Center for American Progress Wins One for Neighborhoods

Source: Center for American Progress, August 7, 2008

Legislation Proposed by CAP Nets $3.92 Billion for Neighborhoods Hit by Housing Crisis
This January, David M. Abromowitz, a Senior Fellow at American Progress, proposed the Great American Dream Neighborhood Stabilization Fund, or GARDNS Fund, to provide money to local housing authorities and non-profit organizations to buy foreclosed properties from banks and return them to productive use as affordable housing.

Last Wednesday, President Bush signed the Housing and Economic Recovery Act which included a $3.92 billion provision for neighborhood stabilization funds based on the CAP proposal. During those six months, CAP’s teams worked hard to promote the provision on the Hill, in the Press and to the public, build support for it in states and districts, protect it from opposition and shepherd it all the way to the President’s desk.
Related:
•Raising the Roof to Provide a Floor
Interactive map shows how each State would be impacted by its share of neighborhood stabilization funds. View the Map here.
•Help Is on the Way: Congressional Districts Benefit from Housing Plan
State fact sheets show the impact of neighborhood stabilization funds broken down by Congressional District. Download the Fact Sheets here.

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