Congressman Gregory W. Meeks Applauds Announcement by Department of Housing and Urban Development for Allocation of Funds to Neighborhood Stabilization Program 3

(WASHINGTON, DC)– Congressman Gregory W. Meeks (NY-6), Senior Member of the House Foreign Affairs Committee, Financial Services Committee and Chairman of the Subcommittee on International Monetary Policy and Trade, applauds announcement by Department of Housing and Urban Development for allocation of funds to the Neighborhood Stabilization Program 3 (NSP3) that will greatly benefit Jamaica, Queens.

The Neighborhood Stabilization Program was developed during the foreclosure crisis to purchase and transform foreclosed homes into affordable housing. Additionally, the Neighborhood Stabilization Program will also help to create jobs, prevent future foreclosures and protect homebuyers.

The passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 provided an additional $1 billion for the Neighborhood Stabilization Program that was originally established under the Housing and Economic Recovery Act. According to the Department of Housing and Urban Development those who are eligible for NSP3 are states and local governments with the greatest need for neighborhood stabilization funding. This need is determined by those communities that have high numbers of foreclosed and/or vacant properties in the neighborhoods with the highest concentrations of foreclosures, delinquent loans, and subprime loans.

“This announcement brings great news for the Sixth Congressional District that was hard hit by foreclosures and loss of jobs during the economic recession. As one of the conferees on the Wall Street Reform Committee it was of great importance that we pass this legislation to help facilitate the transition of foreclosed and abandoned properties into affordable housing. I look forward to working with the community in strengthening and stabilizing our neighborhoods as we recover from this economic downturn,” stated Congressman Meeks.

Now serving in his sixth full-term, Meeks was elected to the House on February 3, 1998. Representing New York's Sixth Congressional District in the United States House of Representatives, Meeks' district covers all towns of Southeast Queens, Far Rockaway and Howard Beach. He is a member of the House Committee on Financial Services and the Committee on Foreign Affairs. Congressman Meeks is the Chairman of the International Monetary Policy & Trade Subcommittee of the House Financial Services Committee. He is a Member of the Congressional Black Caucus (CBC), New Democrats Coalition and the Democratic Leadership Council (DLC). He serves as the Co-chair of the Malaysia Caucus, Services Caucus, Dialogue Caucus, OAS Caucus and the Middle East Economic Partnership Caucus.