THE HILL Reports Housing Initiative – Project Rebuild

Project Rebuild is getting a boost by Senate Democrates in a plan to bolster a program for repairing/rehabbing foreclosures. See this published today in The Hill.

A group of Senate Democrats introduced a plan Tuesday that would expand a housing program aimed at rehabilitating residential and business properties.

Sen. Jack Reed (D-R.I.) introduced the measure that expands the Neighborhood Stabilization Plan, and would offer $15 billion in grants for fixing up residential and commercial properties left vacant following foreclosure.

It would also increase support for land banks, which work with communities to buy, hold and redevelop distressed properties as part of a long-term redevelopment strategy.

“Project Rebuild is a smart investment in strengthening our communities, putting more construction workers back to work and bolstering the economy,” Reed said.

“This initiative will provide a flexible source of funding to help local communities leverage federal dollars to effectively address vacant and blighted properties in their areas,” he said.

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