Housing developers used city-backed property as ‘personal bank account,’ lawsuit alleges

Los Angeles City Atty. Mike Feuer on Wednesday sued several housing developers, alleging they misappropriated millions of dollars of public money. The lawsuit stems from a $2.3 million loan issued by the city in 1999 to finance the acquisition and development of Richard N. Hogan Manor, a 51-unit housing project at 5500-5528 South Figueroa Street.

from California https://www.latimes.com/california/story/2019-10-18/affordable-housing-developer-lawsuit-fraud-figueroa-economical-hogan-manor
via IFTTT