, the developers would like to see TARP funding made available through major financial institutions so that moderate and middle-income families could purchase the prime condominium units that are rapidly losing marketplace value and are subject to vandalism, squatters and other ills.

Butler firmly maintains, “The United States Treasury Department has an obligation to provide some kind of financial protection to urban real estate developers against major banks’ predatory conduct. In order for a real economic recovery to begin in underserved neighborhoods and communities, the same support offered to major financial institutions must be provided to the nation’s moderate and middle income families.”

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