Houston may pay credit card bills for some homebuyers | Front page | Chron.com - Houston Chronicle: "Houston taxpayers could start footing the bill to help first-time homebuyers pay off debts and improve their credit scores, under a proposal before City Council this week.
The “Credit Score Enhancement Program” will give up to $3,000 in grants to individuals who are trying to qualify for mortgages through the city’s homebuyers assistance program. City officials say some applicants fall short of eligibility by only 10 or 20 points on their credit scores, and paying off some debt balances can quickly improve their numbers.
The proposal has aroused critics who say the city should not use public funds to help people pay down car loans, credit card balances, or other debts — even if the slight credit bump would help them realize the dream of home- ownership."
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When I first saw this I thought I was reading The Onion. But no...this is a real government program.
3 comments:
Call it the bailout for the little guy. Does it entail federal funding?
Absolutely insane. Goes to show the crazy policies of our President and Congress are now hitting the cities of America.
Perhaps there's something in it for Houston considering the area features the a high concentration of private local governments -- HOAs mandated by Houston land use policies.
The savings Houston realizes by privatizing local government (while still collecting property taxes) likely allows it to fund this idea while at the same time creating more potential property tax payers -- and increased revenues -- with little additional fiscal burden.
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