Who is "they"? You are assuming that this house was bought on some govt. funded housing program? Or are you assuming that the owners were on social programs and managed to fund this house?Originally posted by: EyeMWing
Originally posted by: SampSon
Shens.
It's my job to know how these social programs work in conjuction with real estate and I find it extremely hard to believe they (state and federal housing agencies) funded the purchase of this house and the legal conversion to a legal multi-family dwelling.
There are so many requirements that have to be met for a house to be dealt with in such a fashion. Since it's such a highly priced area the likelihood of it being in a zone where it is eligible to meet the criteria for federal or state housing funding and rehabilitation is near impossible.
This sounds like your story of the black drug running cars with their lights off doing 130mph across the border.
Presumably they bought it long, long, long before the prices spiked up this high, it's been vacant for nearly 10 years, but the lawn's always been mowed and stuff. About 3 months ago, some crews came in, gutted the place and made some pretty extensive modifications.
Even with the appreciation rates of the current market, the value of that house would be in the hundreds of thousands. No one on a social assistance program is going to be able to mortgage a property like that. The govt programs don't buy these houses a long, long time ago and then let them sit. There are very specific criteria that has to be met in order for a federal or state housing authority to come in and do a rehab project. On top of the fact that there is a cap on the value in which these programs will operate. It's nowhere NEAR the value you are talking about.
I think it just comes down to the fact that a new "family" trashier than yours moved into the neigborhood and you don't like them so you assume they are "welfare people".
