House Vote: Neighborhood Stabilization Act
Summary: Provides $15 billion for state and city governments to purchase and rehabilitate foreclosed properties, which would then be rented or sold to low- or moderate-income families
Result: Bill Passed
A vote for the bill was counted as a + vote (in line with LCCR's position)
View individual member votes on this bill by state:
Bill Name: Neighborhood Stabilization Act of 2008
Bill Number: H.R. 5818
Issue: Housing/Lending
Date: 05/08/08
Roll Call No. 299
In May 2008, the House considered H.R. 5818, which would establish a program, run by the U.S. Department of Housing and Urban Development, to provide $15 billion in grants and loans that could be used by state and city governments to purchase and rehabilitate foreclosed properties.
The properties would then be rented or sold to low-or moderate-income families.
LCCR supported H.R. 5818.
While estimates vary, millions of homeowners are likely to lose their homes in the next several years due to a frenzy of irresponsible and predatory lending practices throughout much of this decade.
Widespread foreclosures affect not only individual households, but also entire communities through abnormally depressed property values, neighborhood blight, public safety hazards, and drains on local government resources.
At the same time that it provides a measure of stability in the midst of the foreclosure epidemic, H.R. 5818 also helps address the continuing need in many areas for affordable housing.
Result: The House passed H.R. 5818 (239-188).
