BILL TO FUND PROJECT REBUILD INTRODUCED
Rep. Maxine Waters, D-Calif., on November 18 introduced H.R. 3502, the Project Rebuild Act of 2011. The bill would provide $15 billion under Project Rebuild, a new iteration of the neighborhood stabilization program (NSP). The funds would allow local governments and not-for-profits to purchase and rehabilitate foreclosed and abandoned properties that are sold to low- and moderate income buyers. Commercial properties would also be eligible under the new program. President Obama proposed the Project Rebuild initiative in his American Jobs Act in September.