 |
| The 113 unit Metrostop |
A source has told GA that Patrick Ricciardi, the City's former IT Director, arrested yesterday for intercepting the Mayor and her staff's email, received one of the units designated 'workforce housing' at the luxury Metrostop Building in 2009. That year Ricciardi was paid over 190K.
Workforce Homeownership is a program instituted by the City of Hoboken where developers are responsible for constructing workforce housing units for local residents that are in need of an affordable place to live.
The 2-bedroom, 2-bath 1268 sf luxury unit-with a terrace, was sold to Ricciardi for the bargain-price of 260K on 12/22/09.
The building is PILOTed, so here's what he paid in taxes on his 1,268 sf condo the past 2 years.
That's all good- for Ricciardi who earned over 200K last year.
So how did the high-earning Ricciardi qualify for a PILOTed luxury unit- at less than half the market rate- through a City program to provide home ownership for middle-income City Workers?
He didn't.
But he got one any way.
So WHO administrated the program, approved his application then 'picked' Ricciardi to get this deal?
Might it have been an exchange? Someone who was getting 'something' in return? Perhaps someone else's email? Was the lottery administered by the HHA?
You do for me, I'll do for you.
Here's a strange coincidence: Patrick Ricciardi bought the deal-of-the-century on December 22, 2009, and he confessed to law enforcement that he created the 'Archive' file * in early 2010.
Coincidence, or payment for services to be rendered?
(*The 'Archive' file was where all emails sent to the mayor and two high-ranking staff members would be automatically forwarded.)
 |
| Page 7 of the The United States of America vs. Patrick Ricciardi |
Interesting. Ricciardi gets his PIOTed condo for less than half its market value through the City, then the spying on the mayor begins. Things that make you go hmmmm...
GA found a unit at the MetroStop available through the Workforce housing program- a call for applicants- on the City's web site.
And the qualifying income criteria.
When 200K earning Patrick Ricciardi was given the unit, a huge swath of Hoboken's qualifying middle-income City workers: cops, firemen, teachers, City administrators were skipped over. Shortly after the 'Archive' file was created.
You do for me, I'll do for you.
No doubt the Feds are all over this one.
GA wonders if 'Individual No. 1' was involved?
(Update. 11/11/11 7:10 am)
GA heard this from a reliable source:There you have it, people. So the question remains who administered the lottery for this unit.HHA has nothing to do with that program. Not even remotely.I checked into this, and as I understand it, the HHA's portfolio is limited to the various facilities along Harrison, Jackson and Marshall from 2nd to 6th streets, Christopher Columbus Gardens (at Adams & 8th), Fox Hill Gardens, and 220 Adams. This building Ricciardi lived in, as well as Marine View, Church Towers, Applied and other subsidized- and affordable-housing arrangements, have nothing to do with HHA, and the HHA does not administer them in any manner.
I have no idea who does administer that building or how it works.
GA's heard others are curious to know this as well, and are looking into this.
Or individual 2. Don't forget that person.
ReplyDeleteFor some reason several Employees didn't qualify.
ReplyDeleteI'm surprised he got such a nice unit.
In most Mount Laurel or Section 8 mixed use, the affordable units are on low floors, face the back and certainly don't have balconies overlooking Manhattan.
What would be even more disgusting is if this sweetheart deal affords him the equity to use this Condo to pay his bail bonds.
Another city employee has a unit on a low floor facing west. Why was he up on 7? Based on the floorplan from the MetroStop website, it appears his unit doesn't face Manhattan either.
ReplyDeleteTony, he can't use the equity. The sale value is held down for 30 years based on a formula. He probably has very little equity.
ReplyDeleteIf this is a Mount Laurel unit than we need to find out who at City Hall administered the program. We need copies of the public notice about the lottery and the detailed program rules. If it's a Mount Laurel property, applicants HAVE to submit their TAX RETURN and they cannot just use the base salary of just one of his jobs. There is no way he qualified.
He has equity if he put a lot down
ReplyDeleteEven Mt Laurel allows for a small gain
But this isn't Mt Laurel, it's not section 8. It's a city based
program that might not even be federally monitored
Didn't that sleazebag Dean Geibel develop this site?
ReplyDeleteIt is Dean's project but he would have no control over the Mount Laurel property sale. It's run by the town.He has to offer so many units to the Mount Laurel program at a reduced price but he has nothing to do with who gets it.
ReplyDeleteCan't wait to find out who the chump at City Hsll is who was responsible for reviewing applications. Can't wait to find out who at City Hall was responsible for the program overall. His head will be delivered on a platter (figuratively). Could it be Uncle Georgie? Is this under Community Development? Are the applications public record? Do we the public get to see his application and his tax returns (SS# redacted of course)? Did Ricciardi file a fraudulant app? That's an additional fraud that carries a really long sentence. Do you think he'll squeal to save his ass some time in the clink? His gut is too big to go down on whoever wants him to be his bitch so he'll have to use the other end.
ReplyDeleteOr did he submit a proper tax return and someone in city hall just sign off? That person gets to go to prison too.
Under the Roberts Admn., it was well-rumored that Carmelo Garcia (while a City Director) oversaw the housing program. At the time, it was rumored allocation was business as usual, e.g., patronage favoritism.
ReplyDeleteIf that line of authority followed subsequently, first Terry LaBruno, now Leo Pellegrini would administer, yes? If PR closed on 12/22/09, one might presume it went to contract 60 days prior, but who knows when the actual Workforce Housing application/ approval occurred. That would seem key here. Also of possible interest may be Garcia's "sideline" mortgage business.
MetroStop has reportedly been notorious for problems with the well-connected Geibel making good on contractually-negotiated promises for those who purchased pre-construction. Not to mention poor occupancy rates. Wasn't there even a failed auction attempt after the market really tanked?