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The local housing agency owes more than $1 million to PNC Bank for the Linden Meadows subdivision, which is located near State Street along Linden Meadows Court.
The Indiana Housing and Community Development Authority, or IHCDA, offered PNC $300,000 and funding toward rehabbing the subdivision, but the deal was denied by the bank.
State estimates put the cost of fixing infrastructure issues with the subdivision and possibly razing several homes in the neighborhood at near $1.7 million. Work at Linden Meadows was halted by the state this summer, as there were several problems reported relating to the structural quality of some of the houses.
With PNC filing suit against the New Albany CHDO for the defaulted loan, Johnson said last week ending the organization locally was probably imminent. Johnson was not available for comment Monday, but told The Tribune in an e-mail Tuesday the board is seeking legal counsel regarding a split.
"We cannot voluntarily dissolve, because of our debt, so nothing official yet," she said.
Sherry Seiwert, executive director of IHCDA, said Monday resolving the debt and turning around Linden Meadows revolved around the New Albany CHDO's next move.
Mayor Doug England has called Linden Meadows a blight in its current condition, as city leaders are expected to meet with the state Nov. 3 to discuss funding mechanisms to pay off the bank debt and rehab the subdivision.
But Johnson said the board isn't in a position to help.
"The New Albany CHDO had no funds, so, as much as we'd like to, we absolutely cannot help with the Linden Meadows project," she said.
Linden Meadows was formed with the donation of 25 Cottom Avenue houses from Floyd Memorial Hospital and Health Services, as well as local physicians, when the hospital expanded.
The houses were intended for low-to-moderate income homebuyers, as Linden Meadows was taken on by the CHDO as a way to increase home ownership in New Albany.
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