Earlier this week, we posted a story
about the Washington Post's year-long investigation into HUD's HOME
Program which was designed to provide affordable housing to the working
poor ("HUD Is A Dud According To Washington Post Investigative Report").
As you might recall, the investigation slammed HUD's management of the
HOME Program as "dysfunctional." HUD has now posted a response on its
blog (the cleverly title HUDdle), called "Setting The Record Straight: What The Washington Post Got Wrong About The HOME Program."
After reading the response, you may be left with the impression that
HUD could have shortened it to one word -- "everything" -- because it
offers a strikingly different view of the HOME Program than the one
presented in the Post. Among other things, HUD criticized the
Post's study for: (1) unfairly focusing on a small percentage,
approximately 2.5%, of the more than 28,000 active developments underway
pursuant to the HOME Program; and (2) failing to factor the nationwide
housing crisis into the equation.
In a follow up article, "Members Of Congress Call For Probe Of HUD's Affordable-Housing Program,"
the Post noted that it never intended to track all 28,000 projects, but
instead analyzed 5,100 deals worth $50,000 or more, hundreds of which
were started before the housing crisis began. The Post also reported
that, in response to its study, a bipartisan group of Senators and
Congressmen were calling for investigations into the program.
View more from the Porzio Real Property Blog.
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