Pete
07-21-2010, 08:39
Stimulus funds bring a house back to life
http://www.philly.com/dailynews/local/20100721_Stimulus_funds_bring_a_house_back_to_life .html
".......Gillen said the RDA, which oversees the program, gives a developer a loan for the purchase and renovation cost of a property, selected from neighborhoods with high foreclosure rates. The loan is forgiven once the house is sold, and developers also get $20,000 in stimulus funds for each home sold.
The nearly $100,000 in renovations to the house on 56th Street is typical, she said. Philadelphia Neighborhood Housing Services is selling the house for $90,000, which Gillen said is about average. She also said prices vary by neighborhood............"
I don't have to be that great at math to..........
Oh, what the heck. It's only our tax money being used
http://www.philly.com/dailynews/local/20100721_Stimulus_funds_bring_a_house_back_to_life .html
".......Gillen said the RDA, which oversees the program, gives a developer a loan for the purchase and renovation cost of a property, selected from neighborhoods with high foreclosure rates. The loan is forgiven once the house is sold, and developers also get $20,000 in stimulus funds for each home sold.
The nearly $100,000 in renovations to the house on 56th Street is typical, she said. Philadelphia Neighborhood Housing Services is selling the house for $90,000, which Gillen said is about average. She also said prices vary by neighborhood............"
I don't have to be that great at math to..........
Oh, what the heck. It's only our tax money being used