Fraud “Waterproofing” at Rainbow Terrace

Submitted by mabeldog on Mon, 10/03/2022 - 10:54.
Fraud “Waterproofing” at Rainbow Terrace
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Rainbow Terrace - HUD needs to investigate

Vesta Corporation was created in 1998 by Steve Erie and Arthur Greenblatt. Steve and Arthur began working together developing affordable housing in 1981. Their shared passion was “doing well while doing good.” Pioneers in the use of the Low-Income Housing Tax Credit program since its inception in 1986, Steve and Arthur made Vesta a sought-after partner for national lenders, investors, and tax credit syndicators. Vesta was born after Steve and Arthur expertly, and aggressively, navigated through the banking crisis of the late 1980s and early 1990s and spent most of the decade fixing broken deals as a result.


Steve’s relentless focus on planning and financial management, coupled with Arthur’s vision and ability to develop creative financing plans, were instrumental in making Vesta a continuously profitable corporation. To date, Vesta has closed over $1 billion in financing for the development of more than 20,000 apartment homes in 13 states and the District of Columbia. 


2001 | Vesta redevelops Rainbow Terrace, a 484-unit community in Cleveland, Ohio. The largest project to date. The total cost was $53.5M and included a state-of-the-art Learning Center for residents.


Reporting and photos from Mabeldog here: