On April 10, 2008, the Senate approved by a vote of 84-12 S.2636 “The Foreclosure Prevention Act of 2008.” The Senate bill contains supplemental CDBG funds to allow communities “to purchase foreclosed homes, at a discount, and rehabilitate or redevelop the homes to stabilize neighborhoods and stem the significant losses in house values of neighboring homes.” This funding might provide opportunities for local communities in New Jersey to utilize these properties to develop supportive housing for persons with special needs and the homeless.
Neither this bill or its companion in the House may become law even though they have secured bipartisan support.
To read the full details of the House Bill click here.
To read the full details of the Senate Bill click here.
For more details click here.
Tags: Advocacy, foreclosures, subprime crisisRelated Monarch Blog posts
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May 11th, 2008 at 5:30 pm
[...] Last Thursday the House of Representatives passed two bills to address the growing foreclosure crises. The White House has signaled it will veto at least one and possibly both bills. The votes in the House are not enough to override either bill. To read all of our posts on the foreclosure crisis click here. To read our post on the legislation click here. [...]