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Original post made
on Apr 7, 2009
Brian Schlar's letter is full of confusion and error. First he states that the city will make a profit on the foreclosed homes in Belle Haven. Then he says the city will lose money.
The funds used to purchase the foreclosed homes will come from the BMR fund, which developers pay into. City general funds have not and will not be used for these projects and neither will the utility user tax, which has nothing to do with this issue.
We are working with experienced real estate people and two non-profit organizations to make these programs work.
Unlike many cities, Menlo Park is in a position to act on its foreclosed housing problems to help stop the slide in property values and decline in neighborhoods.
Good for Menlo Park for stepping up to the plate.
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