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Home Insider Blogs Matt DiChiara's Blog Ideological Shift, Pragmatic Solution or Bad Idea?
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Aug 18
2009

Ideological Shift, Pragmatic Solution or Bad Idea?

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Posted by: Matt DiChiara on Aug 18, 2009 01:00

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I just saw an article this morning entitled "President Shifts Focus to Renting, not Owning", which argued that the new administration has changed courses on housing issues. The article states that Obama will be focusing on providing affordable renting options differing from the less balanced approach of the Bush years.

The plan is to spend a lot of money, a few billion's worth to create more affordable housing by converting vacant foreclosed homes and building housing projects.

Now, I am not sure if this technically qualifies as an ideological shift that will yield a more balanced housing policy or whether this is simply a good way to create some short term construction jobs and reduce unsold housing stock.

I have actually written about this before, but I have some questions as to how this kind of thing would actually go down. If the "government" buys a foreclosed house, I think that in most cases it's the local public housing authority that actually uses HUD allocated money to buy, renovate if necessary, lease and manage the property. Is this correct?

Are there any Section 8 specialists on MFI.com that can list some pros and cons between expanding the Housing Choice Voucher Program versus constructing affordable public housing?


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103
written by Larry Duncan, August 18, 2009
Considering the wide market spread of foreclosures if the government takes a segment of them over there may be a backlash of Homeowners Associations and others that will oppose "affordable" housing coming to the neighborhoods. Would the new jobs created generate new market rate rents and offset the added affordable single family homes rentals?
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