Department of Housing and Urban Development

Income Tax Abatement Occupancy Program for Gov't Acquired (Freddy and Fannie) Housing

Take all federally owned housing acquired from the bank bailouts (ongoing) and separate sectors into sliding scale income tax abatement programs.

Since the market value of these properties is way below their most tangible assessment and in areas in need of community restoration, state & local taxes would maintain current levels until the property was sold.

This program could have varying degrees of commitment, with 3, 5, and say 10 year terms of owner/beneficiary occupancy.

At current interest rates and with most appraisals in the worst areas at all time lows, I see no reason that payments could not be held at $1000/mo or lower.

These "pods" may be redeveloped to attract younger residents, with an emphasis on neighborhood sustainability and revitalization, with funds directed to grow "local" services and provide a diversely skilled community.

A required skill set would be part of an application process to establish the basis for this platform, with a quantified ratio of Veterans and disabled Vet's given preference.



-3 votes
Idea No. 16021