Oklahoma City real estate notes for March 23, 2013

Work to begin on new Social Security Administration building in Oklahoma City
by Richard Mize Published: March 23, 2013
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Parties settle skimming claims

Edwin L. Gage and Elaine R. Gage of Muskogee and John V. Rich and LaWanda J. Rich of Tyler, Texas, paid $1.75 million to settle claims of equity skimming on a Bethany nursing home insured by the U.S. Department of Housing and Urban Development, U.S. Attorney Sanford C. Coats said.

HUD insures mortgages to facilitate construction and rehabilitation of nursing homes and other care facilities. HUD agrees not to pursue personal liability for repayment of a mortgage if mortgagors operate under certain guidelines surrounding income and assets. Equity skimming occurs when any funds derived from the project are used for anything other than expenses.

HUD sued in 2010 seeking recovery of assets and income of Heartland Health Care Center used in violation of the guidelines.


by Richard Mize
Real Estate Editor
Real estate editor Richard Mize has edited The Oklahoman's weekly residential real estate section and covered housing, commercial real estate, construction, development, finance and related business since 1999. From 1989 to 1999, he worked...
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