Project Rebuild Would Rehabilitate Foreclosed Homes

Project Rebuild Would Rehabilitate Foreclosed Homes.

The Examiner.com (10/4, Bowen) "Economic Policy Examiner" blog reports on an interview with HUD Secretary Donovan on Project Rebuild. Donovan says the bill would "create 200,000 construction jobs" and would focus on "areas of highest unemployment." Donovan also states that "a key benefit of this bill is that it will help stabilize neighborhoods where housing prices have fallen due to the high number of foreclosed homes." He is quoted saying, "foreclosures do not just hurt the person who loses their home, but if you live next door to a foreclosed home, your home loses $5,000 in value." Additionally, Donovan notes "that if Project Rebuild is leveraged with the Neighborhood Stabilization Act funds, and other community block grants for energy efficiency, it would have the additional benefit of reducing the utility costs for the home owners."