Solving The Housing Crisis Via More Innovative Ways

The Obama administration is looking for private firms or non-profit groups to buy foreclosed properties and them rent them out to families. Economics Professor Robert Lerman at the American University suggests also providing 1 million home ownership vouchers to families who pay rent that is comparable to (if not higher than) mortgage payments.

The vouchers would "cover the carrying costs of homes up to the 25th percentile of area home prices." It would cost only $3 billion a year, which is practically nothing, while also phasing out the Low-Income Housing Tax Credit, which according to Lerman is a more costly "corporate honey pot that yields high profits and relatively few units for low-income families."

Read the entire piece HERE.