Some elected officials and several non-profits in Queens are taking part in a new initiative aimed at helping homeowners get out of foreclosure and increasing affordable housing.
Under the "Foreclosure Buyback Pilot Program," non-profits can buy back distressed mortgages from federal government entities such as Freddie Mae and Freddie Mac, giving families the opportunity to refinance with the organization and stay in their homes.
If that's not possible, local non-profits or municipalities can bid on the distressed properties and then convert them into affordable housing.
Previously, only private equity and hedge funds could purchase these properties.
Councilors I. Daneek Miller, Ruben Wills, and Richards are involved in the program and say it is the first of its kind in the nation.
12 comments:
are white people eligible for this? or is it only going to be Caribbean blacks and Chinese illegal immigrants who can get the houses?
Would a "White" person really want to live here"
LOL!
And when they assemble enough distressed properties, these private groups and municipalities will suddenly find there is a need to demolish and build "luxury" (affordable housing for 200k earners who can afford such) in place of these forclosures.
Bingo. Another way to displace "undesirable" sub classes with yuppies.
NYC is engaged in a social engineering assault on the working class. It's real estate is strictly for the better classes who can afford to live here. That means well off foreign immigrants. To hell with the native New Yorkers who work hard to live here.
Very true, last commentor.
People like Hitler or Stalin could openly dispose of whom they considered their undesirables, like Jews, Blacks, etc.
Here in our "democracy" we cannot OPENLY do that, so we engage in a more subtle manner.
What does NYC have against porer working class people?
Do they dislike them because they cannot afford luxury prices?
Let's not forget, without the working class poor, who would there be to wipe De Blasio's ass for him?
Surely not the upper class folks. They never get their hands dirty with shit!
Yep...the aristocracy always needed its servile class to empty their chamber pots.
Just what we need, another reward for those who absolutely never had and never will have any ability to manage their finances.
This is just another waste of government grant funds being funneled through the good ol' boys club, masquerading as a "Non Profit".
We are just putting off the inevitable...
Now, what the hell is this latest scam???
The entire borough is a corrupt, political 'SLUSH FUND'of depraved, criminal sociopathy! And, the bigger the crime (and crime, graft and greed that are 'OPENLY PRACTICED,' no less!), the greater the reward for all of the empowered idiots of blind greed and corruption who FOISTED this garbage onto its ambushed workforce---only THEY never have to pay a price for their evil and malice!
DISGUSTING and REPREHENSIBLE!
This is actually a very good idea. The problem is the people that this will be entrusted to. Especially that shitstain Wills.
Maybe this problem would be mitigated if they went after the lowlifes in banks and hedge funds that made and acerbated this blight in the first place.
"Sarc" sounds to me like a racist.
He uses sarcasm to mask his real feelings.
Looks old and historic.
Let's landmark it.
these homes that no one wants are in locations no one will move to. most of these homes are in the hard hood where your neighbors have all done some time and will bully newcomers for sport. how the hell you going to go to work at 5 in the morning, waiting for the bus? good luck!!!
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