President Obama's Jobs Act is essential to fixing VA's foreclosure problem and helping all home owners

October 19, 2011

A new report titled Virginia's Neighborhoods and the American Jobs Act" from Housing Opportunities Made Equal (HOME) shares how President Obama's jobs bill will help fix housing problem across the Commonwealth. Over 9% of Virginia's housing units are vacant, and this report reveals that "restarting the housing market is essential to our economic recovery.

Progressive Point: A home is the largest asset most average Virginians will ever own.  Not only are home foreclosures devastating to individual families, but they also lead to increased vacancies - and both foreclosures and vacancies have a very negative impact property values.  We need to find ways to help individual families hurt by foreclosure, and we also have to help the home owners in all of Virginia's communities whose property values are hurt by this problem.  President Obama's American Jobs Act's effects will be felt strongly in both areas with high rates of foreclosures, such as in the urban crescent, and in areas with high numbers of vacancies, such as in rural Virginia.  Additionally, it "is a bi-partisan solution with broad support in Virginia. Governor Bob McDonnell supports investments rehabilitating substandard housing. He highlighted this as a priority early in his administration." Furthermore, it could bring Virginia up to $20 million to help "create jobs while also stabilizing neighborhoods, reducing vacancies, and stabilizing residential and commercial property values" - solutions Virginia desperately needs.

Tweet it: President Obama's Jobs Act is essential to fixing VA's foreclosure problem and helping all home owners http://bit.ly/nec8ct via @ProgressVA

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