The Restore Our Neighborhoods Act of 2013 is a successor to a bill introduced in 2012 by Fudge and former Congressman Steven LaTourette of Ohio , who did not seek reelection last year.
“This legislation provides a strong, sensible and cost- effective tool to meet the immediate need of rebuilding our communities," said Fudge. " The sheer volume of foreclosed and abandoned properties continues to lower property values in neighborhoods across the nation. These blighted structures invite crime and negatively impact the quality of life for residents who work hard to maintain their homes."
Fudge said that communities of her district, including Cleveland and Akron, have been hit hard by the foreclosure crisis and that Ohio remains one of the hardest hit states and that she is grateful to Joyce and Kaptur, whose 9th congressional district includes the majority White west side of Cleveland, for joining with her in introducing the bi-partisan measure that provides resources for demolition to all 50 states.
Restore Our Neighborhoods Act of 2013
· Permits the U.S. Treasury to allocate bonds to states, which will then be sold to investors.
· Allows proceeds from the sales to be used by land banks for demolition purposes (states without land banks can participate as well).
· Designates $4 billion for these bonds (Qualified Urban Demolition Bonds) and divides them into 2 different allocations:
o $2 billion divided equally among all 50 states ($40 million per state)
o $2 billion among Qualified States
· Allows states to use up to 100% of Hardest Hit Funds (HHF) to be used for demolition (currently HHF cannot be used for this purpose).
o Imposes a requirement that states spend all of the HHF funds within 2 years of enactment or 25% of the funds will be returned to Treasury.
Click here for a more information about the legislation.
U.S. Representative Marcia L. Fudge
Washington DC Office
2344 Rayburn House Office Building
Washington, D.C. 20515
Phone: (202) 225-7032
Fax: (202) 225-1339
4834 Richmond Road, Suite 150
Warrensville Heights, OH 44128
Phone: (216) 522-4900
Fax: (216) 522-4908