Local governments across Georgia are getting ready to jump into the house-flipping game —- financed with federal tax dollars.
Government officials and housing organizations in Georgia will have $153 million to spend under the Neighborhood Stabilization Program, part of the federal $700 billion bailout of the banking system. The aim is to buy, repair and sell or rent run-down homes and create affordable housing, while stabilizing neighborhoods distressed by foreclosures and abandoned properties.
[an error occurred while processing this directive] [an error occurred while processing this directive] [an error occurred while processing this directive]
“This is such a golden opportunity if it is done right,” said Evelyn Nu’Man, director of the Bureau of Housing for the city of Atlanta. “They are calling this disaster recovery money. The housing market is in a disaster.”
The enthusiasm of some government housing officials is being tempered by elected officials, real estate professionals and others who say the NSP creates huge potential for corruption, ineffectiveness, waste and conflict.
Tuesday, November 11, 2008
Subscribe to:
Posts (Atom)
