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Financial Reform Bill Signed Into Law -
Includes Neighborhood Stabilization Program Funds
Today, President Obama signed the Wall Street Reform and Consumer Protection Act into law. While the legislation has been mostly publicized for its oversight of the U.S. financial industry, the law also includes $1 billion dollars to fund a third round of the Neighborhood Stabilization Program (NSP3). Rhode Island's Congressional delegation supported this legislation. Senator Jack Reed (D-RI) was present at today's ceremony.
Today's signing ensures Rhode Island will receive a minimum allocation of $4.9 million in NSP3 funding to acquire and redevelop foreclosed properties.
In addition, Rhode Island and harder hit municipalities are eligible to receive additional funds to help redevelop properties.
Rhode Island received $19.6 million in the first round of NSP, which was funded as part of the Housing and Economic Recovery Act in 2008. The Rhode Island Office of Housing and Community Development, in partnership with Rhode Island Housing, used NSP1 funds to target 11 communities hardest hit by foreclosures in the Ocean State. Through the purchase and redevelopment of foreclosed and abandoned homes and residential properties, the goal of this ambitious program is being realized locally.
You can look at Rhode Island's NSP plan and follow its progress on the Housing Resources Commission's website.
Save the Date
Join HousingWorks RI as we unveil the 2010 Fact Book and kickoff a discussion on the future of affordable homes in Rhode Island.
This event will take place on Tuesday, August 31 from 8:00 - 9:15 am at the Crowne Plaza, 801 Greenwich Avenue in Warwick, RI.
For more information, email events@HousingWorksRI.org, call (401) 274-4564 (x4177) or visit www.HousingWorksRI.org.
To register for this event, click here.
In Case You Missed It
Be sure to watch HousingWorks RI executive director Nellie M. Gorbea discuss the results of our Special Report: Measuring the Economic Impact of Affordable Housing in Rhode Island on the Jim Vincent Show. During the rebroadcast, Gorbea will also share the results of a public opinion poll conducted by Hart Research Associates this spring. HousingWorks commissioned the poll to better understand the perceptions and attitudes of affordable housing in Rhode Island today.
Below is a schedule of the rebroadcast:
Sunday at 9:00am on CW28 (Cox/ Verizon 9), statewide
Sunday at 9:30pm (Cox 18/ Verizon 38) Prov. N. Prov only
Monday at 7:30pm (COX 13/ Verizon 32) statewide.
Tuesday at 8:30pm (Cox 18/ Verizon 38) Prov. N. Prov only
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