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Foreclosure looming, AZ development cooperative surrenders land; the nonprofit group is responsible for bulk of city's residential development since 1980s.

"The lingering effects of the housing slowdown are being felt here by a nonprofit corporation that recently turned over 160 lots to a municipal corporation that previously provided financing for development of the land. The Comite de Bienestar has surrendered deeds in lieu of foreclosure for the lots in 9B Subdivision to the San Luis Community Facilities District, the municipal corporation that had issued nearly $14 million bonds for development." -- Cesar Neyoy, the Yuma (AZ) Sun

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