MIAMI-The city of Miami is conducting due diligence on a deal approved earlier this month that transfers four affordable housing projects here from Carlisle Development Group to Atlantic|Pacific Companies of Miami.
Carlisle is under federal criminal investigation for possibly defrauding the US government on affordable-housing subsidies. The Miami-Dade Board of County Commissioners approved the transfer of the properties earlier this month to Atlantic/Pacific.
Miami Mayor Carlos Gimenez's administration was asked by the county commission to conduct due diligence research into Atlantic|Pacific to ensure the company is strong enough financially to take on the Carlisle projects, according to the Miami Herald. The county board also asked two federal agencies to approve the property sales.
The mayor said his office insisted on looking into the deal and that the Federal Transit Administration and the US Department of Housing and Urban Development sign off on the sale.
Mayor Giminez said that normally such a transfer would be approved by the city. However, in this case, he said, “The administration was not comfortable with that. We wanted to know exactly what that assignment is. Who are those folks? Does it pass muster with us? Does it pass muster with (the feds)?” he said. “We're going to make sure there's no cloud over it.” See story in the Miami Herald.
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