Project Rebuild: Obama's $15B Foreclosure Plan
Tucked away in the $447 billion job creation plan that President Obama unveiled late last week are billions of dollars set aside to rehab foreclosed homes and businesses.
Specifically, the bill calls for a $15 billion fund that would be used to hire construction workers to bring the distressed properties back up to snuff. The aim is two-fold: provide jobs to those in the construction industry (who need them) and enhance the value of properties surrounding the foreclosures by making the distressed properties livable again. Details of the program, called Project Rebuild, are few, other than that the funds would also be used to rehab commercial foreclosures.
If the bill is passed with this program intact, it could be used in conjunction with the administration’s plan to rent out foreclosures around the country.
See other articles related to: hud, obama, project rebuild
This article originally published at https://dc.urbanturf.com/articles/blog/project_rebuild_obamas_15b_foreclosure_plan/4139.
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