Nonprofit Prepares to Close
An official with Tualatin Valley Housing Partners (TVHP) tells us that the 15-year-old nonprofit group is edging closer to shutting down by selling its affordable housing properties.
Potential buyers are busy performing due diligence as they consider taking over the Beaverton, Ore. group's portfolio of about seven properties. It doesn't look like there will be one buyer to take over all the communities. Instead, several groups will acquire individual developments.
The dispositions could take place in the next 60 days or so, according to Larry Iverson, board president.
TVHP is among the businesses that have been hit hard by the recession.
Grants and development fees dried up, some residents lost their jobs and could not pay their rents, and the financial markets were a mess. In addition, a former employee looks to have taken a modest amount of funds. The impropriety involved less than $10,000 and did not play a big role in TVHP’s closing, according to group.
We wonder how many other housing firms are at the tipping point.
Potential buyers are busy performing due diligence as they consider taking over the Beaverton, Ore. group's portfolio of about seven properties. It doesn't look like there will be one buyer to take over all the communities. Instead, several groups will acquire individual developments.
The dispositions could take place in the next 60 days or so, according to Larry Iverson, board president.
TVHP is among the businesses that have been hit hard by the recession.
Grants and development fees dried up, some residents lost their jobs and could not pay their rents, and the financial markets were a mess. In addition, a former employee looks to have taken a modest amount of funds. The impropriety involved less than $10,000 and did not play a big role in TVHP’s closing, according to group.
We wonder how many other housing firms are at the tipping point.
posted by Donna Kimura at 4:04 PM
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