Stimulus Watch

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[edit] General Description

Please help improve this project page by replacing this text with a description and other factual information about the project. Don't know much about the project? Call your local government and ask for details.

Info provided below (in bold) was taken from the official City of Phoenix website: http://phoenix.gov/CITZASST/scatsite.html

"The Scattered Sites Housing Program is offered through the City of Phoenix Housing Department in order to provide home ownership opportunities to qualified families with low to moderate incomes. This program educates and enables our families to purchase homes in areas where they can reside in safe and healthy living conditions throughout the City.

Participants in the program select one of the Scattered Sites houses owned by the City of Phoenix. Our families work to qualify for a home mortgage while leasing the house from the City. The rent charged will not exceed 30% of the family's adjusted monthly income. During the lease period, the Housing Staff will conduct annual/quarterly home visits and monthly yard inspections.

Benefits: Approximately 430 homes in the program "scattered" throughout the City of Phoenix, Rent is adjusted for changes in income, not to exceed 30% of household monthly income, Standard monthly rent reduction for utility assistance, Most major repairs and renovations performed by the City of Phoenix Housing Department Continuous home ownership training / financial counseling' Access to the Economic Initiatives and Family Self-sufficiency Programs (job and life skills training)

Criteria for applicants: Open to all families of two (2) or more who have the desire to become homeowners, Be gainfully employed with a combined earned income that falls in the following ranges, Meet Minimum and Maximum Gross Annual Income Limits by Family Size (as of February 13, 2008), 75% of the Minimum and Maximum Gross Annual Income Limits must be through earned wages Have Good or Repairable credit with a stable tenant history , No bankruptcies within the last two (2) years, Everyone in the household age 12 and older must pass a criminal background check

Those families in the Scattered Sites Housing Program who have a rent payment of $475 per month or more, demonstrate the ability to maintain a house, complete required training, qualify for a mortgage and agree that their home will be the primary residence for at least five years, may be provided an opportunity to purchase.

To provide an incentive for participation in homeownership in the Program, the City will provide up to $6,000 to assist with down-payment and closing costs, and provide additional financial assistance when available. The incentive(s) can only be utilized when purchasing a Scattered Sites home. "

[edit] Points in Favor

It is a 2 for 1! If done wisely this program could help 1) many desperate families in the valley and 2) maintain realty values. With unemployment and foreclosures high and still on the rise, Phoenix families are increasingly moving from home ownership to high debt and rental units. The city of Phoenix meanwhile is plagued by a staggering decline in the housing market and growing rash of unoccupied neglected homes. By solving one problem you could solve both with this stimulus proposal.

• Neighborhood values are stabilized by occupation and maintenance of at risk or abandoned houses, *Families, already accustomed to home upkeep, are back in single family houses. The highly motivated family gets time to get their finances in order, education on financial management, and the piece of mind that owning their home is a viable option in the future.

[edit] Points Against