summary
Introduced
In Committee
Crossed Over
Passed
Dead
Introduced Session
112th Congress
Bill Summary
Project Rebuild Act - Appropriates funds for assistance to eligible entities, including state and local governments, and qualified nonprofit organizations, businesses or eligible consortia, for the redevelopment of abandoned and foreclosed-upon properties and for stabilization of affected neighborhoods (Project Rebuild). Allows such grantees to give priority emphasis and consideration to areas that have lost occupiable housing stock within three years of the enactment of this Act due to the effects of presidentially declared disasters. Allows the use of funds to: (1) establish financing mechanisms for the purchase and redevelopment of abandoned and foreclosed-upon properties; (2) purchase and rehabilitate such properties; (3) establish and operate land banks for them, as well as for properties demolished or severely damaged by presidentially declared disasters; (4) demolish blighted structures (except public housing); and (5) redevelop abandoned, foreclosed, demolished, or vacant properties. Requires each state to receive at least $20 million of formula funds, all of which shall be used with respect to low and moderate-income individuals and families. Requires each state and local government grantee to establish procedures to create preferences for development of affordable rental housing. Allows a grantee to use up to 10% to create jobs by establishing and operating a program to maintain eligible neighborhood properties. Subjects amounts appropriated, revenues generated, and amounts otherwise made available under this Act to: (1) the requirement of the Housing and Community Development Act of 1974 that all laborers and mechanics employed by contractors and subcontractors on federally-assisted projects be paid wages at the locally prevailing rates (Davis-Bacon Act); and (2) the Secretary's authority to waive such wage rate and certain employment protection requirements with respect to grants to Indian tribes.
AI Summary
This bill, the Project Rebuild Act, appropriates $15 billion to assist eligible entities, including state and local governments, nonprofits, businesses, and consortia, in redeveloping abandoned and foreclosed-upon properties and stabilizing neighborhoods, with a priority for areas that have lost housing due to presidentially declared disasters within the last three years. The funds can be used for various purposes such as establishing financing mechanisms, purchasing and rehabilitating properties, creating land banks for abandoned or disaster-damaged properties, demolishing blighted structures (excluding public housing), and redeveloping vacant properties. Each state is guaranteed at least $20 million in formula funds, which must be used for low and moderate-income individuals and families, and grantees must establish procedures to prioritize the development of affordable rental housing. Additionally, up to 10% of a grant can be used for job creation through neighborhood property maintenance programs. Importantly, all appropriated funds are subject to the Davis-Bacon Act, which requires laborers and mechanics on federally-assisted projects to be paid locally prevailing wages, though the Secretary of Housing and Urban Development can waive these requirements for grants to Indian tribes.
Committee Categories
Housing and Urban Affairs
Sponsors (12)
Daniel Akaka (D),
Mark Begich (D),
Richard Blumenthal (D),
Sherrod Brown (D),
Dick Durbin (D),
Al Franken (D),
Kirsten Gillibrand (D),
Patrick Leahy (D),
Jeff Merkley (D),
Jack Reed (D),
Chuck Schumer (D),
Sheldon Whitehouse (D),
Last Action
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 112-677. (on 05/08/2012)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/112th-congress/senate-bill/2162/all-info |
| Bill | http://gpo.gov/fdsys/pkg/BILLS-112s2162is/pdf/BILLS-112s2162is.pdf.pdf |
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