Senate Introduces Bill to Help Unemployed Homeowners and Provide Third Round of NSP Funding

Senator Bob Casey of Pennsylvania has introduced the Homeowners' Relief and Neighborhood Stabilization Act of 2010, which provides temporary relief to unemployed homeowners and proposes a third round of the Neighborhood Stabilization Program (NSP3).

The bill provides $3 billion to allow homeowners facing a temporary loss in income due to unemployment, underemployment or medical condition to receive low-interest loans for up to 24 months to assist in their monthly mortgage payment. Homeowners must be at least 3 months behind on their mortgage payments and have received a notice stating that the holder of the mortgage intends to foreclose.

The bill also establishes $1 billion for NSP3 to provide grants to eligible entities to purchase and redevelop foreclosed and abandoned properties. The proposed third round of the Neighborhood Stabilization Program uses the NSP2 version of the program, but for a few changes.

Learn more about the Homeowners' Relief and Neighborhood Stabilization Act of 2010 at stablecommunities.org.