When the housing bubble popped in 2009, it left many American communities with foreclosed and vacant homes and businesses.
The American Jobs Act would help restore thousands of these abandoned properties and put construction workers back to work in the process with Project Rebuild. The $15 billion project would create thousands of jobs to tear down abandoned properties, renovate foreclosed homes and maintain abandoned properties until they can be sold once again. Intended to initially help communities with the largest number of foreclosed properties, Project Rebuild would create much-needed jobs and energize the country’s blighted communities at the same time. Key components of the project include:
- Stabilizing communities by focusing on distressed commercial properties and redevelopment;
- Federal funding to support for-profit development — when consistent with project aims and subject to strict oversight requirements;
- Increased support for “land banking”;
- Establishing property maintenance programs to create jobs and mitigate “visible scars” left by vacant/abandoned properties.