Posted on 02/09/2010 8:14:29 PM PST by Nachum
Columbus has spent about $1.9 million to buy 150 homes with federal money designed to shore up city neighborhoods ravaged by foreclosures and vacant housing.
The city bought the houses in Linden, Franklinton and the Hilltop and on the South Side. Purchase prices averaged about $12,666; officials say they expected to spend twice as much, another stark reminder of how bad things have become in some neighborhoods.
"We've been shocked at the values," said Donna Hunter, administrator of Columbus' land-redevelopment office.
The lenders that sold the foreclosed houses to the city "perceived the neighborhoods as so challenged they were willing to offer us a good deal," city housing administrator Rita Parise said. "We're working in our most-distressed neighborhoods."
(Excerpt) Read more at dispatchpolitics.com ...
The list, ping
Challenged, yeah, that's the ticket, we'll call them challenged.
Anyone care to bet that having a city-owned home will improve a neighborhood?
I predict slum expansion...
This is in OHIO.
Those of us who think of another Columbus, can panic a touch less.
The taxpayers got taken for about $10K per home.
I've never been very god at math - BUT “an average of $12,666 ...” for 150 houses.
I upped it to $14,000 x’s 150 and it comes out to a bit over 2 million.
1.9 BILLION spent to buy 150 houses that they paid a bit over 2 million for?
Where’d all the other money go?
Even assuming they're going to rehab these houses - how is that going to come to 1.9 BILLION? What is that? about 12 million each?
WTF do they mean Federal money?
That was my #@&$* money!
million...million....
Wow. In these parts that would buy five houses.
Tops.
They money was lost in the purchase of the homes and the later reduction in value. I think.
Yet a Toyota with crappy brakes and a accelerator that sticks goes for $45,000 plus?
This picture's all jacked up.
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