Why can't the Federal government or a State provide Affordable Housing?
1) Build condos or town-houses
2) Selling price goes by annual income
3) Mortgage payments are based on 30% of the income monthly
4) Said property can not be resold into a public real estate market, it is only sold back to the State or Goverment for the price that was paid for it. You get only the difference that was paid from the next buyer, buying it.
5) All loans are based on a 5% interest rate.
6) Mortgage payments can not go up, unless your income goes up by more then 20%.
7) A tax credit for $1,000.00 per year for those who stay every year per household.
I know it might sound stupid, but by making condos or town-houses and it being funded on a Federal or State level, they would make up for it in Mortgage payments. The State wins by having property taxes, and the taxpayers would be given a break by not having Welfare or Section 8 have to pay some of the rents some places demand like say a hotel for a family at over $2,000.00 per month.
Place a cut off as in who can apply and who can't. Maybe base it on total income and then family members? This is something I would not know about.
Instead of building housing projets where some are just trashed as soon as they are put up, I am willing to bet they would stay cleaner as they would be owning it?