Affordable Housing Program Funds High-Priced Apartments
A Bay Area-based government program set up to promote the building of low-income housing has instead legally issued a substantial percentage of its low-cost bond financing to high-end apartment construction, according to documents on the agency’s website. It calls into question why an agency program whose self-declared purpose is “to deal with the increasing shortage of affordable housing” has ended up funneling so much potential low-cost financing into housing that is clearly not low-cost. -more-