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The Reid Report—February 25, 2010
Dear Fellow Nevadan,
We are taking major steps to being help to Nevada. Specifically, we are taking action to cut taxes, create jobs, keep people in their homes and get our state’s economy back on track.
Earlier this week, I wrote to you about the importance of the $100 million in housing assistance that we fought for and won in order to keep Nevada homeowners in their homes. With the housing crisis affecting so many families through foreclosure, and many others through declining home values, something had to be done. This morning I announced that an additional $1.3 million is going to Las Vegas for foreclosure prevention projects.
 Yesterday, the Senate passed an important Jobs Bill, which invests in our country’s infrastructure and creates or saves more than one million jobs. I am proud to say that it does not add to the deficit and I worked hard to gain bipartisan support. The small business tax cuts in this bill will help companies across Nevada hire new workers and help families put food on the table. Later this week and next, the Senate will consider another Jobs Bill, this one intended to help unemployed workers by extending unemployment insurance and health coverage.
For the third time this session of Congress, I brought up the Travel Promotion Act, because I know it will bring more visitors to our state, creating thousands of new, good-paying jobs for our workers. This bill doesn’t cost American taxpayers a thing, and it will help our businesses immensely. This time, I am confident we have the votes to pass this important measure.
Also this week, Senator Ensign and I testified on behalf of the Tahoe Restoration Act. Our work to preserve Lake Tahoe has both an environmental and economic benefit for the state. This work will ensure Lake Tahoe remains one of the most sought after tourist destinations in all the world and that will be further enhanced by the Travel Promotion Act.
There is more work to do to help Nevada’s families and put our economy back on track, but I am focused every day on just that task. Thank you for reading this update. Please visit my website for more information.
HARRY REID
United States Senator for Nevada
Donovan And Reid Announce $1.3 Million To Help
Las Vegas And Clark County Stabilize Neighborhoods
Grappling With Foreclosures
February 25, 2010 – Washington, D.C. – U.S. Housing and Urban Development Secretary Shaun Donovan and Nevada Senator Harry Reid today announced up to $1.3 million in emergency technical assistance to help reverse the effects of foreclosure and abandonment in certain neighborhoods in the City of Las Vegas and Clark County. The unprecedented aid announced today is funded through the American Recovery and Reinvestment Act and is part of the Obama Administration’s plan to help communities hardest hit by the downturn in the housing market.
“The foreclosure crisis is especially brutal in places like the City of Las Vegas and Clark County, requiring that we redouble our efforts to stabilize neighborhoods there,” said Donovan. “This first-of-its-kind technical assistance will help jump start stabilization programs in Las Vegas and Clark County and makes good on President Obama’s pledge to leave no stone unturned in helping those parts of our country experiencing the greatest recovery challenges.”
“I thank Secretary Donovan for responding to my call to provide more help for Nevada homeowners,” Reid said. “This funding will go a long way toward helping the City of Las Vegas and Clark County speed up the process of putting Neighborhood Stabilization Program funds to work for southern Nevadans.”
In addition to the funds announced today, HUD has also dispatched teams of technical experts, as well as additional staff, to address the foreclosure crisis and help retool neighborhood stabilization programs in the City of Las Vegas and Clark County, areas that have struggled with difficult market conditions as well as a shortage of trained staff of their own.
Background
Nearly one year ago, HUD allocated $72 million (including approximately $15 million to Las Vegas and $30 million to Clark Co.) in grants through the Department’s Neighborhood Stabilization Program (NSP). These grants are designed to help communities throughout Nevada to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight. Last month, HUD awarded an additional $21 million through a second round of NSP funding to address foreclosure/abandonment in Reno, Sparks and Washoe County, Nevada.
The funding announced today will help Las Vegas and Clark County to use and spend the NSP funding they already have more effectively. HUD is dispatching teams of experts, as well as additional HUD staff, to help improve the effectiveness of Las Vegas’ and Clark County’s neighborhood stabilization programs which are struggling due to a lack of technical expertise. These experienced HUD technical assistance teams will remain in Las Vegas and Clark County through at least September 30, 2012.
HUD’s teams will assist both of these communities to modify or, in some cases completely retool the systems necessary to manage programs centered around property acquisition, management, rehabilitation, and resale. In particular, HUD will help Las Vegas to increase productivity in its Housing Assistance Program (HAP); assist in developing construction expertise; and enhance the City’s property management capacity. HUD will assist Clark County to develop a more intensive and sophisticated marketing effort to attract buyers of previously foreclosed properties; acquire services or train key personnel in the rapid, high volume acquisition of scattered site single family homes; develop systems and skills to manage a high-volume rehab program; and create comprehensive asset and property management systems specific to scattered site single family properties.
The Reid Report—February 22, 2010
Dear Fellow Nevadan,
It was my pleasure last week to be joined by President Obama to announce that at least $100 million is coming to Nevada to help struggling homeowners stay in their homes. The President and I worked hard on this solution to provide relief to those who face the threat of foreclosure or remain severely underwater in their home mortgages.
 This funding recognizes that certain areas of the country have been hit much harder by the foreclosure crisis than others, and that additional help is needed in those areas. In fact, Nevada is one of only five such states that will receive this help. This program will go much further than past programs in addressing the needs of our state’s homeowners. It provides greater incentives for banks to renegotiate mortgages, rewrite second liens and make loans available to unemployed homeowners.
There is no silver bullet to fix our economy, but this program is exactly the sort that will help us take a step along the path to recovery. I hope that Nevadans will visit my website to learn more about the major victory we have won.
HARRY REID
United States Senator for Nevada
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