Below the Radar: HUD is Trying to Privatize and Mortgage Off All of America’s Public Housing

By Mark

Created 05/21/2010 - 8:40am

GEORGE LAKOFF FOR BUZZFLASH

The Obama Administration’s move to the right is about to give conservatives a victory they could not have anticipated, even under Bush. HUD, under Obama, submitted legislation called PETRA to Congress that would result in the privatization of all public housing in America.

The new owners would charge ten percent above market rates to impoverished tenants, money that would be mostly paid by the US government (you and me, the taxpayers). To maintain the property, the new owners would take out a mortgage for building repair and maintenance (like a home equity loan), with no cap on interest rates.