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May 7, 2008

FEDERAL UPDATE from WASHINGTON, DC - Priority Housing Bills Head to the House Floor – Vote YES!




Dear Mayor:

We have been advised by the National League of Cities (NLC) that Federal legislation to address the housing crisis is on the move in Washington.

On May 7 and 8, the U.S. House of Representatives will consider for passage the H.R.5818, the Neighborhood Stabilization Act of 2008, and H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act of 2008

NLC has worked actively with House leadership to craft and advance this legislation to help municipalities respond to the home foreclosure crisis, and to strengthen and stabilize the housing market. 

NLC supports both bills.

  • The American Housing Rescue and Foreclosure Prevention Act (H.R. 3221)

The bill would stabilize and strengthen the declining housing market by authorizing up to $300 billion in new federal mortgage loan guarantees. The guarantees would help at-risk borrowers with adjustable rate mortgages keep their homes by helping them refinance into federally- insured conventional mortgages.

  • The Neighborhood Stabilization Act (H.R. 5818)

The bill would direct $7.5 million in federal grants and $7.5 million in federal loans to the states to be used by state, county and local governments and non-profit organizations to stabilize neighborhoods distressed by rising rates of vacant housing caused by foreclosure. 

  • Waters/Frank Amendment to H.R. 5818

The amendment would direct the grants and loans authorized under the bill to go directly to local governments heavily affected by foreclosure.

Please Call Your Representative and Urge Them to “VOTE YES” on both bills and the Waters/Frank amendment.  To contact your Representative, please call the Congressional switchboard at 877-210-5351

If you have any questions, call Jon Moran at 609-695-3481, ext. 121.

Thank you.


                                                                        Very truly yours,


                                                                        William G. Dressel, Jr.
                                                                        Executive Director





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