Washington, DC – This week, Congressman Wilson wrote to residents about the American Housing Rescue and Foreclosure Prevention Act and the Neighborhood Stabilization Act that he voted for.

May 8, 2008

Dear Friends,

Ohio is one of the states hit hardest by foreclosures. Working families and entire communities are hurting.

That is why I am pleased to report that the House passed the American Housing Rescue and Foreclosure Prevention Act (HR 3221) and the Neighborhood Stabilization Act (HR 5818). Both pieces of legislation will help improve home values and assist Americans who are struggling with the housing and credit crises and in danger of losing their homes.

The Neighborhood Stabilization Act would provide $15 billion in loans and grants to states to acquire vacant, foreclosed homes. The legislation would also allow local communities to rehabilitate foreclosed properties, which currently drive down surrounding home properties, and place these homes back on the market.

In addition, this legislation includes two amendments I introduced through Committee. The first would allow states, if approved by HUD, the flexibility to demolish unfit properties if there is a high vacancy rate and a population decline in the area. The second amendment would direct more funding to the states that need it the most, which makes sure Ohio gets its fair share of the federal loan and grant money

The House also passed the American Housing Rescue and Foreclosure Prevention Act, which will provide mortgage refinancing assistance, and help keep families from losing their homes and protect neighboring home values. The plan also expands programs run by the Federal Housing Administration (FHA) that will allow borrowers in danger of losing their home to refinance into lower-cost government -insured mortgages they can afford to repay. 

I am proud that the House passed this important legislation. Congress cannot stand by and do nothing as the housing crisis depresses our economy. I urge the Senate to swiftly pass this legislation and take the necessary steps to help with the foreclosure crisis.

Sincerely,
Charlie Wilson
Member of Congress