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Project Rebuild vs. Neighborhood Stabilization Program and Impact On Foreclosure Market
Both Project Rebuild and the Neighborhood Stabilization Program are designed to assist with vacant and abandoned home rehabbing and foreclosure cleanup. There are noticeable differences between the two programs.
The construction industry has lagged behind many industries because of a deflated housing market. There has been less of a need for construction building due to the real estate market crisis. With an abundance of foreclosures pouring into the market each day, there has been less of a need for new home building, and the construction industry has suffered tremendously.
But under Project Rebuild, which is still pending congressional approval, a staggering $15 billion is slated for the rehabbing and foreclosure clean-up of vacant and abandoned properties.
This initiative, which is estimated to create nearly 200,000 jobs, has many similarities to the administration’
Differences between Project Rebuild and NSP
There are noticeable differences between Project Rebuild and the Neighborhood Stabilization Program, which was actually successful in stabilizing property values in two-thirds of the communities it targeted.
Residential and Commercial Properties
The first difference between Project Rebuild and NSP can be seen in residential versus commercial properties. Project Rebuild covers both residential and commercial properties; where NSP targeted residential properties. Housing Secretary Shaun Donovan stated the current initiative is designed to not only push along job growth, but to benefit the real estate market as a whole by “attacking the overhang of properties.”
Program Targets Both “For-profit”
Another primary difference in the Neighborhood Stabilization Program versus Project Rebuild is the targeting of funding recipients. Under NSP, grant recipients were non-profit organizations. But under the current program, funding recipients can be both non-profit and for-profit entities,
Win-win for Property Owners, Communities and Industry
The passing of Project Rebuild by Congress will create winning scenarios for buyers, sellers, communities as a whole, as well as the foreclosure cleanup (http://www.foreclosure-
Project Rebuild will help lift property values, provide jobs in the construction industry and add a slew of additional funding sources and small business contracts for those foreclosure clean-up companies who cleanup and trashout foreclosures.
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Cassandra Black, Industry Consultant, Author and CEO of Foreclosure Cleanup, LLC, authoring company of How to Start a Foreclosure Cleanup Business Blog: FREE Articles, Advice, Jobs, Help Wanted & Contracts, http://foreclosure-