Feds to Invest $4.25 Billion in Rental Housing

The Obama Administration has announced a plan to invest $4.25 billion of stimulus money to build low-income rental housing.
August 18, 2009, 11am PDT | Nate Berg
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The move goes against previous housing approaches that favored policies that made it easier for people to own their own homes.

"The idea is to pay for the construction of low-rise rental apartment buildings and town houses, as well as the purchase of foreclosed homes that can be refurbished and rented to low- and moderate-income families at affordable rates.

Analysts say the approach takes a wrecking ball to Bush's heavy emphasis on encouraging homeownership as a way to create national wealth and provide upward mobility for low- and working-class families, especially minorities. Housing and Urban Development Secretary Shaun Donovan's recalibration of federal housing policy, they said, shows that the Obama White House has acknowledged that not everyone can or should own a home."

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Published on Sunday, August 16, 2009 in The Boston Globe
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