[Congressional Record Volume 154, Number 117 (Wednesday, July 16, 2008)]
[Extensions of Remarks]
[Page E1474]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          OHIO HOUSING CRISIS

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                       HON. STEPHANIE TUBBS JONES

                                of ohio

                    in the house of representatives

                        Wednesday, July 16, 2008

  Mrs. JONES of Ohio. Madam Speaker, I rise today to urge my colleagues 
to support the inclusion of neighborhood stabilization funds as part of 
the comprehensive housing package currently pending in Congress.
  Last month, Chairwoman Waters convened a field hearing in my 
congressional district on the housing foreclosure crisis in Ohio. 
During this hearing, we heard testimony from State and local government 
officials and housing advocates about the devastation that has been 
caused by subprime mortgage lending practices.
  The hearing panelists shared information on their aggressive 
foreclosure prevention efforts which include: Governor Strickland's 
establishment of a Compact with major servicers to help Ohioans stay in 
their homes; State laws and city resolutions to address issues 
surrounding vacant and foreclosed properties; litigation initiated by 
the City of Cleveland against lenders for their violations of Ohio's 
public nuisance statute; and housing counseling services provided by 
full-service public interest organizations.
  Despite all of these efforts within the State of Ohio, a common theme 
we heard throughout the field hearing was the dire need for an 
aggressive Federal response to the housing crisis. Specifically, 
panelists repeatedly emphasized the need for community stabilization 
funding.
  Neighborhood stabilization funds will allow States and local 
governments to facilitate the purchase, rehabilitation, or demolition 
of vacant and foreclosed properties. During last month's 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. Housing stakeholders in Ohio and across the country 
stand ready to utilize these emergency stabilization funds to reverse 
the continued downward cycle of property abandonment and declining 
property values.
  As negotiations continue this week on this important housing 
legislation, I strongly urge my colleagues to support the inclusion of 
neighborhood stabilization funds in the final legislative package.

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