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"We must admit to being a tad perplexed by this post up at The White House blog: Affordable Housing in the Recovery Summer. That's right, apparently our central planners, in their infinite wisdom have decided that what the economy is really lacking right now is more cheap housing.
Here's what Rosie Rios, the US Treasurer wrote:
Access to affordable housing is a challenge facing communities across the country. But the Recovery Act is helping our nation meet that challenge head on by providing states with cash to help them finance low-income housing construction at a time when too many projects would otherwise be stalled. These projects are helping revitalize communities through both the creation of new affordable housing developments and the tens of thousands of jobs being created to build them.
Yesterday, I joined D.C. Mayor Adrian Fenty, officials from the D.C. office of Housing and Community Development, representatives of Vida Senior Residences – and even some of the building’s future residents – to break ground on an affordable housing development made possible with more than $6.8 million in Recovery Act funding. When it’s complete, The Vida Senior Residences at Brightwood in Washington, DC will provide 36 affordable apartments for low-income seniors. And while it’s under construction, this project will create an estimated 55 full-time construction jobs.
The majority of the funding for this Vida project came from an innovative program launched by the Treasury Department in May of 2009. Under section 1602 of the Recovery Act, Treasury provides payments in lieu of tax credits to state housing agencies to jumpstart the development or renovation of qualified affordable housing for families across the country. To date, Treasury has awarded nearly $5.5 billion in section 1602 funds to state housing authorities in 49 states and five U.S. territories. Upon receiving notice of these allocations, states manage a competitive process to make sub-awards and disburse funds to qualified developers.
In conjunction with this event, Treasury released a new report (pdf) (http://www.treas.gov/recovery/docs/1602%204th%20Q%20Update%20for%20Website.pdf - broken link) yesterday showing that, through June 30, states have awarded more than $4.1 billion in Recovery Act funds to provide affordable housing, and that this funding has saved or created more than 80,000 jobs building or rehabilitating those housing units. Mayor Fenty noted that, with support from Treasury and the Recovery Act, the District of Columbia has created 7,510 new units of affordable housing and preserved over 4,600 units since 2007."
Cheap housing built by all the millions more illegals Obama intends to bring in. These won't be jobs for Americans, the Obama administration has a big massive amnesty planned and needs something to justify the millions soon to show up for it.
"We must admit to being a tad perplexed by this post up at The White House blog: Affordable Housing in the Recovery Summer. That's right, apparently our central planners, in their infinite wisdom have decided that what the economy is really lacking right now is more cheap housing.
Here's what Rosie Rios, the US Treasurer wrote:
Access to affordable housing is a challenge facing communities across the country. But the Recovery Act is helping our nation meet that challenge head on by providing states with cash to help them finance low-income housing construction at a time when too many projects would otherwise be stalled. These projects are helping revitalize communities through both the creation of new affordable housing developments and the tens of thousands of jobs being created to build them.
Yesterday, I joined D.C. Mayor Adrian Fenty, officials from the D.C. office of Housing and Community Development, representatives of Vida Senior Residences – and even some of the building’s future residents – to break ground on an affordable housing development made possible with more than $6.8 million in Recovery Act funding. When it’s complete, The Vida Senior Residences at Brightwood in Washington, DC will provide 36 affordable apartments for low-income seniors. And while it’s under construction, this project will create an estimated 55 full-time construction jobs.
The majority of the funding for this Vida project came from an innovative program launched by the Treasury Department in May of 2009. Under section 1602 of the Recovery Act, Treasury provides payments in lieu of tax credits to state housing agencies to jumpstart the development or renovation of qualified affordable housing for families across the country. To date, Treasury has awarded nearly $5.5 billion in section 1602 funds to state housing authorities in 49 states and five U.S. territories. Upon receiving notice of these allocations, states manage a competitive process to make sub-awards and disburse funds to qualified developers.
In conjunction with this event, Treasury released a new report (pdf) (http://www.treas.gov/recovery/docs/1602%204th%20Q%20Update%20for%20Website.pdf - broken link) yesterday showing that, through June 30, states have awarded more than $4.1 billion in Recovery Act funds to provide affordable housing, and that this funding has saved or created more than 80,000 jobs building or rehabilitating those housing units. Mayor Fenty noted that, with support from Treasury and the Recovery Act, the District of Columbia has created 7,510 new units of affordable housing and preserved over 4,600 units since 2007."
When will these rubes learn, that the market, with the collective wisdom of all those with skin in the game knows what is best to do, and what is not. If such housing was beneficial to the nation overall, the market would respond and provide it.
You simply cannot push the economy where it doesn't want to go naturally, and expect it to respond favorably. This is soo basic, well at least for me, but I'm not a control freak.
Cheap housing built by all the millions more illegals Obama intends to bring in.
It's hard to read completely made up nonsense like what you wrote without making some pretty harsh judgments about the character and intelligence of the person who writes such drivel.
"Mayor Fenty noted that, with support from Treasury and the Recovery Act, the District of Columbia has created 7,510 new units of affordable housing and preserved over 4,600 units since 2007."
The Recovery Act has now made a Quantum Leap back in time to right all the wrongs! Truly amazing!
(But, they will have to subtract one job for putting Dr. Beckett out of work)
We do not need to build any more low, or any other price, housing. We can just let the existing housing prices to collapse to the market clearing level of 2.5 times the median income and there will be plenty of affordable houses on the market as the banks dump their overpriced property. That is what a functional market does. If we crack down and start preventing the influx of legal and illegal immigrants as well as deporting most of the illegal’s already here the price of housing will drop even lower. This will be a good thing as it will allow more people working at near the minimum wage to afford their own house.
What will happen to the banks involved with the oversold mortgage market? They bet on a Ponzi scheme and didn’t get out in time. Their stockholders will lose their investment. This is just another function of an actual market.
Cheap housing built by all the millions more illegals Obama intends to bring in. These won't be jobs for Americans, the Obama administration has a big massive amnesty planned and needs something to justify the millions soon to show up for it.
WRONG. McCain and the republican's agenda is for amnesty. Don't speak unless you have your facts straight.
We already have a glut of existing houses on the market. What's wrong with them?
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