Florida Housing Trustee: This Year's Payments Will Be Late

DeSue, Tedra
June 2003
Bond Buyer;6/27/2003, Vol. 344 Issue 31666, p4
Trade Publication
The trustee for two struggling multifamily housing properties in Florida made back payments this month on defaulted debt issued for the projects, but says it will not be able to make any payments due this year on time. The properties, owned by Emerald Coast Housing Corp. II and Perdido Housing Corp., together have about $16 million of bonds outstanding from issues from the mid-1990s. Bank of Oklahoma, the trustee for the issues, reported that on June 13 it made Emerald's January 1, 2003 payment but will not be able to make the July 1, 2003, payment at this time. Emerald has about $7 million of debt outstanding. The late payments provide some hope that the properties, along with nine others, will generate enough revenue to pay off their debts and avoid being foreclosed on. The properties and corporations are managed by Progressive Management of America Inc. There are a total of six corporations that issued about $70 million of single-family revenue bonds for the properties during the 1990s.


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