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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