patrick.net

There's a scam in there somewhere. Actually, can someone explain how bonds like this work? Is the $25,000,000 the total of maturity including interest? If so....?

Why do they hate egregious, pork barrel profits to the financial supporters of the Great Socialist Paradise? Without the 'Get Out Of The Ghetto On Taxpayer Dime' Lottery, the FreeShitters might riot right up the wrought iron gates of the Libby Royalty.

Besides, who doesn't appreciate the cultural opportunities of an Insta-Ghetto in their back yard?

Everything else is extremely expensive in California, so why would low rent housing be any different?

The point of the article is you could build NEW units for that price - and you could.
But the entire point of this setup is "how to allow people living here without building anything".

"“It’s very important we preserve our affordable housing stock, or we could lose it,”"

Acting on false assumptions.

Cascade Village sounds like a mountain hamlet, but it’s the name of a somewhat shabby block of 74 low-rent apartments in the southern edge of Sacramento.

A few days ago, Sacramento city officials announced that they will float a $25 million bond and loan the proceeds to the 55-year-old complex’s owner, Bayside Communities of Walnut Creek, to finance a $28 million rehabilitation project.

“It’s very important we preserve our affordable housing stock, or we could lose it,” Christine Weichert, the assistant director of Sacramento’s Housing and Redevelopment Agency, told the Sacramento Bee.

Residents of Cascade Village, whose rent payments are subsidized by the federal government, will be moved into temporary quarters while their apartments, about 750 square feet each, are spiffed up with remodeled kitchens and bathrooms and new appliances, plus handicapped access.

That’s good news for them, certainly, but it raises a serious issue: Why is it costing so bloody much?

That $28 million works out to $378,000 per unit, which happens to be somewhat higher than the median price of a single-family home in the Sacramento area that would be much larger than a Cascade Village unit, plus have a garage and a yard.

Other comparisons only deepen the mystery. A quick check of real estate listings reveals many refurbished, ready-to-occupy single-family homes in Cascade Village’s Avondale neighborhood, each well over 1,000 square feet, for about $250,000.

Totally a scam.

Bet if you find the builder/lobbyist and follow the money it will all become clear.