The receivership overseeing 1,500 tenants in Skid Row is on the verge of failing unless a L.A. Superior Court judge acts quickly, receiver Mark Adams said in court filings.
Tenants at Skid Row Housing Trust buildings were issued eviction notices that the city attorney’s office deemed illegal. The receiver overseeing the properties has rescinded them.had left the trust unable to pay its bills. The nonprofit housing provider — the largest in Skid Row — had slashed staffing and maintenance, leaving the buildings in squalid conditions.
But Adams has been able to secure only $1.8 million, leaving a cash crunch threatening the receivership’s existence. Normally, receiverships pay for repairs and the receiver’s fees by tapping properties’ equity or through proceeds from a property sale or increased rents. But the trust is on the brink of insolvency, federal and local restrictions prevent tenants’ rents from ballooning, and city leaders are desperate to preserve thousands of apartments for formerly homeless residents. City housing officials have acknowledged the city treasury probably will be on the hook for at least some of the price tag.
City officials are pressing Adams for more detailed accounting of his tasks, saying that the receiver left out of his April financial report expenses for janitorial services, costs for his outside attorneys and his own fees.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
About 500 doctors at Mount Sinai are set to strike TuesdayRepresentatives from Mount Sinai said they continue to negotiate in “good faith” with the union, and hope to reach an agreement at a Monday afternoon bargaining session
Read more »
S&P 500 and Nasdaq close at highest since April 2022 By Reuters⚠️BREAKING: *S&P 500, NASDAQ CLOSE AT 13-MONTH HIGHS AS U.S. STOCKS RALLY AHEAD OF INFLATION DATA, FED DECISION $DIA $SPY $QQQ $IWM $VIX 🇺🇸🇺🇸
Read more »
S&P 500 Index (SPX) - Investing.comGet S&P 500 Index live stock quotes as well as charts, technical analysis, components and more SPX index data.
Read more »
S&P 500, Nasdaq Composite see highest close since April 2022 as stocks power higherThree major U.S. stock indexes rose on Monday as stocks built on their gains following the S&P 500’s exit from bear-market territory late last week. The Dow Jones Industrial Average increased by 189.55 points, or 0.6%, to 34,066.33:
Read more »
S&P 500 and Nasdaq close at highest since April 2022The S&P 500 and the Nasdaq rallied on Monday to their highest closing levels since April 2022, while Oracle hit a record high ahead of quarterly results as investors awaited inflation data and the Federal Reserve's interest rate decision this week.
Read more »
S&P 500 futures at fresh 52-week high ahead of inflation dataU.S. stock futures rose after China eased monetary policy and traders waited for U.S. inflation data that may cement a Fed rate-hike pause.
Read more »