Developer Nora Lichtash wants to turn a weed-covered lot in Philadelphia’s working-class Port Richmond neighborhood into a block of rental homes affordable to families making less than $20,000 a year.
After three years of cobbling together loans and subsidies, Lichtash’s nonprofit group is still short of financing. She could try to tap a special federal fund meant to help provide housing for the poor — if there were any money in the account.
via Should Fannie and Freddie Fund Housing for the Poor? – Bloomberg.
Fannie Mae and Freddie Mac should continue funding for the poor. Some poor people have very good credit but because of their income level lenders will not lend to them.