Trump, Critic of Gov't Housing, to Get $36M From Sale

President owned 4% of NYC subsidized housing development that just sold for hundreds of millions
By Newser Editors and Wire Services
Posted May 9, 2018 12:03 AM CDT
This Feb. 12, 2007, photo shows Spring Creek Towers apartment buildings, popularly known as Starrett City, in the Brooklyn borough of New York.   (AP Photo/Kathy Willens, File)

(Newser) – The nation's largest subsidized affordable housing complex was just sold for hundreds of millions of dollars, with some of the money going to a prominent critic of government housing programs: President Trump. Trump and other investors in Starrett City in Brooklyn have sold the 46-building complex to two real estate firms for $906 million, according to a statement Tuesday from the new owners. Trump's financial disclosure documents last year show he owned 4% of the complex, giving him potential proceeds from the sale of about $36 million, the AP reports. Under his federal budget plans, the Trump administration proposed deep cuts in subsidized housing programs.

Starrett City has received subsidies from the federal government worth millions of dollars a year, including $78 million in 2009 alone, according to a letter last year sent by House Democrats to the president criticizing his continued ownership of the complex. Trump received as much as $5 million in income from the complex, according to his financial disclosure document filed in July. The new owners, Brooksville Co. and Rockpoint Group, said that they worked extensively with state and federal regulators before receiving approval for the deal earlier this week. The Department of Housing and Urban Development, the federal agency approving subsidies to Starrett City, said that it reviewed the sale as it does any other deal and found nothing wrong.

(Read more New York City stories.)

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