City's rules let not-so-needy get affordable units

[Ian David]

City's rules let not-so-needy get affordable units

Guidelines since revised to count buyer's assets

By Donovan Slack and Christine McConville, Globe Staff | November 15, 2005

Eric E. Liriano is a wealth management specialist. He drives a shiny new Porsche sport utility vehicle and recently sold a three-decker in Dorchester for more than a half-million dollars.

Thanks to the City of Boston, Liriano is also the proud owner of a three-bedroom condominium in the South End designated by the city as affordable.

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Officials at the city's Department of Neighborhood Development, which approved the Rollins Square purchases, called these cases troubling, but stressed that the buyers represent a fraction of those who received affordable units at Rollins.

City officials said they relied on federal guidelines for affordable housing, which do not include a cap on assets, when they allowed the six buyers to purchase the affordable units.

Shortly after the Globe began asking about the Rollins buyers last month, the Department of Neighborhood Development imposed new limits to allow only applicants with $75,000 or less in assets to qualify for affordable housing.

More:
http://www.boston.com/news/local/massachusetts/articles/2005/11/15/citys_rules_let_not_so_needy_get_affordable_units/?rss_id=Boston+Globe+--+City%2FRegion+News

[AirAmFan]

1. A Porsche parked in front of an 'affordable' home just cries out for

investigation and reform.

This is reminiscent of Ronald Reagan's completely-made-up story about a "'welfare queen' who rolled up in her Cadillac to buy a bottle of vodka with foodstamps".