Okay. So I am new to North Carolina and I am starting to look around at some things. Most things here in Asheville are pretty cool, and I agree with the city council, for the most part.
And then there is this.
from Mountain Express
In December, the Asheville Housing Authority – which manages McCormick Heights for the property owner, a subsidiary of Progress Energy – announced that the project had sunk into severe debt, with only 40 of the 100 units occupied, and that the owners planned to sell it.
Now, first off why is the city managing a private apartment complex? And if said private apartment complex is only 40% occupied, no wonder they are going broke and why is the private owner getting this special treatment?
Because they are Progress Energy's money-loss machine?
What's the matter, Progress? Expiration date on losing money write-offs coming up next year?
Or is there something I am missing here?
Please. Anyone. Set me straight on this.