New legislation intends to help with community redevelopment

    
 

Thursday, Mar 15 2012 3:50PM

Minnesota Senator Al Franken recently introduced legislation that helps stabilize neighborhoods affected by abandoned homes and buildings.

Minnesota Senator Al Franken recently introduced legislation that helps stabilize neighborhoods affected by abandoned homes and buildings.

Minnesota Senator Al Franken recently introduced legislation that helps stabilize neighborhoods affected by abandoned homes and buildings.

Franken proposed the Project Rebuild Act to help economic development in Minnesota. The initiative will also help urban and rural community development in states such as California, Arizona and Nevada.

The bill provides $15 billion nationwide to help renovate vacant homes and commercial properties in areas that were left abandoned during the housing market slump. Roughly $10 billion would be directed to states, cities and nonprofit organizations, while $5 billion would be distributed through new competitive grants.

Additionally, Project Rebuild creates more than 190,000 jobs and renovates 150,000 properties across the country. Each state will receive a minimum of $20 million.

The legislation also acts as a second generation of the Neighborhood Stabilization Program (NSP) and is expected to develop more commercial projects and spur job creation.

For further information, check out this source: Senator Al Franken

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