The HUD Hustle
Will you help us stop the hustle hurting the hood?
HUD rental assistance and Section 8 pays on average:
- $1,000.00-$1,500.00 a month, for a year. That is $12,000-$18,000 that HUD spends per voucher holder!
- $12,000-$18,000 a year x 10 yrs equals $120,000-$180,000! This is what HUD spends per voucher for Renting.
- $12,000-$18,000 x 20 years equals $240,000-$360,000 per voucher for Renting.
- $12,000-$18,000 x 30 years equals $360,000-$540,000 per voucher for Renting.
We submitted a plan that would take a section 8 voucher holder, and put them in a low risk Homeownership Pilot Program, and have them OWNING in 10- 20 years, depending on the portion of rent they pay.
The house can be protected from foreclosure by putting it in a Community Land Trust.
The same thing can be applied to multi family HUD units, like the Parkways on Stony Island, and Parkways on King Drive, using a cooperative housing model.
Rehabilitation of vacant properties, and development of new ones on vacant lots that require Community Controlled Development, and hiring of those who have lacked labor force participation.
This Pilot Program would reduce blight and crime in our communities, turn renters into community caring homeowners, create small business opportunities, contracts, and jobs for the unemployed and unemployable youth.
We have several times, presented this to multiple congressional members on both sides; republicans and democrats, and participated in discussions with HUD and FHFA.
Discussions included multiple private sector financial institutions, and addition, discussed efficient ways to create low credit score and low income loan products.
To make this happen ourselves, all we have to do is organize as a collective on effective policy and programs that serve a purpose for our people.
Will you Help us stop the Hustle that is hurting our Hoods?
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