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CCO Commentary: How HUD Funds Work to Fleece The Taxpayers

first_imgFacebookTwitterCopy LinkEmailShare How HUD Funds Work to Fleece Taxpayers The City of Evansville and Hope of Evansville have a new residential project about to start at 101 East Tennessee Street in the part of Evansville commonly known as Jimtown.The federal government is supplying $240,000 of our hard-earned tax dollars to do a complete refurbishment of a dilapidated house that has been standing since 1909.When the $11,000 that “Hope Of Evansville” paid to an organization named Crescent Valley Capital LLC is added to the total the house at 101 East Tennessee will cost taxpayers a total of $251,000 by the time it is refurbished. This sounds great until the value proposition is examined by checking comps and the value of other homes in that neighborhood.The Jimtown neighborhood has four houses for sale that are shown on the real estate website Zillow.com.  A recently refurbished house only a block away at 212 East Tennessee has 3 bedrooms, 2 baths and has 1,250 square feet.  The price is $65,000 but was recently reduced from $85,000 after failing to attract an acceptable offer.Since the home slated for the taxpayer funds is only 920 square feet, a comparable value to the asking price for the $65,000 home would be only $46,000.  So on the surface, we now know how HUD works. HUD gives away taxpayer dollars to cities and housing agencies so they can spend $251,000 to raise the value of an old obsolete and dilapidated home all the way up to $46,000. In a common-sense driven world, this is considered squandering $205,000 from the taxpayers.The other three Jimtown properties on the market are listed for $21,000, $14,900, and $30,000 but their condition is not comparable not to the property at 101 East Tennesse Street.Quite frankly, all of the houses on the city block that contains 101 East Tennessee would not be valued at $251,000 combined. The old adage about real estate that the only 3 things that matter are location, location and location is still true.This part of Jimtown will not support any home that has a market value of $251,000 and it probably won’t for 100 years.  This pork barrel project is a worse deal than the Front Door Pride houses that sold for around 50% of what the City of Evansville and the taxpayers invested in them.It’s our strong opinion that the 101 East Tennessee Street house is not likely to even bring 20% of what is being planned to be spent on it.Please take special note that the above picture of the HUD-funded dilapidated 920 square foot house located at 101 East Tennessee Street doesn’t even have a front door.The question is why wasn’t this old obsolete house just be torn down to make way for a new home of 920 square feet that could most certainly be built for under $75,000 and it would be insulated well enough that the Vectren bill won’t be more than the house payment.This house has been in the hands of people who did not care enough about it to do any maintenance since it was sold to an investor who purchases the property back in 2000. In 2000 the house was owned by First Union Bank that sold it to a gentleman named Tommy J. Lynn for $6,500.After 19 years of ownership, Lynn sold the house to Crescent Valley Capital LLC for $5,000 on July 5, 2019. Just one month later Crescent Valley Capital flipped the house to Hope of Evansville for $11,000 on August 16, 2019.  Crescent Valley Capital’s management must have a crystal ball to have found a house to flip for a 120% profit after over 20 years of declining values and money-losing owners. The official address for Crescent Valley Capital LLC is 318 Main Street Suite 101 that just happens to be in the Innovation Pointe Building. As that building is a place for successful entrepreneurs, this 120% profit in a month should have been front-page Courier and Press news as a success story for the Growth Alliance for Greater Evansville (GAGE).It is a worthy question to ask why Hope of Evansville didn’t just offer Mr. Lynn $5,000 as opposed to enriching the luckiest investor in Evansville with a 120% profit. But this is how HUD works and that is how local government works when it is taxpayer dollars at risk.The reality of this insanity is that the federal government of the United States has been devoid of common business sense for years.  This is just another local example of how Washington destroys taxpayer dollars with rules and regulations that force the spending of $251,000 to create a value of $46,000. We consider this project to be a major squander of taxpayer dollars that Evansville has not seen the like of since the old Safe House project blew through $240,000 per small apartment.It is time for the laws that mandate irrational and insane spending of our hard-earned tax dollars were eliminated. For that same amount of money 3 to 5 new Habitat houses or mobile units could have been deployed in Jimtown so more families could benefit from the homes.  That is not how HUD works because that would take common sense and cognitive thought. HUD is all about rules, regulations, and processes without any regard for making sane decisions.If a private CEO did this they would be fired and possibly prosecuted for fraud. When HUD and local government team up to waste our money, it is a celebrated success. Perhaps HUD rules and local bureaucrats who execute them need a taste of tar and feathers for their excessive greasing of the lucky beneficiaries of taxpayer largesse.FOOTNOTE: We give five (5) cheers to Channel 14 TV News for bringing this story of the “FLEECING OF THE TAXPAYERS” to light.We hope that one day soon that another Charles Berger type will come forward and demand that the Evansville DMD and the Evansville Redevelopment Commission make all the financial transactions pertaining to the funding of the Evansville Thunderbolts, Facade Grants, Downtown Doubletree Hotel, the purchase of North Main Street property and the rationale to build questionable parking lots in the North Main Street area public?last_img read more


