Audit: San Diego Housing Fee seemingly overpaid for Mission Valley resort by tens of millions
SAN DIEGO (KGTV) — Based on a brand new audit launched this week, the Metropolis of San Diego seemingly overpaid for a Mission Valley Lodge, presumably by greater than $6.5 million.
The town’s unbiased auditor particularly regarded on the San Diego Housing Fee’s Property Acquisition Course of. In 2020, the Housing Fee purchased what was once the Residence Inn in Mission Valley.
The audit discovered the Housing Fee didn’t comply with greatest practices and should have overpaid as a result of it used an appraisal that probably overvalued the property by tens of millions of {dollars}.
The appraisal predated the change within the resort’s worth from the affect of the coronavirus pandemic.
The town purchased the resort to create extra reasonably priced housing reasonably priced housing items and handle the homelessness downside.
The audit really helpful the Housing Fee create a documented acquisition technique and annual acquisition purpose to enhance transparency round future property purchases like this.
You’ll be able to learn the unbiased auditor’s findings under:
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