Worcester Mag on Home Funds

Good little story from Jeremy, click here, on the HOME funds awards.   Let me elaborate on a couple points:

• "Because previous HOME funded projects are having difficult time selling-and therefore at a risk of not meeting the requirements-more HOME funds are needed to convert them to rentals."    In other words, although we gave HOME funds initially to a project home home ownership, they are tanking and we don't want them to tank.  If they do, the City of Worcester not the developer (CDC usually) will have to pay back the HOME funds.   Versus having to pay back the HOME funds, we give them more HOME funds to stay afloat, while they attempt to get approval to convert to rentals.
• "The city has had to get "creative" to avoid the traps of the current houisng market."  Not sure what is so creative about giving more HOME Funds to bail out a project other then the City of Worcester now has even more monies invested in these projects.   Have no fear, because even though the regulations require payback, it has never happened yet?   Reassuring...   

This is complete insanity.