House votes to kill neighborhood stabilizing plan

By Corbett B. Daly

WASHINGTON | Wed Mar 16, 2011 9:13pm EDT

WASHINGTON (Reuters) - The House of Representatives on Wednesday approved a bill to kill an Obama administration program that provides $1 billion to stabilize neighborhoods blighted by vacant and foreclosed homes.

The measure is the third of four Republican bills aimed at ending government assistance for homeowners who have seen home values plummet since the housing bubble burst, though none is expected to clear the Senate.

The House voted 242-182 to kill the Neighborhood Stabilization Program, started in 2008 to provide funds for state and local authorities to encourage redevelopment and rehabilitation of abandoned and foreclosed properties.

About $6 billion has already been set aside. As part of last year's rewrite of Wall Street rules, Congress pledged an additional $1 billion for the program.

The proposal would pull the plug on the last $1 billion before it goes out the door, but does not address the initial $6 billion.

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