Monday, April 27, 2009

Fort Worth to offer up to $25,000 loan for buying local foreclosed homes

BY ALESHIA HOWE
April 27, 2009

Using a $6.3 million federal grant, the city of Fort Worth is rolling out a Down Payment Assistance Program to help qualified individuals purchase lender-foreclosed homes in seven selected ZIP codes throughout the city.

The U.S. Department of Housing and Urban Development recently awarded the $6.3 million to the Fort Worth Housing and Economic Development Department to provide assistance in the redevelopment of foreclosed homes. The funds come from HUD’s Neighborhood Stabilization Program as part of the Housing and Economic Recovery Act of 2008.

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1 comment:

Irene said...

WHAT'S WRONG WITH THIS PICTURE!

The article in the Sunday, July 26 edition of the Fort Worth Star Telegram , Work & Money section entitled "Beset by foreclosures, area eyes federal money for help", shows a photo of a smiling Sonia Green, a personal banker, in front of her new $112,000 home subsidized by the taxpayer.

In contrast, my sister, a disabled diet tech, living in our mother's old family home in South Fort Worth, which was bought years ago through hard work and savings (and without government assistance) cannot even get a $5,000 emergency repair fund.

I do not blame Ms. Green, she is only taking advantage of the program. I do, however, very much blame our government - at all levels!

My sister works and pays taxes. Her taxes went to subsidize someone's $112,000 home while she is living in a home with a flooded foundation and no running water.

What is wrong with this picture !!!!

It isn't as though Ms. Green could not afford to buy a home - she just couldn't afford a $112,00 home. When I bought my home, I wanted to buy a home in Mira Vista, but I bought what I could afford.

If the home is really only worth $80,000 then my tax payer money is being used to subsidize a market value of $112,000. Other home buyers who could afford these home at $80,000 now can't afford these homes without government subsidy.

This makes no economic, financial or MORAL sense!