|July 30, 2008
President Signs Foreclosure Relief Bill
Earlier this morning, President Bush signed the American Housing Rescue and Foreclosure Prevention Act (H.R. 3221) into law. Federal policymakers’ ability to put aside partisanship will provide critical assistance to homeowners and municipalities working to stop foreclosures and the downward spiral of neighborhood deterioration.
National League of Cities President, Cynthia McCollum, Council Member, Madison, Alabama, issued the following statement on enactment of the American Housing Rescue and Foreclosure Prevention Act.
“The National League of Cities congratulates the Administration and Congress for enacting legislation that will help thousands of Americans stay in their homes, provide cities with the funding they need to stop the downward spiral of home vacancies and neighborhood deterioration, and stabilize the home financing system. ...
“As a result of this legislation, municipalities all across the country will have access to $3.9 billion in neighborhood stabilization funds through Community Development Block Grants. The current housing crisis has led to large numbers of foreclosures across the country and the side effect has been abandoned and unkempt properties that further drive down home values. This legislation provides funds for municipalities to purchase, rehabilitate and re-sell these homes in an effort to keep entire neighborhoods from falling into decline.
“A large part of the credit for enactment of the American Housing Rescue and Foreclosure Prevention Act goes to Representative Barney Frank (D-Mass.), chairman of the House Financial Services Committee, and Treasury Secretary Henry Paulson. While approaching the debate from vastly different perspectives and ideologies, these two leaders developed a constructive working relationship guided by a focus on solutions – not politics.
“Senate Banking Committee Chair Chris Dodd (D-Conn.) and the Committee’s Ranking Senator Richard Shelby (R-Ala.) are also to be commended for their ability to work out a compromise that could garner the support of their colleagues.
“On behalf of the 19,000 municipalities represented by the National League of Cities, we congratulate both sides of the aisle and both ends of Pennsylvania Avenue for joining with cities to aid homeowners in their communities.”
For further information, contact Jon Moran at 609-695-3481, ext. 121.
Very truly yours,
William G. Dressel, Jr.