Pelosi: 'Administration's Housing Investment Demonstrates Commitment to Stable Communities, Affordable Housing'

WASHINGTON, Sept. 8 /PRNewswire-USNewswire/ -- Speaker Pelosi released the following statement following the Obama Administration's announcement of $1 billion in Neighborhood Stabilization Program funds for states and local communities to prevent and reduce neighborhood blight and provide affordable housing to many communities across America:

"Today's announcement is welcome news for families and communities across the nation. Vacant homes in many neighborhoods ravaged by foreclosures and suffering from blight will now be redeveloped into safe, affordable housing and resold to low- and moderate-income families. These families can also receive down payment and closing cost assistance with these funds.

"The Administration's housing investment demonstrates our commitment to stable communities, affordable housing, job creation, and a strong housing market, especially in areas hit hardest by foreclosures.

"With 15 percent of the total, my home state of California, which suffered some of the worst effects of the downturn in our housing sector, will appropriately be the largest recipient of these funds – ensuring that California communities will continue to stand as beacons of hope, innovation and opportunity for so many.

"This funding builds on the hard work of Financial Services Committee Chairman Barney Frank and Housing Subcommittee Chairwoman Maxine Waters, who fought to include these critical investments to protect our communities in prior housing legislation, the Recovery Act, and Wall Street reform legislation.

"Today's announcement demonstrates our commitment to helping Main Street and ending the abuses of Wall Street. While Republicans fight on behalf of big banks and special interests, Congressional Democrats will continue standing with President Obama on behalf of middle-class families."

SOURCE Office of the Speaker of the House

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