Stalled real estate developments are already being used by squatters and the homeless, and why should they have all the fun? City officials agree, and they’ve unveiled a $20 million pilot program to put a long rumored plan—converting unsold condos into affordable housing—into practice. The aim is to create 400 units for moderate- and middle-income households and help neighborhoods avoid the big bad blight monster.
The program is called the Housing Asset Renewal Program, and it’ll focus on areas outside of Manhattan. A Notice of Funding Availability will go out in July, and projects will be selected based on discounts being offered by developers and banks, as well as how much public money it will take to get the buildings up to speed. Is this a developer bailout, as some have alleged? The city estimates the average cost of HARP housing to be below the $75,000 to $100,000 it spends to build each affordable housing unit from scratch, so we’re not quite talking shelling out $1,000 per square foot. Plus, there are no good comebacks to a “You got HARPed!” diss. Develoeprs, be wary.
Also, apparently someone much smarter than you believes, as I do, that China and the rest of Asia will be the engine that revives the global economy and, eventually, the US employment situation:
Soros Says China Will Help World Economy Recover From Recession
July 8 (Bloomberg) — Billionaire George Soros called China“a positive force†that will help drive growth as the world emerges from the current economic crisis.
“For China, the crisis is something affecting them from
the outside,†said Soros, 78, in a Bloomberg Radio interview. “They can stimulate their economy. They have reserves. They have a trade surplus. They will be one of the motors of the world economy.â€
“Might I really be the first today?”
No, but you were the first one to post the same thing three times in a row. 🙂
“Is the economy still tanking?”
I’m sure we’ll hear many different answers to this over and over today.
You just gotta love it…
Here Jon this is a nice story…
Failed Condos to Affordable Housing Gets a Name: HARP!
http://curbed.com/archives/2009/07/09/failed_condos_to_affordable_housing_gets_a_name_harp.php
Stalled real estate developments are already being used by squatters and the homeless, and why should they have all the fun? City officials agree, and they’ve unveiled a $20 million pilot program to put a long rumored plan—converting unsold condos into affordable housing—into practice. The aim is to create 400 units for moderate- and middle-income households and help neighborhoods avoid the big bad blight monster.
The program is called the Housing Asset Renewal Program, and it’ll focus on areas outside of Manhattan. A Notice of Funding Availability will go out in July, and projects will be selected based on discounts being offered by developers and banks, as well as how much public money it will take to get the buildings up to speed. Is this a developer bailout, as some have alleged? The city estimates the average cost of HARP housing to be below the $75,000 to $100,000 it spends to build each affordable housing unit from scratch, so we’re not quite talking shelling out $1,000 per square foot. Plus, there are no good comebacks to a “You got HARPed!” diss. Develoeprs, be wary.
Get your radiation suits ready…. 5..4..3..2..1..
The What (Real Estate always goes up, …right?)
Someday this war is gonna end…
Thank you randi. I take back all the nasty things I’ve said about you (at least for today). 🙂
Snappy, remember – be careful what question you ask today
Also, apparently someone much smarter than you believes, as I do, that China and the rest of Asia will be the engine that revives the global economy and, eventually, the US employment situation:
Soros Says China Will Help World Economy Recover From Recession
July 8 (Bloomberg) — Billionaire George Soros called China“a positive force†that will help drive growth as the world emerges from the current economic crisis.
“For China, the crisis is something affecting them from
the outside,†said Soros, 78, in a Bloomberg Radio interview. “They can stimulate their economy. They have reserves. They have a trade surplus. They will be one of the motors of the world economy.â€
Morning all. Is it Friday yet?
Pwnd
Might I really be the first today? Jolly joy.
Is the economy still tanking?
Might I really be the first today? Jolly joy.
Is the economy still tanking?