RELEASE: Help Is On The Way: Localities Benefit From Housing Plan
Congressional Districts Benefit from Housing Plan
The housing package recently signed into law by President Bush will help struggling neighborhoods around the country by distributing funds to convert foreclosed properties into affordable housing.
Last week President Bush signed The Housing and Economic Recovery Act of 2008, which provides almost $4 billion in grants to help states and localities stem the housing crisis by reducing downward pressure on local housing markets. States will be able to use the money to restore foreclosed properties to productive use.
Center for American Progress analysis from Andrew Jakabovics has already shown that states will benefit from millions of dollars and thousands of new jobs. The factsheets below provide an even more detailed picture of neighborhood stabilization grants at the congressional district level. They provide estimates based on one interpretation of the formula language in the new law; the actual funding will be allocated based on a formula to be established by the Department of Housing and Urban Development within the next two months.
Click on a state to download factsheets for each congressional district in the state.
Previously from CAP:
To read CAP’s legislative proposals and policy analysis on the housing crisis, please go to the Housing page of our website.