'Live-in Richmond" Initiative for Teachers, Police, Fire Fighters

Goldman for Mayor - 18 June 2008 - For Immediate Release - Contact 804-833-6313

Goldman Plan: First-in-the-Nation New Home Initiative for Teachers,
Police Officers, and Fire Fighters to turn current housing market to city's advantage

"Live In A Richmond Home Initiative" aimed at getting the best, and keeping the best, with
unprecedented financial incentives aimed at the American dream of home ownership

(Richmond) - Paul Goldman, candidate for Mayor, said that "we need a new, unprecedented initiative to attract the best of the new generation entering the workforce and also make sure we keep, indeed attract those proven performers in education, law enforcement and fire fighting. At the same time, we also need to address the issue of the many homes in our town in need of being fixed-up so they add, not subtract, to the quality of life in our neighborhoods. And thirdly, given the current economic situation including the housing downturn expected to last for another year, there are many beautiful homes in our city that are not being sold despite the fact there is a willing seller prepared to make a very attractive deal with a willing buyer."

"So" Goldman continued, "I got to thinking: why can't we marry these three situations into one new and unprecedented approach to move Richmond forward?"

In a statement, Goldman continued:

"We can. My "Live In A Richmond Home Initiative" will create a win-win-win situation for taxpayers, teachers, and those on the front lines keeping us safe, neighborhoods with properties in need of fixing, and homeowners being hit by the current housing slump. There are opportunities being made available in the housing sector due to current economic and credit conditions.

But that can be a win-win-win for both buyer and seller, since the seller might not otherwise be able to sell his or her house despite having a need to do it.

Leaders don't give up during tough times, they figure out ways to move Richmond forward. .

The American dream of home ownership is a powerful incentive. I want to harness that dream, and that incentive, to make Richmond attract to those future teachers with the best credentials coming out of college and those current teachers with the best performances in educating our children. The same for police officers and fire fighters, those brave men and women on the front lines battling to keep us safe. We need them not only working in Richmond, but living in Richmond.

Accordingly, I believe we need to create a "Live In A Richmond Home Initiative" financial mechanism to make homes in need of repair, along with those homes that would normally sell in a short period of time but have not attracted a buyer due to current economic and credit conditions, available to those in public service with the talent and credentials we need to build a better Richmond.

I would urge the Mayor to act on this right now. If that is not the case, if elected, I will ask Richmond's top public and private finance experts to develop a financing mechanism whereby the city can lead the way in developing a plan to make these these homes available to qualifying teachers, police officers, and fire fighters as part of a compensation package aimed at attracting them to live and work in Richmond, or to keep them here, as the situation may be on a case by case basis.

For example, the best qualified new college graduate in the teaching profession might not have the credit rating to get a loan for a starter home. Yet he or she has the good job to pay the mortgage terms we can provide. Or a proven, experienced police officer whose family is in need of a bigger home might not have the cash for the down payment. But again, we know he or she can surely afford the mortgage payments in the financial arrangement the city can develop.

Or there could be any number of other financial wrinkles that would normally make it impossible for that individual to own his or her own home even though the city can develop a plan that we know is affordable due to their salary as a teacher, fire fighter or police officer. .

Accordingly, if the city uses it's financial status wisely and prudently, then there should be a practical and prudent way to make home ownership a dream for these individuals while at the same time, structuring an arrangement that will not only completely protect the city, but actually make the city money in the long run.

I know this can be done. Everyone wins when we do it right.

By giving a talented new teacher, a dedicated police officer, or a proven educator a chance for part of the American dream that she or he might not otherwise be able to attain, we will cement a bond between them and our community the value of which will pay big dividends to our children and our quality of life for years and years to come."

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