Yuma Sun
The lingering effects of the housing slowdown are being felt here by a nonprofit corporation that recently turned over 160 lots to a municipal corporation that previously provided financing for development of the land.
The Comite de Bienestar has surrendered deeds in lieu of foreclosure for the lots in 9B Subdivision to the San Luis Community Facilities District, the municipal corporation that had issued nearly $14 million bonds for development.
“The housing market has not recovered fast enough for the value of those lots to equal what was owned to the district,” said Marco Antonio Reyes, executive director of the Comite de Bienestar. “Those lots were a guarantee on that debt.”
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