Congresswoman Waters Delivers Keynote Address at the Los Angeles Business Council's Annual Summit
Congresswoman Maxine Waters (CA-43), Ranking Member of the House Financial Services Committee, delivered the keynote address at the Los Angeles Business Council's Mayoral Housing, Transportation & Jobs Summit that took place at UCLA's Korn Convocation Hall on Friday, Oct.18. Hosted by the UCLA Anderson School of Business, the Summit, now in its 12th year, is a gathering of top business leaders and elected officials.
A long-time proponent of increasing affordable housing to create sustainable communities, Congresswoman Waters discussed a variety of housing and housing finance issues with the group of hundreds that were on hand.
"As you know, after several brutal years in the wake of the financial crisis, our housing recovery is continuing to take shape," said Congresswoman Waters in her remarks. "Home prices dropped precipitously from 2007 through 2011, but are now stabilizing or even rising in many markets, including Los Angeles."
Congresswoman Waters also talked about the Neighborhood Stabilization Program (NSP) in which she authored. NSP has provided funding for municipalities and non-profit organizations to purchase and redevelop foreclosed or abandoned properties so they don't further depress housing prices or lead to neighborhood blight. In three rounds of funding Los Angeles has received over $142 million in NSP funds, which is projected to create more than 1,800 jobs and positively rehabilitate 1,800 properties. Los Angeles County has received more than $26 million in NSP funds, which is projected to impact 109 properties and 337 jobs.
"I am proud to have authored the NSP legislation, and I'm even more proud of the program's remarkable record of success," said Congresswoman Waters. "Since 2008, HUD has distributed nearly $7 billion through NSP, which it estimates will impact more than 100,000 properties in areas hardest hit by the foreclosure crisis. Already, nearly 55,000 properties have been treated after three rounds of funding. "
Congresswoman Waters also discussed her plans to reform the housing finance market and address Fannie Mae and Freddie Mac. She also mentioned the across-the-board cuts known as "sequestration," which have significantly impacted federally-funded housing and community development programs.