IS IT TRUE? – 2 June 30, 2011 Overpriced Housing
IS IT TRUE that this fall the Project Hope will be seeking bids to build 40 homes for low income families in the Front Door Pride area?…that the budget for these 40 homes is approximately $9.5 Million?…that this works out to nearly $240,000 each?…that as has been established by the unsold inventory of Front Door Pride homes the market value for homes that cost the government $240,000 to build have a market value of only about $130,000 each?…that this project has a solution to the difficulty in finding low income people who want to buy such houses and can qualify for the loans needed?…that these 40 house will be sold on 15 year lease/purchase agreements?…that the lease amounts are not even half of what the payment would be for $240,000 homes?…that as noble and kind as it is to encourage home ownership among low income people that losing over $100,000 per house will flat out waste at least $4 Million of taxpayer money?…that it does not matter to some people because this program is funded by federal dollars?….THAT WASTING FEDERAL GOVERNMENT MONEY IS WASTING YOUR MONEY?
IS IT TRUE that this program of putting renters into homes that are substantially the same as the existing Front Door Pride homes will DEVALUE these home further?…that Evansville and especially the FDP area has a 50 year history of population losses?…that new houses are not needed in a shrinking population?…that there are plenty of houses for sale in other areas of Evansville at market values of less than $240,000 that are much larger and in safer neighborhoods than these are?…that this area of town is also completely served by combined sewers that are under EPA order to be upgraded?…that many of these homes are destined for vacant lots and abandoned homes?…that vacant lots and abandoned homes to not have a need to go to the bathroom?…that adding structures and people to this area will further stress an already condemned sewer system?…that maybe a better solution would be to just pay market value for homes elsewhere are let the CSO served areas depopulate?
IS IT TRUE that if government housing programs had even a shred of practicality for valuation metrics that things like this would never happen?…that the old safe house that is slated for 32 apartments to be refurbished for you guessed it $240,000 each makes these 40 houses look like a blue light special?…that the kind of apartments that are slated to be refurbished can be bought on the open market for less than $20,000 per apartment?…that anytime you hear the words FREE FEDERAL GOVERNMENT MONEY that you can bet that there will be massive waste involved?…that Evansville should actually set an example for the rest of the country and visibly turn wasteful projects away?…that every city anywhere in America that accepts federal money to pay 2x, 5x, or even 10x current market rates is an enabler to the runaway national debt?…that this exercise in nothing down overpriced housing backed by the federal government is quite responsible for the meltdown in the housing markets that we are experiencing in this country?…that the government seems to be the only entity that did not learn its lesson?
IS IT TRUE that housing is not the only area of the federal government that is practicing wasteful spending?…that some estimates opine that government spending could be cut by 50% across the board without most regular citizens missing a thing?…that with $500 hammers, $240,000 apartments in Evansville, and Million dollar missiles that is believable?
We all may be shouting, “Enough!”, in a Hurricane, but no matter what, we can not be silent. Keep on keeping on CCO,—the Wind is changing, and your “Voice” is being heard.
I have serious doubts that this is even going to accomplish what HOPE is trying to set out to do, which is revitalize these run-down neighborhoods.
I know there will always be exceptions to the rule, but if a person doesn’t have a good chunk of capital invested into the house, more than likely they will not maintain it as well.
I predict that the majority of these homes will be in disrepair within 10 years, and millions more of taxpayer dollars will have been flushed down the drain.
If the city really wanted to do something great they could return the FDP money and look for grant money from the feds to build a monorail system from the new arena to the back 40, it could even extent further out Walnut towards U of E and towards the river to link the casino with the arena….a much better use of federal money that would solve tons of issues with the parking, add charm and desire to our downtown area along with being forward thinking….which is sourly lacking in our government at all levels.
Is it true that the listings expired on the other front door pride homes and they aren’t even on the market?
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