ACORN's $50M Real Estate Empire

I've never been to New York City. A place I've wanted to see just once in my life, New York has come to be known for one thing in recent years: high taxes and rent. From acquaintances I have who have lived there, it's not a place you can live in on a shoestring budget.

Enter everyone's favorite corrupt organization, ACORN. The New York Post is reporting that ACORN and some of its affiliates have become the owners of many low- and moderate-income housing units. The estimated worth of the real estate holdings is at least $50 million. How frickin' nice. Not only have they helped countless number of people scam the American taxpayers, but they've managed to build a real estate empire to rival Donald Trump using our tax dollars.

New York ACORN and a whole web of affiliates own or manage almost 1,500 housing units across three of New York's five boroughs. Estimated income from those units? $5.7 million from rents, fees, and profits from sales. Why were they even getting ANY tax dollars at this rate?

Generically-named nonprofits, holding companies, and development funds are given the task of managing these properties. Entities named 385 Palmetto Street Housing Development Fund and the Mutual Housing Association of New York (MHANY) are able to function without exposing any ties to the national ACORN conglomerate. Pretty slick, huh?

Since its inception in 1987, MHANY has accumulated more than 80 homes and apartment complexes across Brooklyn. MHANY reaped approximately $2.5 million in 2007 according to state and federal filings reviewed by the Post.

The revenue generated by these housing units helps support at least 18 local ACORN affiliates. Most of these affiliates are headquartered at 2-4 Nevins Street in Brooklyn, an address shared with the Working Families Party, a progressive group of grassroots community organizers. The group backs such causes as public education for all regardless of where they grow up, healthcare for all, and the green agenda. Sounds like an ACORN wannabe if you ask me.

Among the 18 plus affiliates is the New York ACORN Housing Company. Last week, this was one of the groups busted in an undercover video giving shady advice to two people posing as a pimp and a prostitute.

Local ACORN housing companies share a president, Hazel Desant, an executive director, Ismene Speliotis, and identical boards.

ACORN reports no compensation for the board members, although it disclosed that 10 directors -- all except Desant -- hold leases in ACORN-owned buildings ranging in value from $5,900 to $11,000 annually. I wonder how many people in New York would LOVE to have those rent rates.

Six of the directors owed a total of $8,700 in rent as of June 2008, according to the agency's most recent filing. Speliotis reported an annual salary of $60,773 in 2007.

A spokesman for the organization once represented in court by Obama said that the properties were acquired through city, state, and federal housing programs, and, therefore have no real resale value. Oh really??? Someone in New York should point this out the next time they want to sell one of their buildings. All this tells me is that ACORN used OUR money to buy these properties, but we don't get one dime of any revenue generated. What a bunch of crooks.

"New York ACORN Housing is one of the top providers of managers of affordable housing in this city or anywhere in the United States," spokesman Jonathan Rosen said.

"The Bloomberg administration has turned to New York ACORN housing again and again to help realize the city's vision of developing more affordable housing for New York's working families." This statement makes me wonder what's in it for Bloomberg. Let's face reality. His one goal in this life is to make money. Period.

New York ACORN Housing Company owns or manages several ACORN properties, including four multi-family dwellings in East Harlem and two sparkling new Brooklyn housing complexes.

Since 2000, ACORN has managed an 85-unit housing complex in the Mott Haven section of The Bronx, one of the poorest communities in the country. Over half the population receives some form of assistance. So not only did we most likely pay for the complex itself, but we're also most likely paying the rent for the residents of this apartment building.

ACORN has proven time and again that they'll manipulate the system to access the money paid by those who work their fingers to the bone. These people seem to have no scruples whatsoever.

If an investigation of ACORN comes to fruition, I suggest that they let Sheriff Joe Arpaio lead it.