Snarky McSnide says, Who says, “Crime doesn’t pay?”

Who says, “Crime doesn’t pay?”

It pays astonishingly well if you are the owner of Seminole Gardens, the privately owned housing project with an address of 1600 West Fifth Street.

In April, 2011, Seminole Urban Holdings, LLC, bought it for $1.5 million. They just sold it in June of this year for $5 million. $5 million? How does that happen?

HUD, the federal agency at cabinet level, proudly approved the transfer!

Seminole Gardens holds the dubious distinction as the most crime-ridden neighborhood in the county. The new owners have been greeted with more of the same behavior, just this last week two residents were arrested, Saturday, another resident was picked up by Sanford police. One of these has been arrested 10 times in the last six years.

HUD’S mission statement is as follows:

HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes; utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination, and transform the way HUD does business.

That’s quite a mouthful, one wonders if anybody at HUD has ever read it?

“And transform the way HUD does business?”  What is that all about?

The Seminole County Property Appraiser values 1600 West 5th at $2,300,000 using the income approach. The new group paid $5,000,000. To justify that cost, something has to give, either unit rentals or the taxpayers’ subsidy has to go up. Which one are you betting on?

Incidentally, the entity on site goes by the name of Wright Management. A check of state records shows no such business is registered to do business in Florida.