More Congressional Deficit Spending for NSP-3 ??
Printed From: MiddletownUSA.com
Category: Middletown City Government
Forum Name: Community Revitalization
Forum Description: Middletown Community Revitalization News
URL: http://www.middletownusa.com/forum/forum_posts.asp?TID=3079
Printed Date: Oct 31 2024 at 8:06pm
Topic: More Congressional Deficit Spending for NSP-3 ??
Posted By: High Speed Rail??
Subject: More Congressional Deficit Spending for NSP-3 ??
Date Posted: Jun 25 2010 at 6:12pm
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Replies:
Posted By: Nelson Self
Date Posted: Jul 30 2010 at 10:19am
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U.S. Congress: House of Representatives and Senate Jointly Approves 3rd Round of NSP Funding at $1.0 Billion. This means that even more of our hard-earned tax dollars will be used by the Neighborhood Revitalization Department to purchase/rehabilitate/resell more $200,000+ AFFORDABLE (???) FIRST-TIME HOME BUYER dwellings. What a City! What a Country!
Unlike the NSP-2 round of HUD funding, communities including Middletown will automatically receive these funds according to a formula allocation as was the case with the original NSP-1 grant of $2.144 Million applied for in November 2008. No chance that City staff and their paid consultants will have to submit a competitive grant application like the $19.0+ Million failed NSP-2 document submitted last Fall.
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Posted By: Mike_Presta
Date Posted: Jul 30 2010 at 11:13am
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Relax, Nelson. You just have to learn how to do "Middletown math"!!!
You see, 42% of the NSP-1 money will be spent on Community revitalization, and 17% of CRA money will be spent on neighborhood development, and 12 % of the CRA money will be spent on Urban stimulus programs, and if you add in the age of an old, corrupt politician, why that adds up to somewhere in the "neighborhood" of 100%!!!
See!!! It's all very simple.
  ------------- “Mulligan said he ... doesn’t believe they necessarily make the return on investment necessary to keep funding them.” …The Middletown Journal, January 30, 2012 |
Posted By: VietVet
Date Posted: Jul 30 2010 at 11:23am
Mike....Nelson......you're continuous skepticism of our city and national leaders is somewhat "disheartening" and "troubling". I'm sure the feds had their reasons for this new allocation and I see no reason, Nelson, why our beloved Middletown city leaders should provide any accountability at all for the "failed" usage of previous monies sent to the city. Failed is an awfully harsh word to throw their way. How about "misplaced", "re-channeled" or "re-directed" for other worthwhile purposes? Their word that it was used wisely, should be sufficient enough for all of us.     
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Posted By: Nelson Self
Date Posted: Jul 30 2010 at 2:34pm
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I'm told that MiddletownUSA participants might be a little shocked to learn which local private industry housing professionals that have already/will be making tiding little commissions in possible exclusive dealings with the One Donham Plaza bureaucrats.
A respected local real estate broker advises that the following presumably MLS-listed residential properties were purchased with NDP-1 funds mostly in 2010. See the Community Development Department segment of the City's website, May - June 2010 NSP-1 Progress Report for more information on the following six acquired properties:
2605 Elmo - $105,000
1016 Gage - $128,700 2210 Arlington - $34,650
915 Malvern - $16,000 100 Red Bud - $64,350 3523 Jewell - $34,650 The acquisition costs for 2605 Elmo and 1016 Gage seem quite high given the large number of vacant, foreclosed listings currently in Middletown that are on the market for under $65,000. And, these numbers don't include rehab costs, property maintenance, property insurance, legal and other costs, marketing expenses once rehab is completed and they are put on the market for income-eligible first-time home buyers.
The facts uncovered thus far about NSP-1 don't lie. The source of the majority of this information comes directly from Ctiy reports, etc.
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Posted By: wasteful
Date Posted: Jul 30 2010 at 3:13pm
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1016 Gage - $128,700
Butler County website:
Not having seen the property seems like a deal if all is on the up and up to me.
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Posted By: Nelson Self
Date Posted: Jul 30 2010 at 3:45pm
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Excerpt from my last post .................... large number of vacant, foreclosed listings currently in Middletown that are on the market for under $65,000. How very interesting that you believe $128,000+ for acquisition only is reasonable? There are many much lower cost homes on the market, so why not attempt to leverage these taxpayers' funds to the maximum extent feasible?
