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HR 2587 111th Congress House Housing and Community Development Budget deficits and national debt Financial crises and stabilization Housing and community development funding

Neighborhood Stabilization Program Reform Act of 2009

Introduced: May 21, 2009 Introduced by: Capito, Shelley Moore Republican · West Virginia See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 21, 2009
Referred to the House Committee on Financial Services.
May 21, 2009
Introduced in House
 Plain-English summary Congressional Research Service

Neighborhood Stabilization Program Reform Act of 2009 - Amends the Housing and Economic Recovery Act of 2008, as amended by the American Recovery and Reinvestment Act of 2009, to revise requirements for the use by state and local governments of emergency assistance provided to them for the redevelopment of abandoned and foreclosed homes and residential properties.

Requires any revenue generated, during a specified two-year reinvestment period, from the sale, rental, redevelopment, rehabilitation, or any other eligible use in excess of the cost to acquire and redevelop or rehabilitate an abandoned or foreclosed home or residential property, to be provided to and used by the state or local government in accordance with, and in furtherance of, the intent and provisions of this Act.

Requires transfer of the revenue so generated in excess of such cost to the special account established in the U.S. Treasury into which money received as gifts and proceeds from the sale or redemption of gifts shall be deposited.

Requires such revenues to be used for public debt reduction only.

What's happening now May 21, 2009

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1