Center for American Progress Action

STATEMENT: CAPAF in Support of the American Housing Rescue and Foreclosure Prevention Act
Press Statement

STATEMENT: CAPAF in Support of the American Housing Rescue and Foreclosure Prevention Act

The Center for American Progress Action Fund supports prompt passage of HR 3221, the American Housing Rescue and Foreclosure Prevention Act. The inclusion of $3.9 billion in Community Development Block Grant funding in the bill to purchase and rehabilitate foreclosed properties is crucial to providing relief to neighborhoods affected by widespread foreclosures. As proposed by CAPAF’s David Abromowitz in the January 2008 report from CAPAF and Enterprise, Addressing Foreclosures: A Great American Dream Neighborhood Stabilization Plan, this neighborhood stabilization funding will provide flexible resources to state and local governments, as well as community-based nonprofits, to implement locally targeted strategies to put foreclosed and abandoned properties to productive use.

To speak with our experts, David Abromowitz and Andrew Jackabovics, on housing, please contact John Neurohr at jneurohr@americanprogressaction.org.