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U.S. Agency Treated Virginia's Tidewater Homes Realty Inc. Unfairly.(Originated from The Virginian-Pilot, Norfolk, Va.)
Knight Ridder/Tribune Business News, February, 1997 by Mangalindan, Mylene
Feb. 21--Score one for the little guy.
The General Accounting Office decided that Virginia Beach-based Tidewater Homes Realty Inc. had been treated unfairly in the bidding process for a Housing and Urban Development management contract.
The ruling, made in early January, means that Tidewater Homes' proposal to manage, repair and sell residential properties repossessed by HUD will be reconsidered. That contract had been awarded to a firm in Arizona.
Tidewater Homes has previously held management contracts for HUD properties on the Peninsula and South Hampton Roads.
HUD underwrites property financed by Federal Housing Administration loans, usually for first-time home buyers. If those buyers default on their FHA loans,...
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