Skip to main content
HR 5678 110th Congress House Housing and Community Development Economics and Public Finance Federal aid to housing Foreclosure Low-income housing Metropolitan areas Moderate income housing Mortgages Off-budget expenditures Residential rehabilitation Rural housing Social Welfare Urban affairs

Neighborhood Rescue and Stabilization Act of 2008

Introduced: April 2, 2008 Introduced by: Waters, Maxine Democratic · California See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 2, 2008
Referred to the Committee on Financial Services, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Apr 2, 2008
Introduced in House
 Plain-English summary Congressional Research Service

Neighborhood Rescue and Stabilization Act of 2008 - Authorizes for FY2008 appropriations for assistance to states and local governmental units for the redevelopment of abandoned and foreclosed homes.

Requires the Secretary of Housing and Urban Development (HUD) to allocate the funds among the states according to a funding formula reflecting the ratio that home mortgage foreclosures occurring in a state bears to the aggregate number of such foreclosures occurring in all states. Requires states to allocate funds to qualified metropolitan cities according to a similar formula.

Requires states and local governmental units to give priority to those metropolitan areas, metropolitan cities, urban areas, rural areas, low- and moderate-income areas, and other areas with the greatest need, including those: (1) with the greatest percentage of home foreclosures; (2) with the highest percentage of homes financed by a subprime mortgage related loan; or (3) identified as likely to face a significant rise in the rate of home foreclosures.

Cites eligible uses and redevelopment financing mechanisms.

Sets forth low- and moderate-income requirements for the use of all funds made available under this Act.

What's happening now April 2, 2008

Referred to the Committee on Financial Services, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

 Committees of jurisdiction 2
 Cosponsors 2
All 2 Democratic 2