The Socialist Initiative Continues As Millions Allocated For Foreclosed Homes In Fort Lauderdale
September 27, 2008
Communities in the Fort Lauderdale real estate area and throughout South Florida market, hit hardest by the foreclosure epidemic are slated to receive tens of millions of federal dollars to fix abandoned and foreclosed properties and help low- to moderate-income people buy homes.
Notice the federal money is directed at a particular soci-economic group and does not appear to be available for everyone. We’re looking more socialist everyday it seems.
Over $540 million will be granted to organizations in the State of Florida by the U.S. Department of Housing and Urban Development (HUD). The so-called “”neighborhood stabilization grants” were awarded Friday to the nation’s communities most affected from the real estate slump. I just did not realize that those communities were specific to low- to moderate-income neighborhoods. In fact in my experience, those neighborhoods were mostly inhabited by renters.
How is it now in this interim “bailout“, that federal money is being sent to help those neighborhoods and to spur on homeownership in low- to moderate-income sector?
HUD Secretary Steve Preston said states and communities hit hardest by the housing crisis will get the most money, based on a government formula, and local officials will be urged to prepare proposals for spending the money as quickly as possible.
“Time is of the essence,” he told reporters Friday in a telephone news conference. HUD will have to sign off on the spending plans to make sure they follow congressional guidelines, he said, but communities will be under time constraints to put the money to use within 18 months.
Specific details of the grant program will be outlined in meetings nationwide in October, he said, but recipients will have a range of basic options to use the money.
That’s fine and dandy but who determined that low income communities were the hardest hit? How was that concluded when most of those communities are comprised of mainly renters? This does not make any sense. We’re giving away…yes a grant is a GIVEAWAY, to the tune of millions of dollars, and we’re in a timed rush to spend the money, and I have not seen one shred of oversight as to who gets the money and who is choosing where the money is distributed.
However, one thing is for certain, as always the first group to belly up to the giveaway table of federal entitlements are the “low-to-moderate income” organizations. Why do most of us bother working?
In a giant leap for further socialization, the state will also get $91 million to distribute to counties statewide to actually buy foreclosed homes and take other steps to help revitalize areas pummeled by the sub-prime mortgage meltdown. Just where do you think they will buy these homes and just who do you think they will sell them to? Who is going to choose which homes get purchased. Who is going to determine the method in which they will be sold? Who is going to oversee the repair of these homes?
A lot of money and too little oversight, in my opinion.
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