Recently, the D.M. City Council approved $3 million in federal flood disaster relief funding subsidy for the $3.9 million Franklin Field Senior Apartments project. Since there was no flooding in the area, I assume we must just want more taxpayer subsidized housing. In this case, the owners risk $0.9 million and taxpayers give away $3 million. This will build 30 units at $129,000 each. “Of the 30 units, 66% will be designated for households under 80% of median income and will charge approximately $580 for a one bedroom apartment.” After 10 years of compliance with the subsidized housing regulations, the $3 million loan will be forgiven. After that, I presume they can charge whatever rent they want. The owners will have a $3.9 million dollar property at a cost of only $0.9 million. I understand the good intentions of making low cost housing available to needy seniors, but I disagree that taxpayers should be forced to pay for this kind of thing. This is something that should be handled locally. If there is a real need, and if people want to contribute to this kind of project, then private charity should be able to add whatever support is needed.
Here is a link to the City of DM approval: