Who's interested in the new housing bill

From Arnold Kling at Econlog:

The Center for American Progress is ecstatic over the $3.9 billion in community development block grants.

"Local governments could use the grants to purchase, renovate, and resell foreclosed homes, and then use the proceeds from these sales to repeat the process."

I get it. If I use my own money to purchases, renovates, and resell a home, that's greedy speculation. But if you use my money to do it, that's community development...

Basically, the housing bill rewards everyone who participated in the excesses of the housing market and punishes the rest of us.