Stephenson is owner of KRS Holdings, the company a Hopewell Court asked to take over managing four apartment complexes in the city, back in May.
One of the four properties, Broadway East Apartments, is the one that has been flooded with raw sewage, and residents have been told they have to move because of health concerns. Mold was also discovered, by inspectors.
Stephenson said that all four properties have their problems. "All of the buildings need work, no question about that.”
“There are buildings that we alerted to the city that we felt were inhabitable, we let them know that we boarded them up,” he said.
“They're units that we would never promote and all of that was part of what’s the most important thing for the city right now and what are they looking to accomplish."
The city posted yellow tags warning residents of the dangers and advising them they had until Friday to find another place to live.
Stephenson said just last Friday, he met with city leaders and the bank lender to outline what KRS wanted to do with the four properties and in what order.
“All of them only had a few people living at each property, so we felt that Town Square would be the one that we could stabilize the quickest."
Stephenson said he is hopeful to resolve many of the problems in the near future.