Affordable Housing 101

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Lets take an example of a 3 unit building that will cost an agency 500,000 to redevelop:

1. buy the property
2. then sit on it up two years or more
3. apply everywhere for grant monies to build afforable housing
4. assemble on average 90% of the monies you need in grants (450,000)
5. 50,000 of your own money into the project

3 years later the project is done and the agency only has 50,000 invested and need to rent the three units out to tenants that meet the "affordable" guidelines so as to not have to pay back the 450,000.

Here is my question imagine if we were able to take the same 450,000 and:

1. give it out to current home-owners (there are tons) who meet income guidelines to repair their houses like we did with the NRSA. There is a huge need.   
2. give these monies in matching monies to qualified people to buy one of the many vacant houses in the city.

The question here is what is the highest and best use of the monies, in this example 450,000.