Stabilizing Neighborhoods Hurt by Foreclosure
A foreclosure is not only a tragedy for the family who loses their home but it also has a devastating impact on neighbors – causing home values to drop, leaving empty houses that are subject to vandalism or potential centers of crime. Entire communities are suffering because of foreclosures and the housing market decline.
I led the effort to create the Neighborhood Stabilization Program, which provides funding for states, counties and cities to assist communities hit hardest by the foreclosure crisis. I fought to secure $6 billion in funding for this program to fix up foreclosed homes so that they are no longer blighting the neighborhood and can instead be rented or sold to families in need of housing.
NSP is already helping stabilize neighborhoods all over the U.S.
More on Stabilizing Neighborhoods Hurt by Foreclosure
Congresswoman Maxine Waters (D-Calif.), a senior member of the Financial Services Committee, took Committee Republicans to task today for voting to defund two programs that help struggling homeowners.
by JON PRIOR
State and local governments and nonprofits project that the first two rounds of the Neighborhood Stabilization Program will fund the rehab or demolition of 100,000 homes abandoned after foreclosure.
Speaking before a House subcommittee hearing Wednesday, Mercedes Ma?rquez, assistant secretary for community planning at the Department of Housing and Urban Development launched a defense of all three rounds of NSP spending, outlining the direct effects the program will have on blighted neighborhoods across the country.
Congresswoman Maxine Waters (D-Calif.), a senior member of the Financial Services Committee, released the following statement today after Republicans on the Committee announced their intention to defund foreclosure prevention programs:
"Republicans who support this proposal to end government-supported foreclosure prevention programs are turning their backs on their constituents and their communities who not only have been devastated by the foreclosure crisis, but who have directly benefited from government assistance.
by Anna Pratt Special to Finance & Commerce
It isn't just about people losing their homes.
Ripples from the long-running foreclosure crisis, experts told an audience in Minneapolis on Saturday, are spreading throughout the U.S. economy, affecting even those who, intuitively, might be expected to benefit.