RTC Gives Properties In Texas to the Public
WASHINGTON - The Resolution Trust Corp. said it had donated for public use about 259 properties with no recoverable value to 18 cities and 25 nonprofit groups in Texas.
The donations of properties seized by the government from failed thrifts are intended to cut the RTC's holding costs, which are incurred to pay property taxes, insurance, and maintenance.
Carmen Sullivan, RTC southwest regional director, said another donation list of 388 Texas properties had been compiled. The recipients use them for such programs as affordable housing, recreational space, and day care centers.