Statement from the Save America's Neighborhoods Campaign: National Coalition
Applauds Sen. Obama for his Support of Emergency Community Stabilization
Funding
WASHINGTON, June 21 /PRNewswire-USNewswire/ -- The Save America's
Neighborhoods Campaign (www.saveamericasneighborhoods.org) applauds Senator
Barack Obama (D-Ill.) for his support of housing legislation that provides
emergency community stabilization funding. In a speech on Saturday, June 21,
2008, at the U.S. Conference of Mayors' annual conference in Miami, Sen. Obama
said that he would fight to overturn any veto issued by President Bush. In a
statement issued earlier this week by the President's office, the President
threatened to veto any legislation that includes provisions for emergency
funding.
Sen. Obama is not alone on this issue. According to a recent poll
conducted by the Save America's Neighborhoods Campaign, 75 percent of voters
surveyed said Congress should act now to address this problem. Two-thirds of
those surveyed are also in favor of Congress providing a one-time grant to
help stabilize neighborhoods with heavy concentrations of foreclosed homes.
This comes when for the first time in 40 years, Americans' homes are worth
less today than they were the year before.
The Save America's Neighborhoods Campaign, made up of a cross-industry
taskforce of national organizations concerned about the foreclosure crisis'
impacts on communities, will stand by Sen. Obama and continue to urge Congress
and the President to include a minimum of $4 billion in emergency grants in
upcoming housing legislation.
The $4 billion emergency funding would be used to facilitate the bulk
purchase and rehabilitation of foreclosed homes in targeted areas. In turn,
the funding would help stabilize communities, create rental and ownership
opportunities for low- and moderate-income families and stop the cycle of
disinvestment.
The foreclosure crisis threatens not only the millions of homeowners faced
with losing their homes but also the low- and moderate-income communities that
will become plagued with concentrations of foreclosed properties, known as
"real estate owned" properties, or REOs, which lenders and investors will be
unable to sell in the next few years. According to the Center for Responsible
Lending, nearly 45 million homes that are not facing foreclosure will decline
in value by an estimated $233 billion. Most of this decline will occur in 2008
and 2009 as foreclosures lower the prices of surrounding homes.
SOURCE Save America's Neighborhoods Coalition
Tina McDaniel, +1-443-472-1479 - cell, +1-410-772-2780 - office,
tmcdaniel@enterprisecommunity.org, for Save America's Neighborhoods Coalition
