PHA Looks To Auction Off Dozens Of Properties To Potential Investors
PHILADELPHIA (CBS) -- The Philadelphia Housing Authority is looking for investors to take more than 50 rundown properties off its hands.
The properties, part of PHA's scattered sites inventory, are mostly boarded up shells or empty lots. But President and CEO Kelvin Jeremiah says they still have value if you're willing to invest and rebuild.
"The expectation would be that within three years of purchasing the property you would have it restored its youth and the city can start collecting tax revenues on it," he said.
The auction will take place on Thursday at 2501 East Ontario Street.
"Because it's an auction I think you have properties starting at about a thousand dollars and it could up to as high as $100,000-$200,000," he said.
And you can get a look at the properties on the auctioneer's website www.bssauction.com.