Housing Justice Center - news
< Back To Index
Riverview Apartments bid is denied: No Ku is good news for city
08.12.2011 - Advocate Tribune, Granite Falls

By Scott Tedrick, Editor - Advocate Tribune.

Granite Falls, Minn. ó

City officials and tenants of the Riverview Apartment complex can breathe a little with news that Emmanuel Kuís $429,500 bid to purchase the Riverview Apartments has been rejected by the U.S. Department of Housing and Urban Development (HUD).

Ku, through Genghis Khan LLC, was the high bidder on the Riverview Apartment Complex during an auction held May 27. The bid raised eyebrows when it was discovered he had a checkered management history including nearly 3,000 citations on 13 properties under his ownership in New York.  

The Granite Falls City Council and EDA responded by requesting that HUD reject Kuís proposal in favor of more responsible ownership.

A letter from HUDís Fort Worth Multifamily Property Disposition Center stated that it required the submission of evidence demonstrating experience and the financial capacity to transform a troubled property in a long-term, viable, affordable rental housing resource and that review and analysis showed that Ku did not meet those requirements.

It echoed a similar document indicating that Ku had been rejected for another Minnesota property located in Brooklyn Center last month.

ďThat was common sense, that had to happen. He was not a good landlord,Ē said EDA director Dennis Van Hoof of HUDís determination.

According to Van Hoof instead of holding another auction, HUD will review the next highest bid from the May auction, $429,000 from Jose Camacho of Republic First Inc., Orlando, Florida,  

ďWeíre going to be looking into Jose Camacho to see what they have to offer. If they arenít what we consider a good landlord we will encourage rejection of that bid, too,Ēsaid Van Hoof.

After Camacho was a $111,000 bid from individual Paul Ponte and a roughly $60,000  bid from Montevideo real estate agency Van Binsbergen & Associates.

In previous articles, it was erroneously reported that Van Binsbergen was the third highest bidder.

Copyright 2011 Granite Falls Advocate Tribune. Some rights reserved