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Four ways to use social media for word of mouth marketing

first_img 2SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by: Denise BahsDoes your marketing strategy include Word of Mouth marketing? The use of social media as a communication tool is unparalleled in Word of Mouth. For example, recently we’ve heard a lot about the riots in Baltimore. Social media was an effective communication tool in the fueling of those riots. While it was used with a destructive outcome, we can also harness the power of social media for ourselves: to grow our brand, thought leadership and social authority. As a social media coach with Profitecture, the following are examples of different ways my students have spread the word on their company and personal brands.Linkedin Publishing tool, PulseBlogging is a great way to tell your story, however, a lot of people shy away from it because it takes time to build traffic. The LinkedIn publishing tool called Pulse, has the traffic already built in! I’ve seen first time bloggers get 100 views in about a week! That’s great word of mouth and exposure for a first time blogger. And, a blog post has a longer shelf life compared to a tweet or facebook post, which typically die after 24 hours.Event hashtagsEvents like trade shows or conferences will assign a hashtag to the show so attendees can follow along the conversation with others attending. It’s another place that people are gathering already – all you have to do is say something and you’re in the mix. It’s like a virtual room of people engaging about a specific topic. Why not jump in and join the conversation? continue reading »last_img read more


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Berger calls on Congress to act fast on additional PPP funding

first_img continue reading » Yesterday, the Small Business Administration (SBA) announced that all of the original $349 billion in funding for its paycheck protection program (PPP) had been fully allocated. As the industry’s Washington Watchdog, NAFCU has been committed to ensuring credit unions have all the resources needed to effectively participate in the program since its launch and will continue to advocate for further funding for the program.The Senate may again consider additional funding for the PPP when they meet Monday, after two pro-forma sessions this week failed to do so. Until then, NAFCU President and CEO Dan Berger is urging policymakers to prevent the current public health crisis from turning into a “full-fledged economic crisis, too.”“Today, many credit unions have a large number of pending loan applications from small business owners looking for emergency financial assistance,” said Berger after the announcement that the PPP funds were fully allocated. “With credit unions heavily engaged in serving underserved communities, which have been hit the hardest during this economic downturn, it is imperative policymakers set aside a portion of additional funding for credit unions.”Relatedly, the Federal Reserve announced Thursday that the PPP liquidity facility is now fully operational. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more


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Antoino Rudiger claims Chelsea will miss Arsenal transfer target Willian if he leaves

first_imgAdvertisement Willian did not make the Chelsea squad for Saturday’s FA Cup final defeat against Arsenal (Picture: Getty)He said: ‘Since day one of coming to Chelsea, he and David Luiz got me into the team and helped me out in the first couple of months because it was not that easy.‘He is a great guy and a really, really good footballer. He is calm and humble and it will be sad if I don’t see him again as a team-mate. He is not the type of player who talks that much.‘He does his thing on the pitch, just like Eden Hazard. By playing, he shows what he is about. He is a guy who dictates the game and not many players in the world have this type of quality.‘He is always training [hard] and practicing free-kicks after. He is someone who always wants to improve.’Chelsea have already offset Willian’s likely exit by securing deals for Hakim Ziyech and Timo Werner, while Kai Havertz is primed to arrive later this month and Rudiger is confident the future is bright under Frank Lampard.More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing ArsenalHe added: ‘To be honest, he is not like [Antonio] Conte or someone who, when you lose games, will rant at you. Of course, the coach is a bit quieter in the way that he says things. But the most important thing is that he gets to the point, and he does.‘We are all grown men and everyone can hear what the coach has said. I think he dealt very well with that pressure and kept us alive. Even if it went good or bad, he always kept us alive.‘For me, it is about the human being I am talking too. It is not only because someone wins titles. Of course, it can help because he is an open-minded coach and you can ask him about the times when he was playing.‘He knows the pressure and what the people want to see at this club. He knows about those pressure games, finals and everything.’AdvertisementAdvertisementMORE: Sergio Reguilon wants Chelsea transfer after ‘advanced talks’ with Real Madrid defenderMORE: Matthias Ginter responds to Chelsea transfer speculationFollow Metro Sport across our social channels, on Facebook, Twitter and Instagram.For more stories like this, check our sport page. Advertisement Comment Antoino Rudiger claims Chelsea will miss Arsenal transfer target Willian if he leaves Metro Sport ReporterWednesday 5 Aug 2020 12:20 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link7.2kShares Willian appears destined to leave Chelsea with Arsenal his likely destination (Picture: Getty)Willian would represent a big miss for Chelsea if he leaves the club this summer, according to his current team-mate Antonio Rudiger.The experienced Brazil international has enjoyed a productive season under Frank Lampard, but his seven-year stint in west London looks destined to end imminently amid a protracted contract wrangle. Willian, whose current deal is set to expire imminently, is holding out for the offer of a three-year contract but Chelsea are unlikely to cave to his demands. Arsenal are reported to be at the head of the queue to sign the winger and although their contract offer is said not to be as lucrative as the terms other clubs are prepared to offer, including the likes of Inter Miami, the 31-year-old has his heart set on a move to the FA Cup holders. AdvertisementAdvertisementADVERTISEMENTRudiger, who played in last Saturday’s defeat at Wembley against the Gunners while Willian failed to make the squad, fears Chelsea are losing a player whose influence on the pitch is matched by the impact he makes off it. last_img read more