HUD foreclosing on complex

Published 12:00 am Wednesday, May 11, 2005

A privately owned apartment complex that caters to Section 8 residents is being turned over to the U.S. Department of Housing and Urban Development.

The federal agency will begin foreclosure proceedings on Nansemond Square Apartments, a 128-apartment complex off Carolina Road, in coming weeks, said William Miles, director of HUD’s Richmond field office. He anticipates the process will take about six months.

Residents will be receiving vouchers that will allow them to remain in the complex or move to Section 8 housing elsewhere in Hampton Roads, said James Meade, president of W.H.H. Trice Management Co. His company manages the apartment complex for the current owner, Nansemond Square Associates.

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&uot;The vouchers are to protect the tenants as the property goes through the foreclosure process,&uot; said Meade.

&uot;In case a new owner turns the property into a conventional apartment complex, the vouchers will allow residents to go to any landlord that will accept a voucher.&uot;

Vouchers will give residents needed flexibility throughout this process, Miles said.

Nonetheless, plans call for Nansemond Square to continue providing subsidized housing,

regardless of who buys the apartment complex, he said.

&uot;There will be restrictions on it to maintain its use as affordable housing,&uot; Miles said.

Meade said the owners are leaving the property behind, in part, because it wasn’t generating revenue. The complex is also suffering from disrepair, requiring renovations, Miles confirmed.