Fixing America's Disability Housing Issues
Author: Roderick M Boyd
Published: 2009-08-02 : (Rev. 2009-08-21)
Synopsis and Key Points:
Proposed housing plan to aid poverty stricken disabled people in the United States.
Main DigestThere are multiple housing programs currently available such as FHA; however, none of these programs address the needs of the disabled. Try obtaining a conventional loan on an income of less than $8,000 a year. I propose a program that offers those on disability a low interest home loan with no money down and not based on credit history.
When was the last time you drove down North Main Street? Did you notice all the people living on the streets
It is not just in Las Vegas, but scenes like this are all across America. Many of the homeless are disabled. In fact, there are over 56 million people on social security disability*. Unless you have just returned from Antarctica, it comes as a surprise to no one that the U.S. is in the midst of a real estate downturn. What do these two things have in common? I am glad you asked. I have a proposal that is a win-win-win scenario. In a slot machine, that is worth a lot of green.
The need for subsidized housing has never been greater with unemployment growing every month. The government cannot subsidize housing for everyone, so America needs another option. Something that helps the government stretch their dollars, helps the people in need become stabilized (perhaps for the first time in their lives) and helps the real estate market all at the same time. My plan does this and even offers a return on investment for the taxpayers.
There are multiple housing programs currently available such as FHA; however, none of these programs address the needs of the disabled. Try obtaining a conventional loan on an income of less than $8,000 a year. I propose a program that offers those on disability a low interest home loan with no money down and not based on credit history. A loan that offers a conversion option to conventional or a different program should they become gainfully employed and is not forgiven upon death. Either the estate pays off the note or it returns to the government. For those who question if a program such as this is doomed due to clients that cannot afford to make payments, I say two things. First, participants are looking at monthly rates less than the cost of rent and second, never underestimate the pride of home ownership, especially for one whom couldn't afford a home otherwise. A stipulation could be that participants enroll in the government's Direct Express program and mortgage payments are automatically deducted.
This proposal saves the government money over new subsidy programs as no money need be fronted ... the government simply guarantees the loan. It houses people more economically offering them self-respect in the process. It answers the banking industries problem with foreclosed homes costing them profits in the form of HOA fees. The return on investment? Of course there is the obvious interest on the loans and taxes, but more importantly, this offers the disabled a success. Once they get a taste of success, they will want more, so this may be the single greatest act the government can do to encourage those who have been disheartened by constant failure to try. Try to improve themselves, try to work again, try to become productive citizens again. I can only speak for myself on this issue, but that is what I want as a disabled veteran ... a chance. Now I ask, what do you, the American public think? I challenge each of you to voice your opinion to your legislators. Remember, disabled is the minority that anyone can join in the blink of an eye.
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