[Congressional Record Volume 158, Number 36 (Tuesday, March 6, 2012)]
[Senate]
[Pages S1424-S1425]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. REED (for himself, Mr. Durbin, Mr. Schumer, Mr. Leahy, Mr. 
        Brown of Ohio, Mr. Whitehouse, Mr. Merkley, Mr. Begich, Mr. 
        Franken, Mr. Blumenthal, and Mr. Akaka):
  S. 2162. A bill to provide for the redevelopment of abandoned and 
foreclosed-upon properties and for the stabilization of affected 
neighborhoods, and for other purposes; to the Committee on Banking, 
Housing, and Urban Affairs.
  Mr. REED. Mr. President, I introduce the Project Rebuild Act today, 
and I thank Senators Durbin, Schumer, Leahy, Akaka, Sherrod Brown, 
Whitehouse, Merkley, Begich, Franken, and Blumenthal for joining me as 
original cosponsors of this bill.
  Rhode Island, like America, is facing a foreclosure crisis. The bill 
we are introducing offers an opportunity to address this crisis--
tackling foreclosures and affordable rental housing at the same time.
  Building upon the successful, proven, and bipartisan Neighborhood 
Stabilization Plan, NSP, which has helped put Americans back to work 
stabilizing neighborhoods, the Project Rebuild Act could provide $43 
million for Rhode Island to help create jobs and overhaul distressed 
neighborhoods and commercial properties.
  Nationwide, about $10 billion would be directed to States and local 
governments through a formula modeled after NSP, and $5 billion would 
be distributed through new competitive grants.
  We are facing a challenging budget environment, but this is the right 
time to make smart investments in strengthening our communities, 
putting more construction workers back to work, and bolstering the 
economy. This initiative will provide a flexible source of funding to 
help local communities leverage federal dollars to effectively address 
vacant and blighted properties.
  In communities across Rhode Island and the country, we have seen how 
the foreclosure crisis has affected not just those who have lost their 
homes, but also how it has impacted entire neighborhoods.

[[Page S1425]]

  I helped ensure that Rhode Island would receive additional NSP 
funding to assist communities hit hardest by the foreclosure crisis. 
Based on my visits to many NSP sites in Rhode Island, the State's NSP 
allotment of $26 million is making a difference in neighborhoods all 
over the State. This crucial investment in Rhode Island has not only 
begun to help reverse the fallout from foreclosures, but has also 
provided families with affordable rental housing.
  But more needs to be done. According to the Department of Housing and 
Urban Development, despite three rounds of NSP funding, ``there is 
unaddressed high need in more than 76 percent of high need census 
tracts across the country.'' According to the Federal Reserve's recent 
housing white paper, the number of new homes that will have completed 
the foreclosure process could be as high as 1 million properties per 
year in 2012 and 2013.
  We need to act to gain traction in our housing market so that we can 
firmly anchor a sustainable economic recovery that actually reaches and 
touches all Americans.
  The Project Rebuild Act takes us in the right direction towards 
gaining this needed traction by making important enhancements to NSP, 
such as broadening eligible uses to include commercial vacancies.
  It would offer new grants for fixing up vacant commercial properties, 
complementing the abilities of private developers.
  It would also increase support for ``land banking.'' Land banks work 
with communities to buy, hold, and redevelop distressed properties as 
part of a long-term redevelopment strategy. Our bill would help more 
communities utilize successful land bank models and provide additional 
resources for Rhode Island Housing's Land Bank.
  The U.S. Department of Housing and Urban Development, HUD, estimates 
Project Rebuild could create over 190,000 jobs and renovate 150,000 
properties nationwide.
  Just as NSP was supported on a bipartisan basis, I hope we can build 
bipartisan support for this effort to help revitalize neighborhoods, 
create jobs, and accelerate economic growth.
  I urge my colleagues to join us in supporting this bill and other 
efforts to address foreclosures and bolster our nation's recovery.
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