McCormick Heights

Okay. So I am new to North Carolina and I am starting to look around at some things. Most things here in Asheville are pretty cool, and I agree with the city council, for the most part.

And then there is this.

from Mountain Express

In December, the Asheville Housing Authority – which manages McCormick Heights for the property owner, a subsidiary of Progress Energy – announced that the project had sunk into severe debt, with only 40 of the 100 units occupied, and that the owners planned to sell it.

Why is the city managing a private apartment complex? And if said private apartment complex is only 40% occupied, no wonder they are going broke and why is the private owner getting this apparent special treatment?

Because they are Progress Energy's money-loss machine?

What's the matter, Progress? Expiration date on losing money write-offs coming up next year?

Or is there something I am missing here?

Please. Anyone. Set me straight on this.

I should explain that the link I have above refers to the January 30, 2007 City Council meeting. The issue of buying this failed apartment complex has been kicking around Asheville city government for months.
The issue at this meeting was re-location money for the residents of McCormick Heights, which apparently the city is trying to tack onto the purchase price.