Access to affordable housing is a serious problem across America, particularly with the weakening economy and rising gas, utility and food costs.  With a rise in mortgage foreclosures leading to people losing their homes and unprecedented waiting lists for public housing, the ability to find affordable housing is crucial.
 
Along with my colleagues in Congress, I have been working to ensure access to affordable housing in New York, particularly to preserve existing units and to rehabilitate foreclosed homes.
 
On May 1st, I introduced H.R. 5937, which will enable Starrett City, the nation's largest affordable housing development, to remain affordable.  The bill creates the conditions necessary for purchasers of Starrett City to secure the long-term financing necessary to purchase the property, thereby allowing them to keep the units affordable.  By making the property affordable to the owners, they can in turn keep the housing affordable for tenants.  The House passed the bill on May 7, 2008, a powerful vote of confidence in the future of affordable housing. 
 
This month I also backed H.R. 5818, "The Neighborhood Stabilization Act of 2008."  This bill would provide $15 billion in grants and loans to state and local governments to purchase, rehabilitate, and resell or rent foreclosed homes.  The House passed the bill on May 8, 2008. 
 
Communities across the country are being devastated by the foreclosure crisis, which has already left many neighborhoods with block-after-block of boarded up homes.  These abandoned and often vandalized properties drag down the value of the homes still occupied by working families.
 
The eroding property values also directly impact the tax base of state and local governments, forcing them to address the impacts such blight and decay have on neighborhoods and communities in a challenging fiscal environment.
 
Rest assured, our work is far from complete.  The housing crisis will only continue to deepen if Congress does not intervene effectively and responsibly.  I will continue to fight to preserve and expand affordable housing options for all Brooklynites. 

###

Return to Congressman Towns' website