Posted on 11/28/2022 2:49:27 PM PST by Red in Blue PA
The estimated sales price of about $126,000 is "very preliminary," Handzo said, and will be adjusted when construction is complete. The five three-bedroom, two-and-a-half bath homes will be ready for occupancy with 18 to 24 months, he estimated. Each will have about 1,900 square feet of space and a one-car garage.
To qualify, a single person would have to make about $50,000 or less, while a family of four could have an income somewhere in the $70,000 range, Handzo said.
"For the first 20 years, you can sell for up to 90% of the appraised value," Handzo said. After 20 years, that limit rises to 95%.
Commissioner Tara Zrinski said home ownership is a wealth-building strategy and questioned whether that is limited by the CALV rules.
(Excerpt) Read more at wfmz.com ...
15 or 20 units could have been built for that price.
This is one of the most asinine things I have seen in PA and that is saying something.
And whats to stop someone from selling it for 90% of appraised value 5 seconds after closing?
More like a GIBS-ME-DAT strategy. What a friggin’ racket.
“Of the total cost, $950,000 will come from the State of Pennsylvania; Northampton County’s share including the grant will be $400,000;”
...keep going on this “wealth building” strategic BS and you’ll turn PA into one big slum and Pennsylvanians that actually work can pay for it!! It’s very doubtful that the a-holes that “buy” these will take care of them. They’ll be complete sh—holes in a month.
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It’ll blow up like Clinton’s Freddie Mac’s loan giveaways.
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Are these people with incomes of 50k exempt from property taxes?
How will those be paid?
They’ll make up the losses in volume.
Money laundering and wealth redistribution all-in-one.
Sounds like a reverse business plan.
“How to completely divest your financial portfolio moving house by house. With luck you’ll wind up flat, busted broke in no time!”
Who is going to pay the taxes and the cost of maintenance on these homes? Who will pay when the heating unit goes out or there is a plumbing leak? When you have people move into homes who are used to calling the landlord when a light bulb needs replacing, you usually find that within five years, the homes are a blight on the neighborhood.
And in five years will be worth $63K.
What these geniuses do not understand is that wealth is a mindset and a lifestyle. You cannot be handed it.
Heck, you could hand many people a million dollars in cash and they would be flat broke within a year.
This is more virtue signaling nonsense on the backs of taxpayers.
I told my kids that the government could force people from the suburbs to change places with people from the ‘hood at gunpoint; in ten years, the inner city would look like the suburbs, and the nice suburban streets would look like the inner city.
And the usual suspects would be crying racism.
The average home price in this area is well under 300k.
So you have some people working 2 and 3 jobs to be able to afford an average home, while others are basically gifted a home 30-40 percent over the average price.
Spot on.
These “experts” going on about how to build wealth either live off government teat or private grants or both. Not a clue about building wealth or what it takes.
AMEN
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