William L. Clay: “This bill is sorely needed to help stabilize neighborhoods in various types of communities that have high incidences of…”

“This bill is sorely needed to help stabilize neighborhoods in various types of communities that have high incidences of housing foreclosures. This act establishes a loan and grant program administered by the Department of Housing and Urban Development to help States purchase and rehabilitate owner-vacated, foreclosed homes with the goal of stabilizing and occupying them as soon as possible, either through resale or rental to qualified families. I raised concerns about the distribution of loans and grants to Chairwoman Waters, and the bill's funds were originally designed for distribution to States with priority for the 25 most populated cities in the country. My concern was that many of us had districts that had higher density of foreclosures than many of the top 25 cities in population. Additionally, we needed to ascertain that housing was provided for low- and moderate-income families, inclusive of those who had already suffered foreclosures.”