published Monday, October 3rd, 2011

Tennessee Multicultural Chamber lots bought by lender CCDFI at auction

Multiple vacant lots are photographed Wednesday in the 400 block of MLK Blvd., leading up to the former Renewal Barber Shop at 423 MLK Blvd., seen in the background.
Multiple vacant lots are photographed Wednesday in the 400 block of MLK Blvd., leading up to the former Renewal Barber Shop at 423 MLK Blvd., seen in the background.
Photo by John Rawlston.
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Two foreclosed lots owned by the Tennessee Multicultural Chamber of Commerce were sold at auction Monday to the lender that financed their purchase.

The Chattanooga Community Development Financial Institution bid $250,000 each for 423 and 439 E. M.L. King Blvd. at an auction on the Hamilton County Courthouse steps.

That’s what the Multicultural Chamber paid for the properties in 2008, using a loan from CCDFI.

One other bidder offered $25,000 for 439 E. M.L. King, but that didn’t match the minimum bid.

See Tuesday’s Times Free Press for complete coverage.

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NoMyth said...

I hope tomorrow's article will explain whether CCDFI receives public funding and, if so, why it was eligible to purchase these assets. This seems silly to see the lots go for the same over-valued price as in '08. The lots were never worth 250k and are certainly not today.

October 3, 2011 at 9:05 p.m.
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