Sen. Reed announces federal housing funding
COVENTRY, R.I.—Three Rhode Island communities are receiving more than $13 million in federal funds to develop affordable housing.
Sen. Jack Reed announced the funding on Tuesday to Coventry, Warwick and Westerly. The $13.2 million is being provided by the U.S. Department of Housing and Urban Development.
Reed, a Rhode Island Democrat, said the money will help the communities spruce up old properties and construct new affordable housing for the elderly, disabled and needy.
Noreen Shawcross, chief of Rhode Island’s Office of Housing and Community Development, said in a statement that the money will help expand the supply of affordable housing.
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Another waste of our money. Why spend more of our money. The solution is very simple, will make many more houses affordable and will save us money. Stop the 2nd half of the bailout to bank (save us the $350 Billion). Let the banks foreclose on the houses. When the banks have to sell them, there will be an ample supply of houses and the banks will have to make them very affordable in order to sell them. The people will benefit by being able to buy house cheap and we will benefit by not having to pay for the bailout. The banks will lose out but we will benefit. Why should we take the loss? Let the banks that made the mistake of buying the paper take the hit.
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