Clinton Economic Plan Includes Another $30 Billion for Home Ownership--It Wouldn't Help Oregon.

TYPO corrections:
Senator Clinton has announced an economic stimulus plan HERE. One component of the plan would be to add ANOTHER $30 Billion for a Home ownership Crisis Fund which would provide local communities with funding to help with foreclosures . The proposal comes a week before the Nevada caucuses---Nevada has a high rate of sub prime foreclosures.

This $30 Billion in additional home ownership funding would be more than ALL existing forms of HUD rental assistance combined. (My earlier post detailing $1 Trillion in home ownership tax breaks over next five years is HERE).

While housing authorities could use the funding to buy foreclosed properties, which could help some cities where high levels of foreclosures are impacting neighborhoods, the fund would not work in Oregon where housing authorities are trying to sell existing scattered site public housing because of high maintenance costs. (Where housing authorities would get the money to operate these acquired units in the future is also highly problematic).

Clinton's $30 Billion proposal is described like this on her website:

" Her $30 billion fund would provide immediate, time-limited resources to states, cities and community organizations to help prevent unnecessary foreclosures. States and communities could also use the funds to offset the costs associated with vacant properties by supporting efforts like community-level anti-blight programs and helping local housing authorities buy up vacant properties and rent them to working families."