Friday, June 25, 2010

Financial Reform Bill Conference Bill Has $1 Billion for HUD Program for Unemployed Homeowner Relief, Updating 1975 Program; $1 Billion for NSP Also?

Talk about going back to future.... 

House Financial Services Conference Committee bill passed in the wee hours of the morning apparently (CNN Money) has $1 billion in TARP funding to help unemployed borrowers. Funding would be use in conjunction with revised provisions of section 107 of the Emergency Housing Act of 1975 (12 U.S.C. 2706),  [Pennsylvania HEMAP program is cited most often as model for this program].

Original House proposal had been for $3 Billion for this fund. 

NOTE: It appears to me that Committee ALSO approved $1 billion for NSP, but I have yet to see that reflected in news stories.

More to follow I am sure as full House and Senate votes occur next week.

Originally created and posted on the Oregon Housing Blog.

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