Foreclosures Open Up Opportunities For Affordable Housing

Foreclosures are opening up opportunities for affordable housing. This is the remedial dose that Connecticut badly needs. Right now it is under the three fold attack coming from rising foreclosure numbers, acute shortage of affordable housing units and segregation along racial and economic lines. The hunt is on for the silver lining in the middle of these woes.

On 7th May the General Assembly gave the green signal to a bill that gives support to the state for buying foreclosed units for purposes of redeveloping and selling to needy customers. On July 30th Bush inked the bill that had been initiated by Senator Dodd by which $3.92 billion has been set aside to allow municipalities across the country to go ahead with the plans of buying foreclosed houses.

It is reported that in San Diego, Minneapolis and Boston, cities as well as private parties have started buying foreclosed units to develop them. This is the silver lining in the middle of the dark clouds that will address the acute problem of affordable housing.

However the measure has pitfalls. There are factors that could make the state and other buyers purchase foreclosed properties in urban areas with a particular racial bias, and convert them for housing for the poorest section of society. This will not be fair either on the children already residing in these areas or on those whose names will be entered in the school rolls. The target should be to buy houses in neighbourhoods that are racially integrated having top class schools.

Unfortunately such types of planned moves have been noticed before in urban planning and development utilizing federal housing plans for the low income. These decisions are based on the assumptions about the economy, class and the race that make worse the simmering historical tensions. As a result housing for the poor have been made in localities that are very poor resulting in Connecticut’s own brand of apartheid.

Surveys conducted by Urban Institute and other bodies show that these pockets of poverty nourish high levels of crime, numerous schools battling to survive, negative health facilities and unemployment. The sum total amounts to denial of any kind of positive opportunities for the residents.

To address this problem Connecticut is expected to make a deliberate move to develop the policy of de-segregated affordable housing programmes. Here both the state and the private parties have a big role to play.

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