Saturday, February 12, 2011
The BCCLT now has an agreement in place with the Key West Housing Authority, for KWHA to buy BCCLT's properties. Appraisals have been made. The purchase price will be enough to pay all liabilities, and there should be a substantial amount left to carry out repairs and rehabs where needed. KWHA has now assumed responsibility for rental management and maintenance services.
In the end, all bills will be paid, all tenants will be protected in their homes, and the Housing Authority will have an already-existing pool of low-income housing to manage.
And the land trust as it was will be no more.
It's too bad. BCCLT was responsible for many good things in Bahama Village. It struggled for its existence for many years. It always tried to do too much with too little. Eventually it came down to a decision -- merge, sell, or go bankrupt.
The Board of Directors deserve much credit for bringing things to a successful conclusion.
Posted by Robert Kelly at 12:14 PM