HUD is a program that helps people with lower income to get into a house. I know someone who has used the HUD program and is very grateful for it. I just read though that HUD has literally wated away hundreds of millions of dollars on stalled or projects that they abandoned. They have failed to deal with derelict developers and housing agencies that fund them.
Quote:
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Nationwide, nearly 700 projects awarded $400 million have been idling for years, a Washington Post investigation found. Some have languished for a decade or longer even as much of the country struggles with record-high foreclosures and a dramatic loss of affordable housing.
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I guess the U.S. Department of Housing and Urban Development oversees the nations housing fund andn they have turned their head to what is going on. And guess who pays for HUD? You got it! You and I.
05-16-2011, 02:16 AM
HUD Projects Draining Money
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