http://www.recovery.gov/Transparency/RecoveryData/Pages/RecipientProjectSummary508.aspx?AwardIdSur=22193
http://www.recovery.gov/Transparency/RecoveryData/Pages/RecipientProjectSummary508.aspx?AwardIdSur=88421
Golden Gate Associates has been awarded over $324,000,000.00 for low-cost housing projects all over California. Homeowners willing to rent their units to Section 8 recipients can get their properties renovated and repaired, plus receive additional kickbacks from the government (YOU) to compensate for the shortage that Section 8 rent payments cause in relation to market rates or home values.
Basically, the government pays the homeowner more than they collect from the tenant in order to get a property owner to make their unit available.
In other words, if you're familiar with that classic movie, "It's A Wonderful Life", this is government subsidized Potterville.
This probably helps explain the run on reposessed houses being purchased for cash at way below market value. The government will then fix the place, and pay you a nice monthly check. Such a deal. And WE get to foot the bill now with Stimulus funds, paid back with interest.
However, this award does create some contruction and admin jobs, approximately 486 over the last several years. I would imagine most of the jobs are temporary.
Golden Gate Associates was also awarded a project to convert a San Diego YMCA to a 172 room housing unit for the "chronically homeless". That means a hotel for alcoholics and drug addicts. This, I assume, is to free up space in the existing facility for the chronically homeless, commonly referred to as "jail".
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