Tubbs Jones, Ohio Delegation Urges Inclusion of Community Stabilization Funding in Housing Reform Legislation
WASHINGTON, July 2 /PRNewswire-USNewswire/ — Today, Congresswoman
Stephanie Tubbs Jones along with Sen. Sherrod Brown and Reps. Marcy Kaptur,
Steven Latourette, Dennis Kucinich, Tim Ryan, Michael Turner, Zack Space,
Betty Sutton and Charles Wilson sent a letter to the chairs and ranking
members of the House Financial Services Committee and the Senate Committee
on Banking Housing and Urban Affairs urging them to include at least $4
billion in community stabilization funding as part of the housing package
currently pending in Congress. An identical letter was sent to House and
Senate Leadership.
The letter reads as follows:
July 2, 2008
The Honorable Christopher Dodd
Chairman
Committee on Banking, Housing, and Urban Affairs
534 Dirksen Senate Office Building
Washington, DC 20510
The Honorable Richard Shelby
Ranking Member
Committee on Banking, Housing, and Urban Affairs
534 Dirksen Senate Office Building
Washington, DC 20510
The Honorable Barney Frank
Chairman
Committee on Financial Services
2129 Rayburn House Office Building
Washington, DC 20515
The Honorable Spencer Bachus
Ranking Member
Committee on Financial Services
B-371A Rayburn House Office Building
Washington, DC 20515
Dear Senator Dodd, Senator Shelby, Congressman Frank and Congressman
Bachus:
As Members of the Ohio congressional delegation, we are writing to
express our strong support for the inclusion of at least $4 billion in
community stabilization funding as part of the housing package currently
pending in Congress. Ideally, our preference would be to increase this
figure to the full $15 billion in grant and loan funds the House approved
in H.R. 5818. However, we believe that a minimum of at least $4 billion is
necessary to address this nationwide recovery effort.
The housing foreclosure crisis has affected all corners of Ohio and has
had a devastating impact on thousands of Ohio families and neighborhoods as
well as local governments. We believe that an aggressive federal response
is needed to provide state and local governments with the resources
necessary to stabilize home values and protect neighborhoods in trouble.
As of March 2008, Ohio had approximately 72,134 properties in
foreclosure. These foreclosures have led to vacant homes and a reduction in
property values in surrounding areas. According to a recent report by
Policy Matters Ohio, there was one foreclosure filing for every 60 housing
units in Ohio in 2007. This dramatic increase in foreclosure rates in Ohio
and across the country warrants an immediate and substantial federal
response.
Neighborhood stabilization funds will allow states and local
governments to facilitate the purchase, rehabilitation, or demolition of
vacant and foreclosed properties. The dire need for these funds was
emphasized in recent testimony given by government officials during a June
16th congressional field hearing in Cleveland. During that field hearing,
state and local government officials noted their severe lack of resources
as well as the need for federal funds to halt the cycle of disinvestment.
Ohio stakeholders stand ready to utilize these emergency stabilization
funds to reverse the continued downward cycle of property abandonment and
declining property values. As negotiations continue on this important
housing legislation, we strongly urge that neighborhood stabilization funds
remain a part of the final legislative package.
Sincerely,
/s
Representative Stephanie Tubbs Jones
/s
Senator Sherrod Brown
/s
Representative Marcy Kaptur
/s
Representative Steven LaTourette
/s
Representative Dennis Kucinich
/s
Representative Tim Ryan
/s
Representative Michael Turner
/s
Representative Zack Space
/s
Representative Betty Sutton
/s
Representative Charles Wilson
cc:
Chairman Charles Schumer
Ranking Member Mike Crapo
Chairwoman Maxine Waters
Ranking Member Shelley Moore Capito
See Also:
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- GMAC Commercial Finance Announces the Sale of its Poland Factoring Business to SEB
- Care Investment Trust Inc. Announces a $100.8 Million Investment in a Portfolio of Senior Housing Facilities
[Via Real Estate Newswire]