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Calif. gets 11% of HUD quick recovery cash
February 25th, 2009, 3:00 pm · 10 Comments · posted by Jon Lansner
| CA take by program | Aid ($million) | CA share |
|---|---|---|
| Tax Credit Assistance | $325.9 | 14.5% |
| Rental Assistance | $305.0 | 15.3% |
| Homelessness Prevention | $189.1 | 12.7% |
| Community Development | $123.3 | 12.6% |
| Public Housing Fund | $117.9 | 4.0% |
| Lead Hazard Reduction | $17.6 | 17.7% |
| Native American/Hawaiian Housing | $15.0 | 5.7% |
| California total | $1,093.9 | 10.9% |
California’s getting roughly 11% of the cash the U.S. Department of Housing and Urban Development (eh, HUD) has quickly dished out from the American Recovery and Reinvestment Act of 2009 just signed into law.
Already, HUD says it has dispersed roughly $10 billion — or nearly 75 percent of the recovery funds it wil handle. (See accompanying chart for details of California’s take, by program, dollars involved and the state’s share of the national total!)
HUD says this first wave of funding “is primarily formula-based, meaning that it is allocated using set program criteria that do not require grantees to apply for the funds, allowing them to be allocated very quickly.” (The rest will be competitively awarded at a later to build green jobs and mitigate foreclosure-led challenges for communities.)
While California’s 11% share seem fine when you look at, say, the state’s share of U.S. jobs — our state’s problems are clearly “above average.”
Some additional thoughts …
- DC to California: Drop Dead
- $8,000 home stimulus helps wrong states
- Maybe St. Louis will benefit from that stimulus housing tax credit
- Expert: ‘Coast will have to fend for itself’
- Why California is worth saving
Other real estate news …
- Is a pesky neighbor worth a $451,000 discount?
- Surf City’s million-dollar repos: Park view
- Will California foreclosure moratorium work?
- O.C. neighborhoods with the best home deals
- Listings drop 21% in south coast area since ‘07
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- ‘Insane’ price cuts in San Juan create incentive
- Are L.A./O.C. home-price losses moderating?
- Coastal homes selling a bit quicker nowadays
- There’s a “lot” to think about here
- Foreclosures hit South County
- O.C. home affordabilty 9th worst in nation
- O.C. loan records end up in dumpster
- Bigger loans available to O.C. home buyers
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What a waste of tax payer dollars….Let the people who made poor decisions to purchase a house they cannot afford reap the consequences…Let the banks who made these poor loans fall….Why should our tax dollars go towards supporting someone who cannot afford the house they live in….
TO SMOOTHOPERATOR
I COULDNT HAVE SAID IT ANY BETTER
LET THEM ALL GO TO THE BACK OF THE SOUP LINE
WHERES MY BONUS MONEY FOR NOT BEING STUPID AND BUYING SOMETHING I COULDNT AFFORD
TO SMOOTHOPERATOR
I COULDNT HAVE SAID IT ANY BETTER
WHERES MY BONUS MONEY FOR NOT BEING STUPID AND BUYING SOMETHING I COULDNT AFFORD
People were dumb and made horrible housing purchases but our economy is in the toilet, Were are in deep trouble if all this stuff dosen’t work. This is only the start of the welfare america to the point where Federal legislation will be written to outlaw foreclosure wont exist anymore. Foreclosure hurt the overall economy by $250k per foreclosure my point here is NOBODY WILL PAY THEIR MORTGAGE IN THE NEAR FUTURE
Not everyone being helped bought a house they couldn’t afford. Some of them got laid off. Wow, some people have no class or empathy at all.
That whole plan is disgusting … Why are we bailing out the fools that either bought at the peak or extracted all of the equity from their homes? This is just another fleecing of the middle class to pay for speculators.
http://www.beyondthemargin.net/2009/02/revolution.html
That’d be a pretty small bonus
I guess saving money to make a down payment on a home after prices fell was a stupid mistake on my part. Next, the hyperinflation that results from printing money (monetizing the debt) to pay for all these goodies will take away the value of my savings.
Native American housing? I thought we legalized Indian gaming to cover such niceties.
When did Hawaiians become a protected class?