NSP Termination Act

Floor Speech

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Mr. Chair, I rise in opposition to H.R. 861, the Neighborhood Stabilization Program Termination Act.

The Neighborhood Stabilization Program was established in 2008 to help stabilize communities across American that has suffered from foreclosures and abandonment.

Neighborhood Stabilization Program funds give states and local governments the tools needed to purchase and redevelop foreclosed and abandoned homes.

Without this funding whole neighborhoods suffer sliding real estate values, increases in crime, and decreases in the overall morale of its citizens.

From the total Neighborhood Stabilization Program appropriations of $7 billion, HUD estimates that 100,000 properties in the hardest- hit areas will be impacted.

In my district, Dallas, Texas, a little over 7.9 million dollars was awarded through Neighborhood Stabilization Program funding.

At the beginning of the foreclosure crisis Dallas' housing market suffered from an average of 300 foreclosures a month.

The City of Dallas has identified 13 areas in the city that can benefit from this funding.

Without programs like the Neighborhood Stabilization Program, neighborhoods in my area would have nowhere else to turn.

Neighborhood Stabilization Program funds help to redevelop hard-hit communities, creates jobs, and grows local economies.

With nearly 14 million Americans out of a job, Americans need a Republican Congress that works to create jobs and strengthen the economy.

In the last 11 weeks, the House Republicans have passed reckless spending proposals estimated to destroy 700,000 jobs and stall our economic growth.

I encourage my colleague to stand by struggling neighborhoods and vote no on this measure.

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