William J. McDonald: The cost of "affordable housing" | SummitDaily.com

William J. McDonald: The cost of "affordable housing"

William J. McDonald
MD, Frisco

Ms. Mastin did point out with some difficulty, a most salient characteristic of “affordable housing”: It is only “affordable” if someone else pays a significant portion of the total cost! In the case of the Peak One Project, the residents of Frisco, through their Town Council, gave away the Peak One Property to the developer, so that there would not be any property cost in the final price of each of the possible 70 units. Also subprime financing is available, plus probable subsidies ( taxpayer money) through SHUD (HUD) to lower the cost to the buyer. However, each future owner of these “affordable” units will be “deed restricted” and a “subpar” owner, per se.

It is obvious that all Frisco taxpayers are financing the purchase of these “affordable” units for those lucky 70 “lottery” winners! Did the Frisco residents know this when they voted for the affordable housing project last year? Maybe the residents just wanted it no matter who financed the project.

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