The Winston-Salem Journal reports:
The company that renovated the Nissen Building won the right Monday to refinance one of the bank loans it used to rehabilitate the building.
The approval came from the Winston-Salem City Council. The council’s approval was necessary for the refinancing because the city of Winston-Salem also loaned the company, Nissen Building LLC, $3 million to help with the rehabilitation in 2001. The building is one of the most popular apartment buildings downtown and is at 100 percent capacity.
What the article doesn’t say is the other ‘bank loan’ the developers are refinancing is —- you guessed it —– a HUD loan.
Lucky taxpayers, they get to subsidize the Nissen Building twice. I’ll say it again —- this is why we’re in this mess right now.
