Word: lowes
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...reason we kept tuition so low is because we know even our families who don’t qualify for financial aid are experiencing the downturn, and we wanted to recognize that,” said Robin A. Moscato, Princeton’s Director of Undergraduate Financial...
...working in Florida, one of the states hardest hit by the foreclosure crisis. Even as a backlog of hundreds of thousands of newly built and foreclosed homes are languishing on the moribund housing market, more than 750,000 families are in need of affordable housing. Some low-income residents are finding fire-sale deals, but many more are not; just this past weekend, Fort Lauderdale police had to be called in for crowd control when 5,000 people lined up to get on a waiting list for subsidized housing. (See 25 people to blame for the financial crisis...
...fact is, most of the Floridians seeking affordable housing still can't muster the means, credit history or job security to land a mortgage - even for a $100,000 fixer-upper - especially with lending requirements tightening in the wake of the subprime catastrophe. This is, after all, low-wage Florida: housing costs may be falling - in exorbitant South Florida, they've tumbled 45% since the median cost peaked at $375,000 two years ago - but take-home pay isn't rising. Unemployment, in fact, is at 8.1%, Florida's highest level in two decades...
...Despite the housing glut, Florida is fast discovering that there is still a glaring need for targeted low-income properties, for renters and owners alike. For that reason, housing advocates say the $10 billion in affordable-housing funds contained in President Barack Obama's economic stimulus package is as crucial as his more ballyhooed $75 billion bailout for homeowners facing foreclosure. "It's going to prevent a much greater crisis than we otherwise would have seen," says Jaimie Ross, affordable-housing director for 1000 Friends of Florida, a community-development organization. "Without it, our homeless rates would have skyrocketed this...
...many of those condos and McMansions are now homes for little more than the ghosts of greed and stupidity. Federal Housing Administration loans, which have more lenient credit and down-payment requirements, can help some low-income buyers scoop up some of those units. "But most of those homes will never be available to the people we serve," insists Lloyd Boggio, a Miami developer and chairman of the Florida Coalition of Affordable Housing Providers. Some communities are using federal Neighborhood Stabilization Program funds to buy up foreclosed homes and convert them into rental units, but they say it's hardly...