Obama Administration to Spend to Spend 4.2 Billion to Build Housing Projects, I Mean Affordable Housing

President shifts focus to renting, not owning Using $4.25b to build affordable housing WASHINGTON - The Obama administration, in a major shift on housing policy, is abandoning George W. Bush’s vision of creating an “ownership society’’ and instead plans to pump $4.25 billion of economic stimulus money into creating tens of thousands of federally subsidized rental units in American cities. The idea... [more]

President shifts focus to renting, not owning Using $4.25b to build affordable housing WASHINGTON - The Obama administration, in a major shift on housing policy, is abandoning George W. Bush’s vision of creating an “ownership society’’ and instead plans to pump $4.25 billion of economic stimulus money into creating tens of thousands of federally subsidized rental units in American cities. The idea is to pay for the construction of low-rise rental apartment buildings and town houses, as well as the purchase of foreclosed homes that can be refurbished and rented to low- and moderate-income families at affordable rates. Analysts say the approach takes a wrecking ball to Bush’s heavy emphasis on encouraging homeownership as a way to create national wealth and provide upward mobility for low- and working-class families, especially minorities. Housing and Urban Development Secretary Shaun Donovan’s recalibration of federal housing policy, they said, shows that the Obama White House has acknowledged that not everyone can or should own a home. http://www.boston.com/news/nation/washington/articles/2009/08/16/president_shifts_focus_to_renting_not_owning/ ---------------------- If the govt. thinks that building this "affordable housing" is such a great idea, then each member of Congress and President Obama must allow at least one of these "affordable housing" units to be built directly next to their own house. [less]