Currently, there are more empty homes and condos (20 million unoccupied) on the market than people who actually need homes, we have a surplus. Why don’t we make them available to people based on their income? A new – urban renewal program.
Here’s the plan:
You must be an American Citizen. This must be your primary residence. Your income can not exceed somewhere between $43,000 and $60,000 a year; that can change, but let’s start there as a base. If you have kids or are supporting a disabled person there’s room for adjustments.
You enter into a home/condo lottery in each state and you win a home or condo – the cost of the mortgage will be based solely on your income over the last three years, so you need at least three years of federal and state income tax forms. If your income goes up at any time during the life of the mortgage so does the rate or cost of your mortgage payments, but only if your income goes up above inflation and the poverty line. If your income falls at any time your payments go back to the original rate.
This is better and far more stable for any community than giving the money to the banks.
This can also works for current home owners who are about to lose their homes.
Bottom line is we’re going to be buying these crap assets anyway mine as well get some property out of it.
What about moving up or moving out? You can sell your home any time, but then you opt out of the program for at least 3 years and lose any and all equity.
After 7 years you get to keep any and all equity if you sell, but the houses, must remain in the government program for at least 30 years. Which means you can only sell that particular property to people eligible for the program. There would also be fees if opt out early; cost of paper work, unless in cases of death.
This program also promotes a more equal ownership society.
All you need is someone with guts in the Congress and in the White House to promote this or some version of it.
I also purposes a top interest rate of a 30 years fixed mortgage at 4%.
Sure it needs some tweaking, chime in below with your suggestions, but it’s either this or the banks steal more and make us all slaves.
We have only two choice right now in this country, support the Wealthy Corporate Socialist Elites who are hell bent on robbing and destroying this nation or start supporting We The People.
It’s time to to pick a side.
Up Scale Homes and Condos:
The foreclosed upscale houses and condos is where the FEDS and States can recoup some of the money tied to bad assets– this will require a higher interest rate and a higher income. These properties will be made available to those who join in the service to the nation; doctors, lawyers, and teachers who work in low income clinics, hospitals, schools, the justice system representing low income people for at least 10 years.
The house or condo must still be the primary residence, payments are still adjustable and they must live there at least 14 years to claim any equity and sell to like buyers for at least 30 years.
Gutted homes must be ready to live in – no existing city code violations – the money made from the upper scale homes and seized property from indicted bankers and loan officers will be poured into these shell homes and condos. Green jobs will apply to make them state of the art energy efficient; solar, hydro or wind where possible.
Organizations like Habitat, Tech Schools and Urban Development Programs (UDP) at universities will be asked to comply and develop training programs. Returning Vets from the Middle East get first crack at job training.
a little more help in explaining what happen
We Don’t Trust You
So here’s the question, let the banks go belly up and wipe out the share holders, or make the next three generations of tax payer pick up their tab and keep paying the bankers, board and share holders?
Seems we are bailing out the CEOs board and share holders, we need to get something in exchange, the property.