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HR 5678

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To provide economic stimulus through emergency community development block grant assistance for the redevelopment of abandoned and foreclosed homes.

Sponsor: Maxine Waters (D) CA

Status: Active

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Summary:

4/2/2008--Introduced.Neighborhood Rescue and Stabilization Act of 2008 - Authorizes for FY2008 appropriations for assistance to states and local governmental units for the redevelopment of abandoned and foreclosed homes. Requires the Secretary of Housing and Urban Development (HUD) to allocate the funds among the states according to a funding formula reflecting the ratio that home mortgage foreclosures occurring in a state bears to the aggregate number of such foreclosures occurring in all states. Requires states to allocate funds to qualified metropolitan cities according to a similar formula. Requires states and local governmental units to give priority to those metropolitan areas, metropolitan cities, urban areas, rural areas, low- and moderate-income areas, and other areas with the greatest need, including those: (1) with the greatest percentage of home foreclosures; (2) with the highest percentage of homes financed by a subprime mortgage related loan; or (3) identified as likely to face a significant rise in the rate of home foreclosures. Cites eligible uses and redevelopment financing mechanisms. Sets forth low- and moderate-income requirements for the use of all funds made available under this Act.

Text of Legislation:
Text of Legislation not available.

Subject Name:

Housing

Budgets

Federal aid to housing

Foreclosure

Low-income housing

Metropolitan areas

Moderate income housing

Mortgages

Off-budget expenditures

Residential rehabilitation

Rural affairs

Rural housing

Urban affairs

Welfare

All Actions:

Actions Date

Action Text

4/2/2008

Referred to the Committee on Financial Services, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

4/2/2008

Referred to House Financial Services

4/2/2008

Referred to House Budget

Titles:

Neighborhood Rescue and Stabilization Act of 2008

To provide economic stimulus through emergency community development block grant assistance for the redevelopment of abandoned and foreclosed homes.

Committee:

'House Financial Services'

Referral, In Committee

'House Budget'

Referral, In Committee