H.R.2587 - Neighborhood Stabilization Program Reform Act of 2009111th Congress (2009-2010)
|Sponsor:||Rep. Capito, Shelley Moore [R-WV-2] (Introduced 05/21/2009)|
|Committees:||House - Financial Services|
|Latest Action:||05/21/2009 Referred to the House Committee on Financial Services. (All Actions)|
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Subject — Policy Area:
- Housing and Community Development
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Summary: H.R.2587 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (05/21/2009)
Neighborhood Stabilization Program Reform Act of 2009 - Amends the Housing and Economic Recovery Act of 2008, as amended by the American Recovery and Reinvestment Act of 2009, to revise requirements for the use by state and local governments of emergency assistance provided to them for the redevelopment of abandoned and foreclosed homes and residential properties.
Requires any revenue generated, during a specified two-year reinvestment period, from the sale, rental, redevelopment, rehabilitation, or any other eligible use in excess of the cost to acquire and redevelop or rehabilitate an abandoned or foreclosed home or residential property, to be provided to and used by the state or local government in accordance with, and in furtherance of, the intent and provisions of this Act.
Requires transfer of the revenue so generated in excess of such cost to the special account established in the U.S. Treasury into which money received as gifts and proceeds from the sale or redemption of gifts shall be deposited.
Requires such revenues to be used for public debt reduction only.