Senator Jack Reed (D-RI) introduced S. 2162, the Project Rebuild Act, on March 6. The legislation has been referred to the Senate Committee on Banking, Housing, and Urban Affairs and has 10 original cosponsors.
The legislation would authorize Project Rebuild, which was initially proposed by the President in his American Jobs Act on September 8, 2011 (see Memo, 9/9/2011). The proposed Project Rebuild would be the latest iteration of the Neighborhood Stabilization Program (NSP), a federal program used by states and local governments to acquire and redevelop foreclosed, vacant and abandoned residential properties. Project Rebuild would expand on the provisions of the first three rounds of NSP to also allow for assistance to be used for commercial properties in addition to residential ones.
The bill would authorize $15 billion, $10 billion of which would be distributed through a formula similar to that used by the NSP program. The remaining $5 billion would be administered through a newly created grant program. There is no offset for the funds authorized in the legislation.
Representative Maxine Waters (D-CA) introduced legislation to authorize Project Rebuild, H.R. 3502, on November 18, 2011. The measure has been referred to the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity.