Earlier this month, President Obama proposed the American Jobs Act, containing a variety of incentives and programs aimed at getting more Americans back to work.
Project Rebuild, one of the components of this bill, is being described as the “next generation” of the successful Neighborhood Stabilization Program (NSP).
The bill proposes a $15 billion budget, two-thirds of which would be allocated directly to participating jurisdictions, and the other third to be allocated through a competitive process.
As proposed, Project Rebuild would leverage the capacity built by grantees and subgrantees in NSP by more than doubling the total allocations of all three NSP rounds combined.
Project Rebuild is intended to connect Americans looking for work in distressed communities with the work needed to repair and repurpose residential and commercial properties. Like NSP, Project Rebuild is primarily aimed at acquiring, rehabilitating and re-occupying foreclosed residential property, but there are several modifications.