Ministry Costs Muni-Bond Investors That Bankrolled Memphis Slums

Boarded up windows to condemned units are visible through the kitchen window of another apartment at the Warren Apartments complex in Memphis, Tennessee, U.S., on Friday, March 11, 2016. Conditions at the Warren and Tulane Apartment complexes in Memphis led the U.S. Department of Housing and Urban Development last month to cut off rent subsidies for more than 1,000 residents. With that, the financial fallout spread to a more distant group: Holders of $12 million of municipal bonds that the owner, Global Ministries Foundation, sold through a Memphis authority in 2011 to buy the apartments. Photographer: Andrea Morales/Bloomberg via Getty Images