Spaulding Court is Finance-O-Effed, Facing Foreclosure

The party seems to be over for the quirky stone apartment complex off Rosa Parks Blvd that celebrated its 100th birthday in June. Spaulding Court is currently owned by the non-profit Friends of Spaulding Court, and is facing foreclosure. Last Tuesday they sent out an email that began with the words, "Roses are red... so are our books..." Basically the email asked for donations and investments.

This from the email blast:
Spaulding Court is facing very real funding shortfalls in the short and medium terms. By the end of the month, two weeks from now, we need to raise $7,000 to keep the building out of foreclosure. Within the next 4 weeks, we need to raise an additional $3,000 to stay current with our 2012 taxes. By the end of next month, we need to refinance $36,000 of short term construction debt that is maturing. How'd this happen? The group purchased the apartment complex for a mere $1,000 in 2010, but it was the taxes that tripped them up. Huff Po Detroit has an email from the the group's president explaining that at the time of the sale the non-profit became responsible for back taxes from 2008 and 2009 as well and has had trouble keeping up with the 2010 and 2011 tax bills but managed to pay 2010 and 2011 in full. They are saying the fees for late 2009 taxes are a problem.

Should they fail at the current fundraising, the property could end up in the Wayne County foreclosed property auction in September or October. next year. The dates have passed for adding properties to this fall's auction.

UPDATE @ 10:00 AM Jon Koller from Friends of Spaulding Court just wrote in to respond to our story. "We just crossed the halfway mark in raising the funds needed for the most pressing crisis. Getting there, but still in a perilous situation." Make that Halfway Finance-O-Effed.

· Spaulding Court, Historic North Corktown Apartment Complex, Faces Financial Shortfall [Huff Post Detroit]
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