NSP Termination Act

Floor Speech

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Mr. TURNER. Mr. Chairman, I rise today in opposition to H.R. 861, the Neighborhood Stabilization Program Termination Act. The depth of our foreclosure crisis is astounding. According to Realty Trac we witnessed over one million foreclosures last year and they predict we are on track to break that unfortunate record once again this year.

Furthermore, the same group found that foreclosure proceedings were initiated against 2.9 million of our nation's households in 2010. They predict this number to increase by 20 percent this year.

With no apparent slowing of this trend, the Miami Valley region of Ohio has averaged roughly 7,000 foreclosures each of the last three years; there were more than 1100 foreclosures in just the first two months of this year. This is a three-fold increase from a decade ago.

This crisis hurts individuals, families, neighborhoods, and communities. In my area of Ohio, the foreclosures were not due to an irresponsible home buying ``boom and bust'' cycle with dramatic increases and falling home values--but rather due to high unemployment caused by the deep recession; sharp declines in population, along with families who were victimized by predatory lenders and the lack of loan modification standards.

The result has been an almost doubling of the vacancy rate made up mostly of abandon foreclosed properties. The City of Dayton currently has 15,000 vacant excess units with some neighborhoods seeing half of their units vacant.

Foreclosed properties sit vacant for long periods of time, and not only become an eyesore, but a threat to public health and safety. In response, the Neighborhood Stabilization Program was created to help address this crisis with which our communities struggle.

The resources that this program has brought to bear are continuing to make a considerable difference. Not only have hundreds of vacant units have been demolished, but the structures with value were rehabilitated and sold. In addition, the program has allowed localities to partner with local builders, trade schools for at-risk youth, universities and non-profits, to further leverage these funds.

I have stood on this floor and voted time and again to cut wasteful spending and terminate ineffective government programs, but I cannot vote to end the Neighborhood Stabilization Program. In Southeast Ohio NSP has proven its value and demonstrated its effectiveness at addressing one of the biggest problems to confront my communities.

In Southeast Ohio this program has removed long standing blight. It is positively affecting real estate values, training at risk youth and also creating jobs. For all of these reasons, I urge my colleagues to join me in voting against H.R. 861, The Neighborhood Stabilization Program Termination Act.

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