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As usual, the buddy contractors got the contract to rape the cities treasury, once again.
Except it was not the cities treasury but our FEDERAL dollars funding this fiasco. Agree 100% with the buddy contractors.
Quote:
Originally Posted by No_Recess
“We are now moving in a different direction,” said Richard Wiener, the land bank executive director who took over Jan. 27.
Translation: "We got caught."
The program was launched amid a housing meltdown that sparked fears even Detroit’s most stable neighborhoods were collapsing.
What qualifies as a "stable" Detroit neighborhood? Humans inhabit it rather than zombies?
Some of the homes were intended for then-Mayor Dave Bing’s Project 14 to attract city police and firefighters living in the suburbs. But so few met federal income qualifications to buy the homes that most were sold to the public.
Hmm...interesting. It isn't like the city knew the income guidelines beforehand and didn't have access to payroll numbers.
“Wherever we go in the city of Detroit, it has to be subsidized,” said Lisa Johanon, executive director of Central Detroit Christian Community Development Corp., a nonprofit that did two renovations. “It is costly, no doubt about it, but I think we have some stabilized neighborhoods.
Ah, an ivory tower mouthpiece. I think I found Detroit's new moniker. No more Motor City. Let's go with...
Sounds like Detroit is trying some "gentrification" of that neighborhood. I wonder how long until someone accuses them of displacing poor families and being racist.
This is classic redevelopment. Not a Dem thing. It goes on everywhere in US. Would be interesting to see a breakdown of costs and good look at the books. Much like those expensive military toilet seats no doubt.
IT TAKES GUTS - DEMOCRATS* AGAINST* U. N.* AGENDA* 21
quote: Q. How can they do it? A. The city, local housing authority, or appointed representatives, can use any of several tactics, including: citing your property as an eyesore or blight increasing code enforcement, and possibly using eminent domain to remove you from your property.
Q. How will they pay for all of this development?
A. This may be the worst part: You do! You will pay for a portion of your property taxes to repay bond debt incurred through a tool called Tax Increment Financing. Money will be diverted from our general fund to pay these debts that will be used to destroy you, all in the name of “creating jobs.”
Goldman's Tax-Free Building Loan Makes LibertyBonds
quote:
Two-bedroom apartments at 63 Wall Street and 90 West Street, financed with Liberty Bonds, are renting for $4,200 a month. Another building financed with the bonds, at 2 Gold Street, is renting three-bedroom units for $5,400 a month.
“We are now moving in a different direction,” said Richard Wiener, the land bank executive director who took over Jan. 27.
Translation: "We got caught."
The program was launched amid a housing meltdown that sparked fears even Detroit’s most stable neighborhoods were collapsing.
What qualifies as a "stable" Detroit neighborhood? Humans inhabit it rather than zombies?
Some of the homes were intended for then-Mayor Dave Bing’s Project 14 to attract city police and firefighters living in the suburbs. But so few met federal income qualifications to buy the homes that most were sold to the public.
Hmm...interesting. It isn't like the city knew the income guidelines beforehand and didn't have access to payroll numbers.
“Wherever we go in the city of Detroit, it has to be subsidized,” said Lisa Johanon, executive director of Central Detroit Christian Community Development Corp., a nonprofit that did two renovations. “It is costly, no doubt about it, but I think we have some stabilized neighborhoods.
Ah, an ivory tower mouthpiece. I think I found Detroit's new moniker. No more Motor City. Let's go with...
Detroit: 100% Subsidized
Keep in mind all the derivatives/securities behind these assets, especially RE, as well.
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