What is affordable housing?
Both Brad Miller (D-13) and "Who are you?" Bob Etheridge (D-2) were in Zebulon, North Carolina basking in the glow of their stimulus housing funds.
According to Eastern Wake News Brad Miller had this to say:
Miller said affordable housing is an important goal in troubling times for the industry. He said “old-fashioned greed” and banking lending practices caused the downward spiral that has led to record numbers of foreclosures.[emphasis added]
...“If you find yourself in a foreclosure, you’ve lost your membership in the middle class and for many of those families, they’ll never get it back,” said Miller.
“We have to reinvent our financial system,” he said.
Miller noted that it wasn’t affordable housing that got the country in trouble and that it still needs to be a priority.
What is affordable housing?
Historically (past 10-15 years) housing was made more affordable by reducing the down payments required to qualify for a loan. This is otherwise known as less skin in the game. It worked! People were able to get loans (homes in Brad Miller's parlance) they would not have otherwise been able to afford. This is an affordable home to Brad Miller.
But to someone living outside the political class, to a real American, Brad Miller's vision is better known as an unaffordable loan. These unaffordable loans were scattered across the US and they caused an economic downturn that rivals the Great Depression.
Still, Brad Miller keeps coaxing people into his unaffordable loans through bills like H.R. 5409, The Residential Construction Lending Act which he introduced this year, while simultaneously laying blame for his similar past failed policies on a loan industry intimately regulated by Washington Bureaucrats and back stopped by Washington through Fannie and Freddie.
For real Americans Brad Miller's vision has resulted in the "Miller Homes" below; truly affordable homes made possible through Brad Miller's unaffordable loans:
Bessemer City, NC$16,200
Find it here.
Durham, NC.
$15,300
Find it here.
Gastonia, NC.$18,000
Find it here.
Stantonsburg, NC.
$8,000
$8,000
Winston Salem, NC.$19,800
Find it here.
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