Lutheran Social Services housing debts exceed assets
Management of apartments owned by Lutheran Social Services of North Dakota is being handled by a court-appointed receiver while preparations are being made to sell the buildings to new owners. Written By: Patrick Springer | ×
Lutheran Social Services is seen Friday, Jan. 15, at 3911 20th St. S., Fargo.
Michael Vosburg / Forum Photo Editor
FARGO The court-appointed third party now managing hundreds of affordable housing units owned by Lutheran Social Services of North Dakota has concluded that the properties market value is less than amounts owed to creditors.
Preliminary financial analysis results are included in a court document prompted by several banks objections to some of the properties being placed in receivership, a court process to oversee sale of the properties so creditors can be paid.
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It started with a countdown and songs.
But the lights in the city park have gone out â at least until next December.
The park was festively lit for the last time on Jan. 10.
âOn Monday (Jan. 11), they could start taking their decorations down,â said Brooklyn Engelhart, the Bowman County Development Corporation Creative Marketing Coordinator.
âWe are blessed every year with amazing volunteers, businesses, churches, and organizations who believe in bringing joy to the community. Each year they amaze us with their beautiful and creative decorations,â said Brooklyn Engelhart, the Bowman County Development Corporation Creative Marketing Coordinator.
The Festival of Lights was hosted by Bowman County Development Corporation, which issued a thank you to the businesses, community organizations, and community members who made Festival of Lights possible by decorating the park or giving of their time.