Commuter initiative no boost to homeowners - 2004-01-27
Fannie Mae's "Smart Commute Initiative," targeted at promoting housing affordability and alternatives to the automobile, is neither well concieved nor affordable.
At the same time, the mortgage amount they qualify for includes assumed cost savings from not having an automobile, because they live near public transit. For a two-income household, the assumption is transportation "savings" of $250 a month, or about $14,000 more mortgage than they would qualify for solely based on their income.
Read the full story at Atlanta Journal And Constitution