The House Appropriations Committee publicized an initial draft of the economic recovery package entitled the “American Recovery and Reinvestment Act of 2009.” In this crucial piece of legislation, the Neighborhood Stabilization Program was designated approximately $4.19 billion to help stabilize communities facing economic downturn due to the ongoing foreclosure crisis.
It is important to note that this draft is in its primitive stages, and according to Speaker Pelosi is intended to give a better sense of priority in the package.