March 17, 2011 – (RealEstateRama) — Congressman Jim Langevin (D-RI) voiced strong objections to a bill brought forward by House Republicans today that threatens to eliminate resources that would create jobs and affordable housing in Rhode Island. The Neighborhood Stabilization Program (NSP) Termination Act (H.R. 861) would end a proven successful effort to revitalize neighborhoods, as well as save and rehabilitate buildings and foreclosed property. NSP has already resulted in 100 new homebuyers purchasing and restoring previously foreclosed properties in Rhode Island and 165 foreclosed homes being acquired for non-profit developers to restore as affordable homes. The latest stage of the program, included in last year’s Financial Reform Bill, did not add to the deficit and provided $6.3 million in funding for the Ocean State.
His criticism of the bill reflects Langevin’s deep concern about the approach that some in Congress are taking to address our deficit by arbitrarily cutting programs that have little impact on overall spending. Langevin has emphasized that we must thoughtfully consider all aspects of the budget, particularly health care spending and inefficiencies in the tax code, to make cuts that do not impede job growth.