May 9 2008
House Passes The $15 Billion Dollar Neighborhood Stabilization Act
The U.S. House of Representatives acted today to help communities hit hardest by the housing foreclosure crisis, passing legislation introduced by Congresswoman Maxine Waters (CA-35), the Chairwoman of the Housing and Community Opportunity Subcommittee.
By a vote of 239-188, the House passed The Neighborhood Stabilization Act (H.R. 5818), which authorizes a $15 billion federal grant and loan program to help state and local governments purchase, rehabilitate, and resell or rent foreclosed homes.