March '09 Nevada Government - Dina Titus column

Housing Grants for Southern Nevada

Congresswoman Dina Titus of Nevada’s Third District announced that the City of Henderson will receive $304,711 from the Community Development Block Grant (CDBG) program and that the Clark County Housing Authority will receive $1,724,275 through the Capital Fund Formula program. These grants from the Department of Housing and Urban Development are the first set of grants for Nevada through the recently enacted American Recovery and Reinvestment Act.

“With the announcement of these grants, Nevada will begin to see the effects of the recovery plan only weeks after its passage,” Congresswoman Titus said. “This critical funding will invest in our communities while creating much-needed jobs as we work to turn our economy around.”

Funds from the Community Development Block Grant program will enable the city to undertake a wide range of activities intended to help provide affordable housing and create economic opportunities or low and moderate income people. The Capital Fund Formula program provides funds to public housing agencies for the modernization and development of public housing.

In addition to the grants from the recovery plan that will go solely to the Third District, there are a number of grants that will also benefit Nevadans in both the First and Third District, including:

· $469,798 from the Capital Fund Formula program for the City of North Las Vegas

· $1,376,738 from the CDBG program for the City of Las Vegas

· $443,222 from the CDBG program for the City of North Las Vegas

· $2,105,118 from the Homeless Prevention program for the City of Las Vegas

· $677,704 from the Homeless Prevention program for the City of Las Vegas

The recovery plan, which was passed by the House on February 13 and signed into law by President Obama on February 17, will create or save 3.5 million jobs nationwide, including 34,000 jobs in Nevada. It also provides tax breaks for 95 percent of Americans that will be reflected in workers’ paychecks beginning April1.

Titus Statement on President Obama’s Housing Plan

Congresswoman Dina Titus of Nevada’s Third District released the following statement today on President Obama’s new housing plan, the “Making Home Affordable” program.

“As Nevada continues to lead the nation in the foreclosure rate, President Obama’s new housing initiative will provide welcome assistance to responsible homeowners who followed the rules yet still face foreclosure. While this program will not bring an end to the housing crisis or help every homeowner, it is a step in the right direction that will help millions of families stay in their homes. Until we fully address the foreclosure crisis that has gripped Nevada and our nation, we will not be able to pull out of this recession and restore our economic security.

“With Nevada’s unemployment rate at a 25-year high, responsible homeowners who have lost their job or seen their hours cut back are struggling to pay for mortgages on homes that in many cases cost more than their value. The Making Home Affordable program will help families stay in their home by modifying their loans or refinancing.

“I encourage any homeowner who is struggling to keep up with their payments to contact their mortgage servicer to see if they qualify for the program.”

Titus Floor Statement on Amendment to Housing Bill

Congresswoman Dina Titus of Nevada’s Third District spoke on the House floor today on her amendment to H.R. 1106, the Helping Families Save Their Homes Act. Below are her remarks as delivered.

“Mr. Chairman, I rise today with an amendment to H.R. 1106, the Helping Families Save Their Homes Act.

“As you know, the foreclosure crisis is wrecking havoc across the entire nation, but my district in Southern Nevada is particularly hard hit. Nevada has the highest foreclosure rate in the country. Home prices have dropped significantly, thousands of families are upside-down on their mortgages, and foreclosures are extending into the prime market. In fact, there was a report today by First American CoreLogic group that stated that 58.2 percent of Las Vegas houses are upside down and another 3.5 percent are fast approaching for a total of 61.7 percent of all outstanding mortgages. Compounding the problem even further, the unemployment rate in Nevada is over 9 percent, well above the national average. Families who were responsible and bought a home within their means are now facing foreclosure due to a lost job or reduction in hours at work.

“Foreclosure prevention, I believe, is a critical piece of any strategy to get us back on track. I strongly believe that aggressive outreach to borrowers can help prevent unnecessary foreclosures – and that is exactly what my amendment seeks to address.

“The amendment is simple and straight forward. In short, it would require that servicers who participate in the HOPE for Homeowners program and receive government incentives paid for by taxpayer dollars notify ‘at-risk’ homeowners that they may be eligible for the program and tell them how to obtain information regarding the program. It also requires that the HUD Secretary define who are ‘at risk’ homeowners and prescribe a form and manner of notifying them of their potential eligibility for assistance.

“By requiring HUD to define what is meant by ‘at-risk’ and to prescribe the method of notification of eligible homeowners, my amendment attempts to limit the administrative burden on the servicer. At the same time, it ensures that homeowners who are in danger of losing their homes and may be eligible for help will receive as much information as possible about the HOPE for Homeowners program. Many people in trouble do not even know what help is available to them and this amendment will help resolve that problem so they can find out about HOPE for Homeowners in a timely fashion before it’s too late.

“I can't tell you how many calls I have received from constituents in my district office who are facing foreclosure and don't know where to turn. This amendment will provide them with the information and help they need under this important legislation.

“Mr. Chairman, I have discussed this issue with Chairman Frank of the Financial Services Committee and understand that he has some reservations regarding the scope of the amendment. Although I intend to withdraw the amendment, I think it is important that we have the discussion on this issue today and I appreciate your indulgence. I also look forward to working with the Chairman as we move forward to improve notification requirements and address the foreclosure crisis in our country.

“So thank you Mr. Chairman.”