the American dream

Our children have been through a lot in the last few years. Disrupted lives, stunted employment opportunities and now interest rates combined with inflation that puts home ownership out of reach. Government housing for life can’t be America’s answer for them. 

 

Let’s help them build their American dream!

 

Biden Democrats across our federal and state governments have been pushing ‘affordable housing’. That is a misrepresentation. In truth, it is government housing and the only thing that makes it ‘affordable’ is taxpayer subsidies.

 

Government housing does not allow the tenant to accumulate wealth. They become subsidized renters. The rent is cheap because taxpayers chip in a sometimes hefty amount to keep it that way.

 

In Washington DC, my opponent is proposing a program that will give $17,500 to low-income residents for a mortgage downpayment.  It shows how out of touch he is; that small amount of money for a low-income buyer won’t buy a shed! And what about our other young adults. Just because they aren’t poor doesn’t mean they should be ignored. 

 

Rhode Island has created a new and expensive Department of Housing and has allocated $250 million to build government housing. This year it will receive another $100 million. The spending on taxpayer funded housing has just begun and with a bureaucracy in place, you can be assured it will not stop. And operating subsidies will last for lifetimes. 

 

I have asked for the beginning sum of $30 million from the allocated funds to be administered by RI Housing to assist first time homebuyers and veterans purchase a starter home in RI. They must reside in the home, and it cannot cost more than the median sales price for houses in Rhode Island as determined by the RI Realtors Association (I don’t want taxpayers subsidizing mini-mansions). It will provide a matching amount up to $40,000 to qualified applicants to be used for a downpayment, which should cover the 20% downpayment. The legislation also includes a provision for a reduction of the interest rate by 1% until it falls to 4%, which will make the mortgage payment easier to afford. 

 

If taxpayers are required to provide $350 million for government housing, I think it’s reasonable to ask for $30 million of that money for starter homes. That will help approximately 750 young adults and veterans have the chance to earn the American dream. And with a program of this scope, it will spur developers to build them. The expectation is that more money will be deposited in the program every year. It can also accept donations and grants.

 

If this program is successful, I will work at the federal level to expand it across the country using already existing spending. I want our country to encourage private homeownership instead of government housing. It’s better for the future.  

 

Let’s make homeownership possible again. Let’s keep the American Dream alive for our children!