IN SUPPORT OF PROJECT REBUILD

WHEREAS, commercial and residential properties which were foreclosed during and before the great recession continue to blight neighborhoods and communities throughout the country; and

WHEREAS, HUD administered the Neighborhood Stabilization Program (NSP) from 2008 to 2010 in three rounds, which distributed nearly $7 billion, supported an estimated 88 thousand jobs, completed nearly 50,000 units of affordable housing, and demolished nearly 25,000 blighted properties in some of the hardest-hit neighborhoods; and

WHEREAS, in order to build on the success of NSP, President Obama included Project Rebuild in his FY13 budget proposal, a $15 billion program designed to purchase, rehabilitate, and/or redevelop foreclosed, abandoned, demolished, or vacant properties; and

WHEREAS, Project Rebuild would support an estimated 191,000 jobs and treat at least 150,000 properties across all 50 states; and

WHEREAS, up to thirty percent of the funds would be eligible for use on commercial properties;

NOW, THEREFORE, BE IT RESOLVED that The United States Conference of Mayors supports inclusion of the President’s proposed Project Rebuild initiative in the final federal budget for FY13.