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California has massive vacancies in single family homes, housing projects and buildings that could be converted into "affordable" housing.
What is affordable housing? It is government (taxpayer) mandated housing at below market rates, so that others pay a surcharge on their rent, making them poorer.
In the middle of a Depression, the State of California, already facing a $40 billion deficit, $140 billion in deficits in six years, close to $800 billion in DEBT, is selling bonds to make the tax crisis worse.
"The New Issue Bond Program (NIBP) was made possible through a special partnership with the U.S. Department of the Treasury. Through the NIBP, $380 million will be devoted to help finance affordable, multifamily housing developments.
CalHFAs first NIBP issuance will help create a 185-unit development for senior citizens called Belovida at Newbury Park, located at 1777 Newbury Park Drive in San Jose. The project has been allocated $24 million in tax-exempt bonds. Construction is expected to begin in late September, 2010 and is scheduled to be completed by the fall of 2011......Mr. Spears said another 14 projects are in the pipeline to receive approximately $176 million in issuance under the NIBP.
CalHFAs new bond program is designed to facilitate access to tax-exempt bonds for the financing of family and senior affordable housing developments for both for-profit and non-profit developers. The bonds may be used to finance the acquisition and rehabilitation of an existing project or for the construction of a new project."
Sacramento continues to dig the hole deeper--we might reach China soon.
More...
What is affordable housing? It is government (taxpayer) mandated housing at below market rates, so that others pay a surcharge on their rent, making them poorer.
In the middle of a Depression, the State of California, already facing a $40 billion deficit, $140 billion in deficits in six years, close to $800 billion in DEBT, is selling bonds to make the tax crisis worse.
"The New Issue Bond Program (NIBP) was made possible through a special partnership with the U.S. Department of the Treasury. Through the NIBP, $380 million will be devoted to help finance affordable, multifamily housing developments.
CalHFAs first NIBP issuance will help create a 185-unit development for senior citizens called Belovida at Newbury Park, located at 1777 Newbury Park Drive in San Jose. The project has been allocated $24 million in tax-exempt bonds. Construction is expected to begin in late September, 2010 and is scheduled to be completed by the fall of 2011......Mr. Spears said another 14 projects are in the pipeline to receive approximately $176 million in issuance under the NIBP.
CalHFAs new bond program is designed to facilitate access to tax-exempt bonds for the financing of family and senior affordable housing developments for both for-profit and non-profit developers. The bonds may be used to finance the acquisition and rehabilitation of an existing project or for the construction of a new project."
Sacramento continues to dig the hole deeper--we might reach China soon.
More...