Subcommittee on Housing and Community Opportunity To Hold Twin Cities Hearing
“The Impact of the Foreclosure Crisis on Public and Affordable Housing in the Twin Cities”
Washington, D.C. – January 20, 2010 – (RealEstateRama) — Congressman Keith Ellison (D-MN) will join Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Subcommittee on Housing and Community Opportunity at a Subcommittee field hearing entitled, “The Impact of the Foreclosure Crisis on Public and Affordable Housing in the Twin Cities.” The hearing will examine the foreclosure crisis and its negative impact on the affordable rental housing market.
The hearing will be held on Saturday, January 23rd, 2010 at 12:00 p.m. CST in Pohlad Hall at the Minneapolis Central Library.
The hearing is timely in light of the Department of Housing and Urban Development’s (HUD) recent announcement of $2 billion in Neighborhood Stabilization Program (NSP) grants to cities, states and non-profits across the country. Under HUD’s grant announcement, the City of Minneapolis received nearly $19.5 million in NSP funding, while the City of St. Paul received $18 million.
“I am pleased that we made the case that the Twin Cities could use NSP funding to rehabilitate foreclosed homes and develop affordable housing,” Ellison said. “These funds will bring jobs and housing for our communities most in need,” Ellison added.
These dollars will be used to purchase and rehabilitate foreclosed housing; to create ownership as well as rental opportunities for low-and moderate-income households.
“I fought hard to secure nearly $6 billion in NSP funding for communities nationwide; I look forward to hearing from advocates and officials on how the Twin Cities are using these funds, and other resources and programs, to fight neighborhood blight and expand the stock of affordable housing,” Chairwoman Waters stated.
Witnesses will include officials from HUD, local elected and appointed leaders, nonprofit stakeholders, housing advocates and service providers. Witnesses will be asked to describe the affordable housing challenges in the Twin Cities, explain the importance of NSP funds and provide recommendations to federal policymakers
“We craft good policy when we know the reality on the ground. Our subcommittee is excited to listen and learn from the witnesses’ testimony,” added Congressman Ellison.
Who: U.S. House Committee on Financial Services, Subcommittee on Housing and Community Opportunity: Subcommittee Chairwoman Maxine Waters, Congressman Keith Ellison, and Witnesses to be announced.
What: Field Hearing: “The Impact of the Foreclosure Crisis on Public and Affordable Housing in the Twin Cities.”
When: Saturday, January 23, 2010
12:00 P.M.
Where: Pohlad Hall
Minneapolis Central Library
300 Nicollet Mall
Minneapolis, MN, 55401
