Program Loses .98 Cents on the Dollar
The House Committee on Financial Services bill to end the Neighborhood Stabilization Program reached the floor of the House of Representatives on Friday.
Voting 242 to 177, the House continued the process to put to an end a program that loses 98 cents on every dollar it is funded.
You heard me right. This is a loan program that is losing 98% of the money it loans out.
What is this money spent on?
States and local governments (Neighborhood Stabilization Program grantees) may use funding to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight. Eligible uses for the funds include:
- Buying foreclosed homes
- Buying land and property
- Demolishing or rehabilitating abandoned properties
- Offering downpayment and closing cost assistance to low- to moderate-income homebuyers
- Creating “land banks” to assemble, temporarily manage, and dispose of vacant land for the purpose of stabilizing neighborhoods and encouraging re-use or redevelopment of property
According to many, this bill is not only losing 98% of each billion that it is funded with – it is even leaving the home owner with more debt than they originally owed in the first place.
According to Financial Services Committee Chairman Spencer Bachus:
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