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Mets | Vaughn to Buy and Refurbish Bronx Apartments

The Associated Press reports former New York Mets 1B Mo Vaughn will buy and refurbish two run-down apartment complexes as part of the city's effort to develop more affordable housing. Vaughn and his company, Omni New York LLC, will use a $28.6 million loan from the city's Housing Development Corp. to cover the cost of the project. There are about 300 apartments in the two developments, almost all of them occupied. The developments are part of the U.S. Department of Housing and Urban Development's Section 8 program, and the average rent is $270 a month.

2005-02-24 08:16:23 | Source:

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