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Tubbs Jones Applauds Passage of Housing Package |
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From PR Newswire: Today, Congresswoman Stephanie Tubbs Jones joined with her colleagues in supporting the most comprehensive response yet to the American mortgage crisis. The American Housing Rescue and Foreclosure Prevention Act will help families keep their homes, aid local communities hit hard by the foreclosure crisis, and strengthen the economy and financial markets. "The housing crisis has severely impacted my Congressional District, particularly the city of Cleveland, Ohio," said Rep. Tubbs Jones. These abandoned and foreclosed properties exist in every neighborhood in Cleveland, but there are concentrations in communities in my district where the real estate market has completely collapsed. These housing stabilization funds will provide local and state governments with the resources necessary to stabilize home values and protect neighborhoods in trouble. The dire need for these funds was emphasized in recent testimony given by government officials during a June 16th congressional field hearing in Cleveland. "Additionally, sections of H.R. 1043, the Community Restoration and Revitalization Act, a piece of legislation I have introduced for the past two Congresses, was incorporated into the housing legislation. This legislation simplifies the Federal Historic Rehabilitation Tax Credit ('Rehab Credit') making it easier to utilize the credit for revitalizing our nation's older neighborhoods, harnessing greater housing potential in underutilized historic and older buildings, and focusing more private sector investment in smaller, 'main street' oriented commercial structures. Since its inception, the rehab credit has been responsible for 133 residential and commercial projects in the City of Cleveland, leveraging about $760 million of private investment.
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