(Warwick, R.I.) - Congressman Jim Langevin today voiced his support for housing legislation that is designed to keep families in their homes and stabilize the housing market. This package of bills is Congress’s most comprehensive response, to date, to the national housing crisis.

“Helping the housing market recover is critical to turning our economy around,” said Congressman Jim Langevin, who this past weekend hosted a Foreclosure Counseling Workshop with Rhode Island Housing. “While we certainly made progress at last weekend’s workshop, there’s more to be done, much of which must come from the federal government.”

In Rhode Island, the number of legally noticed foreclosures increased by 20 percent in the last few months alone.  To make the situation worse, many of those residing in the state’s most vulnerable communities have been disproportionately affected. 

Among the housing bills being debated by the House this week is the American Housing Rescue and Foreclosure Prevention Act of 2008 (H.R. 3221). This comprehensive legislation is expected to:

- Help struggling homeowners facing foreclosure by allowing them to refinance into affordable government-backed mortgages
- Boost homeowner resources with tax provisions that offer credits for first-time homebuyers
- Improve access to low-income housing
- Allow families to deduct property taxes
- Overhaul the Federal Housing Administration
- Create a National Affordable Housing Trust Fund
 
 “We commend Congressman Langevin and our Congressional delegation for their leadership on dealing with the foreclosure crisis,” said Richard Godfrey, Executive Director of Rhode Island Housing. “Hundreds of Rhode Islanders facing foreclosure have sought assistance from Rhode Island Housing’s HelpCenter and our partners in the past few months. This legislation provides much-needed resources that will enable us to help more families in need.”
 
 Also on the House floor this week is the Neighborhood Stabilization Act of 2008 H.R. 5818. This legislation, if passed, would:

- Establish a $15 billion loan and grant program administered by the Housing and Urban Development Department (HUD) for the purchase and rehabilitation of owner-vacated, foreclosed homes.  ($7.5 billion for loans, and $7.5 billion for grants)
- Give loan and grant preference to first responders, veterans, and nurses serving underserved areas as well as public school teachers or workers employed by the city in which their home is located. 

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