Dianne Feinstein: “I rise to speak in support of the ``Affordable Housing Redevelopment Act,'' which I introduced today. I want to thank…”

“I rise to speak in support of the ``Affordable Housing Redevelopment Act,'' which I introduced today. I want to thank Senator Padilla for joining me on this important bill, and Representatives Jared Huffman and Mike Thompson for leading a companion measure in the House of Representatives. Established in the wake of the 2008 financial crisis, the Neighborhood Stabilization Program was created by Congress to help provide assistance to communities hit hard by the recession by funding the acquisition and rehabilitation of troubled residential properties. The program helped States, local governments, and nonprofit organizations acquire properties and rehabilitate or repurpose them as long-term affordable housing. Between 2008 and 2019, Neighborhood Stabilization Program funds have facilitated the construction or rehabilitation of more than 50,000 homes, and the program has generated $1.8 billion in return income, allowing communities to stretch Federal investments even further. Today, more than 7.4 million units of affordable housing are needed across the U.S. to meet the needs of low-income renters. In my home State of California, more than 1.4 million units are needed to address the State's affordable housing shortage. Due to financial burdens and loss of income resulting from the COVID- 19 pandemic, millions of people in the United States are at risk of eviction or foreclosure, and the need for more affordable housing is expected to increase dramatically.…”