Senior Housing Developers Request For Funds From Town Concerns Residents

As consumers complain about the government bailing out wall street, is “bail out nation” heading towards the senior housing market. An interesting article in the San Jose Mercury News entitled, San Jose developers want $603K for project that won’t likely start until 2013, discusses a request from a pair of senior housing developers for funds that were approved and allocated for a $603,435 advance in money allocated to a 100-unit rental complex for seniors. Residents are concerned about the use of those funds and how they are being spent when a current business is in existence where the project is set to be constructed. However, the tennant has a lease until 2013. While there is no real drama in developers requesting funds, the interesting point here is the public concern and perception that the town is providing funds to a developer without a clear understanding of where and how those funds are going to be spent. For the full article, click here.