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PHA Auction Draws Over 500 to Bid on 400 Philadelphia Properties
 
  by: iradiotom - Philadelphia, PA
started: 11/17/11 12:07 pm | updated: 11/17/11 12:07 pm
 
More than 500 investors crowded the ballroom at the Westin Hotel in Center City this week as the Philadelphia Housing Authority held its first auction of houses, lots, and other real estate.

The 400 properties were sold individually and in packages of two to 25.

None of the properties are in move-in condition, said Max Spann Jr. of the Max Spann Real Estate & Auction Co., which conducted the auction.

Michael Kelly, executive director of the housing authority, said the auction was an aggressive "fighting-blight program" designed to move properties into private hands.

Kelly said the purpose was about "how do we get more property on our rent rolls? How do we reduce the crime in our neighborhoods? And how do we bring in valuable funding to PHA at a time when there is federal disinvestment?"

Winning bidders must develop the properties within five years or the properties will revert to PHA.

 
 
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