$3 Mil. D.M. boondoggle?

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:

http://www.dmgov.org/Government/CityCouncil/Communications/2012/12-504.pdf