Stimulus funds bring a house back to life

[Pete]

Stimulus funds bring a house back to life

http://www.philly.com/dailynews/loca...k_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

[nmap]

Originally Posted by Pete

Oh, what the heck. It's only our tax money being used

If only that we were that prudent.

We're doing all this with new debt. So long after the house has fallen into disrepair (again), we'll still owe for it.

[alright4u]

Originally Posted by Pete

Stimulus funds bring a house back to life

http://www.philly.com/dailynews/loca...k_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

How can this make sense to anyone?