Friday, May 20, 2005

No hidden pots of money ...

The San Francisco Housing Authority doesn't have the money to pay a $12 million jury verdict won by relatives of five people killed in a 1997 apartment fire.

If the Housing Authority doesn't pay, the judge could hold the agency in contempt and impose penalties ranging from fines to appointment of a trustee to oversee payment of the debt.

The Housing Authority's insurer has aleady paid $4 million.

The Housing Authority, which provides housing to between 13,000 and 15,000 low-income tenants and federal subsidies to an additional 25, 000 tenants, is $10 million short of what it needs to operate at its current level in the next federal fiscal year, which starts Oct. 1.

Read more in the San Francisco Chronicle story here.

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