Stimulus: $60 Million in HUD Funds for 5 Las Vegas Houses
Tags: stimulus.
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The Sun recently found that the three local governments receiving most of the money sent to the valley to buy, fix and resell foreclosed houses had been able to close deals on only five houses to date even though the program is nearly halfway into its 18-month time frame.
The U.S. Housing and Urban Development Department-funded project is aimed putting brakes on the decline of neighborhoods, and the plan locally had been to buy hundreds of homes.
And they’ve got excuses, of course. But if you have $140,000.00 you can buy a large house with a nice pool here in Las Vegas. If you’re going after distressed houses – those needing repairs – you can probably have them for $50,000.00 or less. Lets say 20% of the $60 million was legitimate overhead. For the remaining $40 million, HUD should have got – making a generous allotment of $200,000 per house (purchase and repair) – about 200 houses. They got 5.
And the liberals want to try more of this. We need no more proof of the ultimate triumph of ideology over reality in liberal thinking.
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5 Responses to “Stimulus: $60 Million in HUD Funds for 5 Las Vegas Houses”
Caucus of Corruption
Just imagine how efficient the government will be with our healthcare money!
I have a hard time justifying a 20% ‘overhead’ on a %50 million handout. It’s not as if someone had to go out and create an agency to handle the transactions, and build an infrastructure for implementing the stated plan.
I wonder where the money went.
But then I wonder that about all the milloins and billions thrown out the widnow by this administration. And somehow I think a lot of it ends up enriching the elites in charge of the programs.
Amazona,
I was being generous…as it is, they can’t have paid much more than a million dollars for the five houses, so we’re talking $59 million in overhead.
And, you’re right: where did the money really go? I’m betting that a lot of expenditures are being misappropriated – to buy government bonds the sly; to bail out banks in secret; to pump up stock prices; to bribe the Chinese to continue to buy our bonds…
Once we’re back in power, we’ll have to set about investigating every aspect of the Obama Administration and, if need be, send hundreds or even thousands of people to jail over this.
Mark: Lets say 20% of the $60 million was legitimate overhead. For the remaining $40 million…
I guess someone has to point out those numbers don’t add up.
……..and for that, let’s go to our nitpicker in chief……….