Community Revitalization and Public Policy
Housing and Economic Recovery Act
Enterprise celebrated a tremendous victory on July 30, 2008 when President Bush signed the Housing and Economic Recovery Act (HERA) of 2008 (H.R. 3221) into law. For months, Enterprise had been working with our industry and other partners to raise awareness of the foreclosure crisis and its devastating impact on neighborhoods. Included in HERA was the Neighborhood Stabilization Program (NSP) which received $3.92 billion in emergency funds.
- NSP addresses the negative impacts that concentrations of foreclosed properties are having in communities.
- This emergency funding finances the purchase and rehabilitation of foreclosed and abandoned homes in areas heavily impacted by the foreclosure crisis.
- Enterprise’s public policy office was one of several key leaders in securing an additional $2 billion for a second round of NSP funds to support states, localities and nonprofits in the American Recovery and Reinvestment Act (ARRA) of 2009.
Save America’s Neighborhoods Campaign
In June 2008, Enterprise announced the formation of the Save America’s Neighborhoods Campaign, a coalition of national and local organizations concerned about the foreclosure crisis’ impacts on communities. The coalition and its steadfast efforts were important contributors to the formation of the NSP program.
Educating and Advocating
Enterprise has also played a critical role in educating state and local officials as well as our housing and community development partners on our response to the foreclosure crisis, best practices for neighborhood stabilization, and how these new federal funds can be used.
Members of the Enterprise public policy team have spoken at dozens of conferences and meetings since the enactment of HERA, including
- HUD Housing Summit on the Neighborhood Stabilization Program
- National Governor’s Association State Summit on Foreclosures and Housing Solutions
- U.S. Conference of Mayors meeting on the foreclosure crisis
- National League of Cities’ foreclosure conference
- Congressional Black Caucus Annual Legislative Conference
- Kansas City Federal Reserve Bank’s forum for cities
- Regional conferences for non-profit developers around the country
- Enterprise has been advocating for public policies that allow homeowners to modify mortgage loans and keep borrowers in their home.
- The policy office has also been educating lawmakers on the need to require federal property managers and loan servicers to dispose of REOs at a discount to qualified nonprofits. This would allow Enterprise and the National Community Stabilization Trust to facilitate the disposition of assets in a wholesale manner.
- Enterprise is also working with more than 30 partners on a set of regulatory and statutory recommendations to improve the effectiveness of the Neighborhood Stabilization Program.