The developer was applying for local funds to facilitate the creation of affordable housing.  

A few examples of people who seem to have good strategies for a market in flux: Show 2 with Karen Rittenhouse on “subject-to” deals, which seems like an excellent strategy in a market where homeowners may have just lost their jobs and can’t afford their mortgage, but want to stay in their houseShow 19 with Tracy Royce, discussing short sale strategies in great detail.

I don't really know about financing, I tried to get a equity loan for a property,  that I couldn't afford, I had the first two houses all paid and tried to get a loan for a third one that I liked in a very good area of town. 

This area is a very affordable place to live but it comes with not much appreciation, job growth or population growth. 

Deterrent is the biggest factor for compliance.It is pretty easy when an ac man comes by and the filter is so clogged with crap that you know it wasn t changed in a few months@Sam Leon 

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If you can afford it, take over the mortgage, rent it out, and get that place working for you to pay off that PITI.

It stayed around so long because we had to live with our choices until we could afford to replace it.Leasons learned:If it pops, It dates.  

She says he's one of the only reputable and affordable contractors she can find due to other contractors' lack of follow through, availability to do estimates and lack of quality work in the past.

. - sourceAnd while the average project approval time for new construction is about four months nationally, it takes eight months on average in L.A.To recap, here are some of the challenges inhibiting development in LA:Getting entitlements for new development is expensive and timelyNIMBYism and the control of local communities over the planning process adds tremendous risk as a project could be stopped due to law suits, lack of approvals, or requirements which make deals unprofitableThe high cost of land and entitlements coupled with a lack of incentives restricts the pool of developers who can afford to developBecause it is so challenging to develop and because we have such a shortage of housing, developers can only make their deals profitable if they target high-end buyers, further contributing to macro-gentriction wherein only the affluent can own homesThat said, it isn't impossible for a developer to develop.