House Votes to Terminate Neighborhood Stabilization Program

On Wednesday, March 16th, 2011, the House voted 242-182 on H R 861 to end the Neighborhood Stabilization Program. The program, which was begun under the Housing and Recovery Act of 2008, costs taxpayers $4 billion per year to subsidize urban municipalities in efforts to recover abandoned and foreclosed properties, but the rules for its implementation allowed many opportunist investors to buy properties for pennies on the dollar.

All Republicans except LaTourette (OH-14) and Turner (OH-3) voted for the measure, and were joined by five Democrat Representatives: Boren (OK-2), Chandler (KY-6), Cooper (TN-5), Holden (PA-17), and Peterson (MN-7).

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One Comment to “House Votes to Terminate Neighborhood Stabilization Program”

  1. The brain child of Center for American Progress, David Abromowitz. The Obama Administration has been steadily increasing funding for NSP. This would be a big win. Good luck getting it passed in the Senate.

    (NSP also stands for Network of Spirtual Progressives – go figure)

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