Tubbs Jones Supports Housing Package

WASHINGTON, May. 08 /PRNewswire/ --

WASHINGTON, May 8 /PRNewswire-USNewswire/ -- Today, Congresswoman Stephanie Tubbs Jones voted in favor of the housing package being considered by the House today which includes the Neighborhood Stabilization Act (H.R. 5818) and the American Housing Rescue and Foreclosure Prevention Act (H.R. 5830). She released this statement:

"It is imperative that Congress take action to assist struggling homeowners today," said Rep. Tubbs Jones. "The housing crisis has severely impacted my congressional district, particularly the city of Cleveland, Ohio. Cleveland's weak housing market coupled with a housing over-supply and the onslaught of unscrupulous predatory lenders has created a large number of foreclosures and abandoned properties. As of December 2007, the number of properties in Cleveland identified as abandoned, nuisance properties was 8,588. These abandoned and foreclosed properties exist in every neighborhood in Cleveland, but there are concentrations in communities in my district where the real estate market has completely collapsed.

"The passage of this housing package will greatly assist my constituents in Cleveland as well as thousands of Americans across the country by helping families stay in their homes while they repay their mortgage debt.

"I am particularly pleased that sections of H.R. 1043, the Community Restoration and Revitalization Act, a piece of legislation I have introduced for the past two Congresses, was incorporated into this housing legislation. This bill simplifies the Federal Historic Rehabilitation Tax Credit or Rehab Credit, making it easier to utilize the credit for revitalizing our nation's older neighborhoods, harnessing greater housing potential in underutilized historic and older buildings, and focusing more private sector investment in smaller, 'main street' oriented commercial structures.

"Since its inception, the rehab credit has been responsible for 133 residential and commercial projects in the City of Cleveland, leveraging about $760 million of private investment. The credit has helped revitalize many downtown Cleveland neighborhoods like the Warehouse District and provided the city, state and region with much needed revenue.

"This legislation will be crucial to furthering the economic development of Cleveland, the State of Ohio and throughout the country. I urge President George W. Bush to do the right thing and sign this bill into law."