Tubbs Jones Applauds Passage of Housing Package

WASHINGTON, July 23 /PRNewswire-USNewswire/ -- Today, Congresswoman Stephanie
Tubbs Jones joined with her colleagues in supporting the most comprehensive
response yet to the American mortgage crisis. The American Housing Rescue and
Foreclosure Prevention Act will help families keep their homes, aid local
communities hit hard by the foreclosure crisis, and strengthen the economy and
financial markets. The bill was passed today in the House by a vote of
272-152. She released this statement:

"The housing crisis has severely impacted my Congressional District,
particularly the city of Cleveland, Ohio," said Rep. Tubbs Jones. "Cleveland's
weak housing market coupled with a housing over-supply has created a large
number of foreclosures and abandoned properties. As of December 2007, the
number of properties in Cleveland identified as abandoned, nuisance properties
was 8,588. These abandoned and foreclosed properties exist in every
neighborhood in Cleveland, but there are concentrations in communities in my
district where the real estate market has completely collapsed.

"I am extremely pleased that the 3.9 billion dollar CDBG grant program is
included in this package. These housing stabilization funds will provide local
and state governments with the resources necessary to stabilize home values
and protect neighborhoods in trouble. The dire need for these funds was
emphasized in recent testimony given by government officials during a June
16th congressional field hearing in Cleveland. During that hearing, Ohio state
and local officials noted their severe lack of resources as well as the need
for federal funds to halt the cycle of disinvestment.

"Additionally, sections of H.R. 1043, the Community Restoration and
Revitalization Act, a piece of legislation I have introduced for the past two
Congresses, was incorporated into the housing legislation. This legislation
simplifies the Federal Historic Rehabilitation Tax Credit ('Rehab Credit')
making it easier to utilize the credit for revitalizing our nation's older
neighborhoods, harnessing greater housing potential in underutilized historic
and older buildings, and focusing more private sector investment in smaller,
'main street' oriented commercial structures. Since its inception, the rehab
credit has been responsible for 133 residential and commercial projects in the
City of Cleveland, leveraging about $760 million of private investment. The
credit has helped revitalize many downtown Cleveland neighborhoods like the
Warehouse District and provided the city, state and region with much needed
revenue.

"During these difficult economic times, the American people expect the
Congress to respond in an effective fashion. I believe that this legislation
is an effective response that will restore confidence in our economy and
further economic development across the country."

SOURCE Office of Congresswoman Stephanie Tubbs Jones

Nicole Y. Williams of Office of Congresswoman Stephanie Tubbs Jones,
+1-202-225-7032