What the hell was the city thinking when it agreed to buy 18 housing units from a developer at roughly $200,000 a pop? Even with the city offering grants to cover down payments, how will low income citizens get a mortgage for the balance?
The city intentions of developing affordable housing should be applauded. However, its role should have been as a facilitator to organizations that actually know how to do it and do it well. Instead taxpayers will now subsidize down payments and forfeit tax revenue from these properties as a result of this action.
The best laid plans . . .
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Lots of that City money will come from the land bank reserve fund which is created by charging $190,000 for a lot. Affordable housing? Charge less for a serviced lot and the cost of a new house will drop and that will have a downward effect on prices for the rest of the housing market.
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