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HR 2587 111th Congress House

Neighborhood Stabilization Program Reform Act of 2009

Official title: To limit the reinvestment by States and localities of profits under the Neighborhood Stabilization Program of the Department of Housing and Urban Development.

Introduced: May 21, 2009 Introduced by: Capito, Shelley Moore Republican · West Virginia See on congress.gov
Housing and Community Development Budget deficits and national debtFinancial crises and stabilizationHousing and community development funding
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This bill died when the 111th Congress ended
It never became law before the 111th Congress (2009–2010) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 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
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 Latest action May 21, 2009

Referred to the House Committee on Financial Services.

 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.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). H.R. 2587: Neighborhood Stabilization Program Reform Act of 2009. 111th Congress. Open America. https://openamerica.io/bill/111-HR-2587/
MLA
"H.R. 2587: Neighborhood Stabilization Program Reform Act of 2009." 111th Congress, 2026, Open America, https://openamerica.io/bill/111-HR-2587/.
Bluebook (legal)
H.R. 2587, 111th Cong. (2026), https://openamerica.io/bill/111-HR-2587/.
Markdown link
[H.R. 2587: Neighborhood Stabilization Program Reform Act of 2009](https://openamerica.io/bill/111-HR-2587/)
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