Distressed Real Estate Makes Its Way Into Obama’s Jobs Plan

Sep 11, 2011 by

In addition to refinancing assistance for mortgage holders, President Barack Obama’s proposed American Jobs Act includes a handful of elements that relate to the distressed real estate market, all part of what the administration has labeled Project Rebuild.  The new $15 billion program is based on the Neighborhood Stabilization Program (NSP).

NSP1, part of the Housing and Economic Recovery Act (HERA) of 2008, provided grants to all states and select local governments on a formula basis. NSP2, part of the American Recovery and Reinvestment Act (the Recovery Act) of 2009, provided grants to states, local governments, nonprofits, and a consortium of nonprofit entities on a competitive basis.  Read more

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