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Posted By: wasteful
Date Posted: Jul 30 2010 at 4:06pm
| Nelson, Excerpt from my last post, "Not having seen the property seems like a deal if all is on the up and up to me." |
Posted By: Nelson Self
Date Posted: Jul 30 2010 at 11:05pm
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NSP-1 Purchase/Rehab/Resale Report (6/30/2010) Location: 2605 Elmo
Total Projected Budget: $149,989
Program Funds Drawndown: $59,848.25
Project Status: Rehab Underway
Location: 1016 Gage
Total Project Budget: $217,942
Program Funds Drawndown: $128,217.96
Project Status: Rehab To Be Bid Out
Location: 2210 Arlington
Total Project Budget: $35,000
Program Funds Drawndown: $34,848.27
Project Status: Rehab To Be Bid Out
Location: 915 Malvern
Total Project Budget: $15,076.48
Program Funds Drawndown: $14,116.48
Project Status: Rehab To Be Bid Out
Location: 100 Red Bud
Total Project Budget: $148,582
Program Funds Drawndown: $66,266.04
Project Status: Rehab To Be Bid Out
Location: 3523 Jewell
Total Project Budget: $139,955
Program Funds Drawndown: $36,289.15
Project Status: Rehab Underway
SOURCE: City of Middletown, Community Revitalization Department Website; May-June 2010 HUD Neighborhood Stabilization Program - Round One Progress Report.
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Posted By: Mike_Presta
Date Posted: Jul 31 2010 at 8:26am
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What???
What is wrong with the Gage Drive property that requires $90K worth of rehab??? I heard that it was NOT a foreclosure and was only on the market for SIX DAYS!!!!
Can any of our real estate readers shed any light on this??? ------------- “Mulligan said he ... doesn’t believe they necessarily make the return on investment necessary to keep funding them.” …The Middletown Journal, January 30, 2012 |
Posted By: Pacman
Date Posted: Jul 31 2010 at 10:16am
Mike isn't that your neck of the woods?
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Posted By: Vivian Moon
Date Posted: Jul 31 2010 at 11:32am
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This property has 3 bedrooms and 2 baths…however…many of the properties around it are 4 bedrooms with 2 1/2 bathrooms and their current value is much less than $217,942…. So I guess real question we should be asking is who is this house being rehab for ?? |
Posted By: Mike_Presta
Date Posted: Jul 31 2010 at 11:55pm
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The picture seems to indicate PEELING PAINT ABOVE THE GARAGE DOOR!!! We all know that this is a first degree no-no in the eyes of our City busy-bodies. This begs the question: Have they sent themselves a violation letter??? ------------- “Mulligan said he ... doesn’t believe they necessarily make the return on investment necessary to keep funding them.” …The Middletown Journal, January 30, 2012 |
Posted By: Mike_Presta
Date Posted: Aug 01 2010 at 12:11am
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That's IT!!! The answer was right in front of us all of the time!!!
The City plans to subsidize the first few dozen starving artists that can't quite afford to rent their fancy new studios at the Pendleton Art Center by paying them an exhorbitant hourly rate to repaint this house using their teensie-weensie artsy-fartsy artist's paint brushes!!!
Sure, this will be a lot more expensive than paying a real house painter, but hey--it's only the TAXPAYERS' money, and who cares about them if it puts some coin into the "right kind" of peoples' pockets!!!  ------------- “Mulligan said he ... doesn’t believe they necessarily make the return on investment necessary to keep funding them.” …The Middletown Journal, January 30, 2012 |
Posted By: Vivian Moon
Date Posted: Aug 01 2010 at 5:02pm
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This little house also caught my eye. Total Project Budget: $139,955 Program Funds Drawndown: $36,289.15 Project Status: Rehab Underway |
Posted By: angelababy
Date Posted: Oct 20 2010 at 2:03am
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I'm sure the feds had their reasons for this new allocation and I see
no reason, Nelson, why our beloved Middletown city leaders should
provide any accountability at all for the "failed" usage of previous
monies sent to the city.
------------- Welcome to my paintings website - http://www.wholesaleartmall.com - Wholesale Art Mall . |