Naturally, the city’s using your tax dollars – $6.5 million made available by the Obama administration plus its own redevelopment money – to purchase houses, rehab them and sell them to first-time buyers.
“Where a lot of communities are trying to figure out how to spend the money, or offering purchase funds or down-payment assistance, we’re actually very hands-on with our program,” said a representative of the working-class community located about 60 miles east of Los Angeles.
“We’re making the purchase, we’re overseeing the rehab, we’re overseeing the sale of the properties. We’re at the forefront of most cities or counties.”
Riverside says it’s just trying to “make a difference.” Problem is, what they’re doing doesn’t sound much different than the same old Fannie Mae-Freddie Mac-Chris Dodd-Barney Frank merry-go-round off of which we thought we just hopped.
Capitalism is dead. Long live King Obama.
Source: Reuters via BigHollywood.com
