Tuesday, September 22, 2009

The stimulus is local in Fontana

When you give people money, they're going to spend it. And Fontana is getting money from the Federal Government. Here's what city manager Ken Hunt is saying:

The City of Fontana has received about $6 million from the federal government for the purpose of buying, fixing up, and reselling bank owned properties within our community. The conditions for the expenditure of these monies include a stipulation that the money can only be used to purchase and renovate bank-owned properties. Each property must be purchased at a discount of at least 15% below market, and must be resold to qualified, low-income property owners.

But truth to tell, dedicated funds aren't really dedicated. The fact that the Feds are giving Fontana $6 million to buy up property means that Fontana itself doesn't have to raise $6 million for this purpose, and can therefore spend its own $6 million on whatever it wants. Water fountains or kite flying days or something.

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