After passing a motion to proceed on the conference report of the Wall Street Reform and Consumer Protection Act, HR 4173, the Senate yesterday passed the sweeping financial reform bill 60-39. The bill includes $1 billion for a third round of Neighborhood Stabilization Program (NSP3) funds.
The Neighborhood Stabilization Program has been instrumental in assisting states and local governments to acquire and redevelop foreclosed properties. Rhode Island received $19.6 million in the first round of NSP funding to target 11 communities hardest hit by foreclosures.
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