Senate approves housing bill in response to sub-prime crisis
by Richard W. Brown on April 13, 2008
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.
Monarch Housing Associates
Building Homes
Transforming Lives
1990-2012
Tagged as:
Advocacy,
foreclosures,
subprime crisis
Richard W. Brown, has more than forty years experience in both housing development and community organizing. Since 1991 Mr. Brown has been the Chief Executive Officer of Monarch Housing Associates, the 1995 Governor’s Excellence in Housing Award winner in the organization category. He has been happily married to Jan, the woman he loves since 1975, and has two grown children - Jon and Mike - and a daughter-in-law Willa. On July 19, 2010, he became the proud grandfather of his first granddaughter - Lilah-Rae. He also has a dog - Oscar. Click here to send Mr. Brown an email.
Richard has written 1419 awesome articles.
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