Enterprise Commends Senate Introduction of Foreclosure Prevention Act

Posted by Maryland RealEstateRama

February 25, 2008

Bill Would Help Stabilize Communities

(COLUMBIA, Md., February 15, 2008) – Enterprise commends Senator Harry Reid (D-Nev.) for his commitment to stabilize neighborhoods hit hardest by the foreclosure crisis by providing funds to help cities and states stabilize property values and generate jobs as part of the Foreclosure Prevention Act of 2008 (S. 2636). The bill provides $4 billion in emergency funding to enable states and cities to work with local nonprofits to acquire and rehabilitate foreclosed homes until owners and renters are ready to move in.

“Nonprofits across the country are ready to help communities withstand the fallout from foreclosures,” said Doris W. Koo, president and chief executive officer of Enterprise Community Partners. “Senator Reid’s leadership will give us the tools to work with mayors and governors who share our commitment to helping communities stay strong.”

The emergency funding is vital to ensuring that foreclosed homes remain in good condition while vacant and do not lead to lower property values and other conditions that can undermine communities.

Redevelopment and occupancy of foreclosed homes will help stimulate economic activity and help prevent further loss of home equity in struggling neighborhoods.

“Senator Reid’s proposal reflects the approach that Enterprise and the Center for American Progress recommended and have worked closely with Senator Dodd to develop,” Koo said. “We look forward to
them and all members of the Senate passing this bill.”

On January 31, Koo testified on foreclosure prevention and neighborhood preservation before the United States Senate Committee on Banking, Housing, and Urban Affairs, which Dodd chairs. In her testimony, Koo outlined a proposal for a Neighborhood Stabilization Fund jointly developed by Enterprise and the Center for American Progress.

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Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and
rebuild communities. For 25 years, Enterprise has pioneered neighborhood solutions through public-private partnerships with
financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and
invested $8 billion in equity, grants and loans to help build or preserve 225,000 affordable rental and for-sale homes to create
vital communities. Enterprise is currently investing in communities at a rate of $1 billion a year. Visit www.enterprisecommunity.org and www.enterprisecommunity.com to learn more about Enterprise’s efforts to build communities and opportunity, and to meet some of the half a million people we have helped.

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