TKC QUESTION: WILL BIG BANK DOWN PAYMENT HELP SAVE KANSAS CITY FROM FADING HOME OWNERSHIP TRENDS?!?!
From the urban core to the suburban NextGen . . . People are no longer making enough cash to afford a house.
Here's a glimpse at an increasingly unattainable American Dream:
WaPo: ‘We haven’t made any progress’ - Black homeownership is stuck near 30-year lows
Builder: Homeownership Still the Dream for Most, Study Says
Investopedia: Young Adults Cite Rising Housing Costs for Low Home Ownership Rate
And so we ask . . .
WILL KANSAS CITY BIG BANK HELP INSPIRE MORE LOCAL HOME-OWNERSHIP AMID FADING CITY SERVICES FOR NEIGHBORHOODS?!?
This is undoubtably a nice (PR) gesture but the reality is that over the past 7 & 1/2 years, KCMO has mostly been focused on securing the good life in a small swath of land in and around loop and letting the rest the city go to hell.
Deets on the plan:
"Wells Fargo is investing $5.7 million in the Kansas City area to provide down payment assistance to eligible residents. Residents in Cass, Clay and Jackson county will be able to apply for the $15,000 down payment assistance if they meet certain income eligibility requirements. The program is a partnership with Westside Housing Organization and is part of the NeighborhoodLIFT program. This was created in 2012 to help provide financial assistance to low-income homeowners. Wells Fargo region bank president for Kansas, Nebraska and Missouri Kirk Kellner said the program also includes required instruction on home ownership. The program was in Kansas City four years ago and provided down payment assistance to around 300 homeowners, according to a press release from Wells Fargo."
Links:
Northeast News: Prospective KCMO homeowners to receive a $5.7 million lift
KMBC: Group announces program to provide down payment assistance for home buyers in parts of KC
KCUR: Wells Fargo Offers $5.7 Million In Down Payment Help To Kansas City-Area Residents
You decide . . .
Here's a better way to put it. Would you rather live in a luxurious apartment near the streetcar line?
ReplyDeleteOr get a restrictive government grant to live in a sh*thole?
I think the answer is obvious but you asked for the explanation. This program is a dud.
Strictly just political payback for all of the misdeeds from Wells Fargo.
Delete^^^^ Thank you for mentioning that, I was hoping someone would.
DeleteGiving black people loans for homes was what started the recession in the first place, they refused to pay back the loans. Plus, why would they give up the free government paid for housing they get now!
ReplyDeleteWells Fargo ripped off their customers and got caught. Then they ripped them off again after they got caught. Basically, this is a p.r. move to help repair their damaged reputation. But do you really want to make the biggest investment of your life with a company that has a history of cheating their customers?
ReplyDelete^^^Not just blacks, but all potential buyers without ready money or, often, without established means to make regular mortgage payments. It should have been no surprise when many of them were not able to keep up their payments in an economic downturn. The root cause of the Great Recession was government pressure to make mortgage loans to people who could not qualify for traditional mortgages. Thanks HUD, Fannie and Freddy.
ReplyDeleteWells Fargo is like the shady used car dealer that offers questionable car loans to people with bad credit so they can repossess the car and sell it again.
ReplyDelete7:49 thanks to bill Clinton who said they had to
ReplyDeleteSo what are the criterias you need to meet? Housing loans in high crime areas?
ReplyDeleteAll those houses are houses the land bank couldnt sell for one dollar!
ReplyDeleteMaybe Sly could take advantage of the program.
ReplyDeleteThen he'd actually be a property owner in the city and wouldn't have to rent.
How about Cleaver? He's always up for a government guaranteed loan!
Bank of America also wanted to participate in this program but cited Congressman Carwash's refusal to pay back his court-ordered delinquent judgment as the reason for their withdrawl.
ReplyDeleteI wonder if they would refinance Frank White.
ReplyDeleteWell's Fargo awarded their CEO a $15,000,000 bonus last year. Translation - Wells Fargo wipes their ass with $5.7 mil. Wonder how much it takes to pay off a politician.
ReplyDelete^^^ Excellent point. @9:24
ReplyDeleteFurther discounts offered for installation of bullet proof siding.
ReplyDelete