What a sweetheart deal. A developer is getting a taxpayer guaranteed loan of $300,000 per unit to “refurbish” apartments and to bridge a rent gap for low-income residents subsidized by the taxpayers for 50 years, plus a property tax exemption (“Lompoc housing update,” Sept. 26).
Ironically, some friends recently did a budget on a market-rate housing development in Buellton where the total all-in cost of the units was less than $300,000 including land, fees, design, construction, and overhead.
Where’s all the extra money going here?
The developers receive market-rate rents through subsidies while at the same time receiving property tax exemptions.
As Mr. Fink notes, these projects have a very high demand on city services, including police, fire, and paramedic.
While Mr. Fink speaks about 1 percent of bad apples, in truth the percentage is far higher. Unless we solve the addiction problems through treatment, law enforcement, and counseling, we will have only built a nicer incubator.
Steve Dietrich
Lompoc
