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Hub City Urban Developers Inc

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CALIFORNIA | LOCAL
January 14, 1989
A recently released federal audit blames Compton for the loss of at least $5 million in federal grants and city loans poured into a nonprofit corporation that was to generate low-cost housing and jobs. Compton got nothing for the money because it did not monitor spending by Hub City Urban Developers Inc. and did not require the firm to use adequate financial controls and systems, the audit said.
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CALIFORNIA | LOCAL
January 14, 1989
A recently released federal audit blames Compton for the loss of at least $5 million in federal grants and city loans poured into a nonprofit corporation that was to generate low-cost housing and jobs. Compton got nothing for the money because it did not monitor spending by Hub City Urban Developers Inc. and did not require the firm to use adequate financial controls and systems, the audit said.
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NEWS
March 12, 1989 | MICHELE FUETSCH, Times Staff Writer
The City Council has approved a plan to recover some of the $5 million it has loaned over the last decade to a nonprofit housing firm that failed to build townhouses and produce jobs as promised. Between 1978 and 1984, city officials steered a $2-million federal grant to the firm, Hub City Urban Developers Inc., along with $3 million in direct city loans to help set up a factory to manufacture prefabricated houses.
NEWS
April 3, 1986 | WILLIAM NOTTINGHAM, Times Staff Writer
An independent audit has revealed "major discrepancies and mismanagement" in the financial operations of Hub City Urban Developers Inc., a nonprofit housing firm that has accumulated more than $4 million in federal and city government debts over the past seven years. Among other things, the audit says that certain financial records are missing. Compton City Manager Laverta S. Montgomery made those disclosures in a pair of recent memos, shortly after accountant Richard L.
NEWS
April 30, 1989 | MICHELE FUETSCH, Times Staff Writer
Nearly a dozen candidates, including the mayor and two incumbent city councilmen, face fines because they did not file the state-required campaign contribution and spending reports that were due two weeks before the April 18 election. Mayor Walter R. Tucker, who has been forced into a June runoff, filed a late report last week showing that by April 1 he had raised $21,840, with about 75% of it in $500-to $1,000-contributions from developers and firms that do business with the city.
NEWS
January 15, 1989 | MICHELE FUETSCH, Times Staff Writer
Federal agents confirmed last week that they have been investigating a city-sponsored, nonprofit firm that spent at least $5 million in federal grants and city loans without producing the low-cost housing or jobs promised to the community. Hub City Urban Developers Inc., founded by several of the city's most prominent citizens, is the subject of an investigation that started two years ago in the U.S. Department of Housing and Urban Development, said Richard L.
NEWS
January 22, 1989 | MICHELE FUETSCH, Times Staff Writer
The chairman of a nonprofit housing firm accused of losing at least $5 million in taxpayer money since 1978 has charged that a recent federal audit is inaccurate and unduly critical because the auditor was in a hurry and failed to talk with the right people. "Despite our many requests for her to interview members of the original . . . staff, she never did," said James Woods, chairman of Hub City Urban Developers Inc. In a Jan. 6 letter to Mayor Walter R.
NEWS
October 17, 1985 | WILLIAM NOTTINGHAM, Times Staff Writer
It was just the kind of partnership Congress had in mind: a predominantly black city suffering from decades of urban decline and a federal government flush with money for revitalization. So in 1978, a new U.S. Housing and Urban Development (HUD) program designed to rescue areas in "severe economic distress" gave the City of Compton a $2.1-million grant to start the community's first home construction in 20 years.
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