The bill seeks to provide $100 million in funding for the Neighborhood Reinvestment Corporation for mortgage foreclosure mitigation activities. 

“Foreclosures are ravishing communities in central Brooklyn and across the nation,” said Congresswoman Yvette D. Clarke.  “This bill is intended to provide relief to the hard working families and individuals seeking to hold on to their homes.  Neighborhood Reinvestment Corporation’s history of successful programs to help communities avoid foreclosure as well as counseling those already in foreclosure is an excellent resource for those in need.”

The Neighborhood Reinvestment Corporation, now doing business as NeighborWorks America was created by Congress in 1978 to provide grants, programmatic support and services to community based organizations serving communities in the 50 states, Puerto Rico, and the District of Columbia. 

The bill proposes that funds come from any money in the Department of Treasury that is not appropriated for the fiscal year 2008 and will remain available until September 30, 2008.

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