Tuesday, August 08, 2006

Homes for low-income were snapped up
by other buyers who flipped them for profit

In Miami-Dade County, which has one of the most dramatic affordable housing shortages in the nation, developers entrusted with government land and money to build homes for low-income families instead have sold them to real estate investors and wealthy buyers who “flipped” them for quick profits.

The Miami-Dade Housing Agency has not stopped this scheme, even though it compromises a 5-year-old county program intended to bring new life to empty lots. Since 2001, developers promised to build 580 homes, but delivered only 190 homes, and not all of them have been sold to needy families. Miami’s working poor who have been hunting for homes in the program for years are frustrated by waiting lists and delinquent developers. The agency has not bothered to confiscate unused lots from developers even though the land is supposed to revert back to the county if construction is not started in 12 months.

Read more here.


At 2:09 AM, Anonymous Anonymous said...

Enjoyed a lot! »


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