It also will turn a publicly owned neighborhood into private property owned by a for-profit management company. The Housing Authority of Winston-Salem will continue to have an interest in the neighborhood as a partner in the company. But it will no longer have sole control over the maintenance, management and policies governing the rebuilt 57-acre community.
Experts say that making public housing private has risks and advantages.
Quite frankly HOPE VI developments are among the most complex real-estate developments in the country. It would be a disaster if HOPE VI did not rely on private partners. Alderman Nelson Malloy, who represents the neighborhood, said he worries that turning the neighborhood over to a private company will reduce the public oversight of the project. I always worry about privatization. If I had my way, I'd rather see the housing authority and residents being trained and become professionals in terms of management themselves.