President Shifts Focus To Renting, Not Owning Home

Boston Globe ^ | 8-16-09 | Joseph Williams

[joinedafterattack]

WASHINGTON - The Obama administration, in a major shift on housing policy, is abandoning George W. Bush’s vision of creating an “ownership society’’ and instead plans to pump $4.25 billion of economic stimulus money into creating tens of thousands of federally subsidized rental units in American cities.

The idea is to pay for the construction of low-rise rental apartment buildings and town houses, as well as the purchase of foreclosed homes that can be refurbished and rented to low- and moderate-income families at affordable rates.

[joinedafterattack]

WASHINGTON - The Obama administration, in a major shift on housing policy, is abandoning George W. Bush’s vision of creating an “ownership society’’ and instead plans to pump $4.25 billion of economic stimulus money into creating tens of thousands of federally subsidized rental units in American cities.

The idea is to pay for the construction of low-rise rental apartment buildings and town houses, as well as the purchase of foreclosed homes that can be refurbished and rented to low- and moderate-income families at affordable rates.

[Steely Tom]

Earlier.

[org.whodat]

http://www.freerepublic.com/focus/f-news/2317244/posts

[A_Former_Democrat]

GTH out of the housing market, period. No more. It’s caused enough problems as it is.

I pay for my housing, let them.

[444Flyer]

Will this be part of his Foreclosures for Squatters Plan?

[jimbo123]

[sneakers]

Oh goody. More ‘projects’.

[traumer]

[SandRat]

Creating Ghetto Serf Slums.

[NoRedTape]

Instead of more apartments, how about creating more jobs and helping builders build a home more affordably?

[4rcane]

this is better than encouraging ppl to buy house they couldn’t afford and going into debt to do it

[STONEWALLS]

...not everybody should have a home because they’re not willing to keep it up....they run down the neighborhood.

[SteamShovel]

as well as the purchase of foreclosed homes that can be refurbished and rented to low- and moderate-income families at affordable rates.

I knew THIS was coming.....

.....there goes every neighborhood, everywhere.

When people are "renting" government owned housing, they do not take care of it. The places are trashed within a year or two.

[angkor]

$4.25 billion of economic stimulus money

This is from the $800 billion "economic stimulus" slush fund granted to Zer0 by the U.S. Congress.

No further votes or bills required. An open checkbook for Zer0.

[ArchAngel1983]

Wahoo, return of The Projects; D-Y-N-O-M-I-T-E!!

[444Flyer]

Freddie Mae/Mac finds you are underwater on their loan, they call it in...you can’t pay and have to foreclose....Obama turns it into “Government Housing” and low-rental units.

Somebody please tell me this hypothetical isn’t possible.

[Lancey Howard]

An obvious move since the bulk of the Democrat “base” considers the government to be “the landlort” anyway.

[angkor]

>>> this is better than encouraging ppl to buy house they couldn’t afford and going into debt to do it <<<<<

No it’s not.

It’s building $8.5 billion in new ghettos.

There has never, ever been a public housing project in America that has not become a ghetto.

[444Flyer]

Didn’t I bring this up about 7 months ago?

[SteamShovel]

...not everybody should have a home...

The same can be said for going to college.....

.....The government throws a lot of money down a rathole sending a lot of people who should not be going to college...to college.