“The potential revenue from the January 30 auction could be as much as $4.85 million for the District however, there are conditions (outlined in the disposition agreement) that have to be met before sales are final,” said Angelita Colón-Francia, DHCD’s Senior Public Information Officer. A public hearing will precede the settlements. We anticipate that closings will likely occur in early spring.”
Despite the disclosure of the District’s take from the sales, there’s still some question as to who actually purchased the properties. Some citizens at Mayor Fenty’s announcement of the auction expressed concerns that the derelict homes would immediately go to developers with deep pockets, rather than private citizens with a stake in the community. It can't be worse than the status quo ante.