On May 13th, HUD submitted legislation to Congress that would make public housing more attractive for bank mortgages and other private funders. Private banks that could take over public housing in the event of a foreclosure.
If this legislation passes, we can imagine a future where our public schools, libraries and national parks are mortgaged to banks to provide funding.
Please help us stop the mortgaging of our public property and sign the petition below.
We, the undersigned, oppose the Housing and Urban Development (HUD) Department's plan titled "Preservation, Enhancement and Transforming Rental Assistance" which will allow for a mortgage to be taken out against Public Housing through private banks and other private funding interests.
Taking out a mortgage against our public housing places it at risk for foreclosure and jeopardizes public ownership, tenant rights, and long term affordability of the property. Loss of our public housing to banks and other private interests will displace low income tenants and increase homelessness.
Transforming Rental Assistance will also provide permanent mortgage interest income to banks through public property, which is unprecedented in American History.