Wednesday, July 21, 2010
The President signed the Restoring American Financial Stability Act of 2010 today, marking the largest financial reform legislation signed into law since the Great Depression.
NHC applauds the important and far-reaching impact this legislation will have on affordable housing and neighborhood stabilization. In particular, we are thrilled about the $1 billion in funding allocated for a 3rd round of Neighborhood Stabilization Program (NSP 3). NSP helps revitalize neighborhoods affected by the foreclosure crisis by rehabilitating, redeveloping, and reusing abandoned and foreclosed properties.
This historic achievement was due, in no small part, to a collaborative effort of the National Foreclosure Prevention and Neighborhood Stabilization Task Force, led by NHC and Enterprise Community Partners. The Task Force includes dedicated advocates, practitioners and other experts from across the country, and has been the leader in conceiving, implementing and expanding the NSP program from the beginning.
“There is no better example of NHC’s affordable housing advocacy on behalf of low- and moderate-income families and individuals than our work in partnership with the Foreclosure Task Force,” said NHC President and CEO Maureen Friar.
NSP 3 is not the only impact financial reform will have on the housing community. For additional details, please view our breakdown of the housing reforms from a few weeks ago.
Image from www.telegraph.co.uk