Congressman Al Green and HUD Secretary Shaun Donovan Get First Hand Look at the Success of the Recovery Act in Houston
Houston, TX – August 3, 2010 – (RealEstateRama) — Congressman Al Green (TX-09) accompanied Secretary of Housing and Urban Development (HUD), Shaun Donovan, as he visited Houston to take a first-hand look at the successful results of the American Reinvestment and Recovery Act (ARRA) in the fourth largest city in the United States.
Secretary Donovan and Congressman Al Green, along with Congresswoman Sheila Jackson Lee (TX-18), toured the construction site for Kennedy Village, a new affordable housing development that is currently being built using $7.8 million from ARRA. This project is employing 37 people and will provide 108 affordable homes.
“Thanks to funds from the Recovery Act, HUD is making a $13.6 billion investment to build and rehabilitate homes nationwide and this is just one of the tens of thousands of projects that are getting underway. The Recovery Act is benefitting Texas and proof of it is the fact that it has generated 225,000 jobs in our state,” said the Congressman. He added it is estimated that, by the end of 2010, ARRA will have created 3.5 million jobs.
Congressman Al Green stated that thanks to the actions of the 111th Congress HUD’s budget for FY 2010 increased by 9 percent over FY 2009. He also stressed that, according to HUD, nearly two thirds of the funds used to rehabilitate homes are being invested in neighborhoods with median incomes under $30,000. In addition, $4 billion that were provided to over 3,000 public housing authorities from across the country are being used for public housing developments.
“These funds are allowing local housing authorities to redevelop and renovate communities that were in desperate need of rehabilitation and subsequently are giving them the tools they need to weatherize and make these homes more energy efficient,” said the Congressman. He also indicated that the American Clean Energy and Security Act includes provisions to further the implementation of environmentally sound programs regarding the building and rehabilitating of public and assisted housing.
Congressman Al Green also emphasized that funding under ARRA established $2 billion in funds for Neighborhood Stabilization programs. He expressed his firm support for the Administration’s ‘Transforming Rental Assistance Initiative’, which focuses on assisting families who live in the poorest communities. According to Secretary Donovan, this program would create 1,600 jobs in Houston.
David Mincberg, Chairman of Houston Housing Authority’s Board of Commissioners, and James Noteware, Director of Housing and Community Development for the City of Houston, also joined Secretary Donovan and Representatives Green and Jackson Lee in their tour of Kennedy Village.
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Alvaro ‘Al’ Ortiz
Press Secretary
Congressman Al Green, 9th District-Texas
United States House of Representatives
3003 South Loop West, Suite 460
Houston, TX 77054
Office Phone: 713-383-9321
Cellular Phone: 202-527-1109
Fax: 713-383-9202
Email: Alvaro.Ortiz (at) mail.house (dot) gov
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Suggestion on resolving housing problems.
First: Pass legislation allowing people to withdraw IRA money for buying a house or property for personnal use without paying a penalty on the withdrawal. This would be subject to holding the property for a time frame of at least 3 or 5 years. If held the oost basis would be the initial amount of money withdrawn from the IRA. If sold within the time frame there would be a penalty making the cost basis revert to zero “0″ making the capital gain entirely taxable on the IRA withdrawal
Second: For people defaulting and becoming subject to foreclosue give them a time out or what I call a catch up period of 5 years by paying half of their monthly payments in the form of principal and only 1% interest until 20% of the original loan is paid off.
These actions would do the following: Stabilize the housing market in stopping a tremendous amount of foreclosures, and generate a tremendous amount of buying of new and existing properties.
To prevent problems in the future legislation should be made to require all future loans have a 20% equity down payment before a loan can be issued.
Respectfully yours,
Abe Spector
Retired Captain FDNY
BBA, & BA.
PS If you wish to contact me call me 718-948-0085