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Why is the state subsidizing luxury condos?
By adamg on Thu, 08/23/2007 - 9:31am
Boy, the Patrick administration sure wants Columbus Center built (as does state Sen. Dianne Wilkerson). John Keith wants it built as well, but is outraged a state agency set up to foster affordable housing is loaning $20 million to the developers:
... Um, giving a handout to a private developer is not a way of fostering goodwill.
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Comments
That's a disgrace:
One has to ask what's happening to the people who're really in dire need for better affordable housing in the city. It's disgraceful that the guidelines have been so badly breached, and that the money that's been earmarked specifically for affordable housing should be misued like this.
c'mon, oifficials: Wake up!!
"Misuse"
Didn't that same article say that the $ was going to be used for Affordable housing on site? The cost of each unit being built was something over $400K...that's the COST...so obviously if the developer needs to sell 50 units for ~$200K...than they need some serious low interest loans! What's the deal with everyone being up in arms? Its a low interest loan, and the State wanted affordable housing in the this location?
Anyway, i find it ironic that the state's largest and most respected affordable housing developer is being criticized for getting governemnt subisdy to make affordable units viable in the south end. Maybe we should have just voted to NOT let any poor people live in the neighborhood...then we can pat ourselves on the back and go back to providing money for this "dire" housing need in Dorchester and Roxbury....its "not in my backyardism" from total hypocrits.
In case you misunderstood me, Anonymous,
dig this and dig it good: I'm in total support of affordable housing being built on the site, and I do not think for one minute that the money that's been earmarked for decent affordable housing should go for expensive luxury condos.
"Government Handouts"
Its crazy to me that people are outraged by subsidies which get large projects built! You would have to be totally ignorant to think that ALL really large scale project don't recieve 5% to 15% subsidies to get them to work. The real question is, has anyone ever gotten a copy of financing summary of a large scale project that didn't receive tax breaks, tax exempt financing, low interest loans, grants etc relatively same (or higher) amounts? Anyway, let's stop acting holier than now and start moving on to real topics of conversation. Boston would be in the stone age if it weren't for governments supporting private industry....