Project Rebuild: Obama’s $15B Foreclosure Plan

• September 13, 2011
• 1 Comment

by UrbanTurf Staff

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.

This article originally published at http://dc.urbanturf.com/articles/blog/project_rebuild_obamas_15b_foreclosure_plan/4139

1 Comment

1. Oy Vey said at 9:33 pm on Wednesday September 14, 2011:
   So now Obama is in the home renovation business as well (with my money), no chance man. Let the private sector buy these homes and create something worthwhile out of them. Oh and BTW, if the house costs more than $600k than you better believe that the poor schmock buying it will be very pissed off when he finds out that A) he/sh paid for the shoddy renovation through increased taxes and B) that he can no longer afford the house he just bought from Obama with a shoddy renovation because the SAME BILL took his mortgage interest deduction away. Thanks B!