On July 15 Congress passed the much-debated financial reform legislation, the Wall Street Reform and Consumer Protection Act. The Act, which President Obama is expected to this Wednesday, includes a number of important housing provisions, foremost of which is a federal foreclosure prevention program that will mean approximately $35 million for Pennsylvania’s own HEMAP.

Senator Robert Casey (D-PA) introduced the Senate HEMAP amendment and is largely responsible for shepherding it through passage. Rep. Chaka Fattah (D-PA) led the effort in the House to provide this funding.

Housing Provisions in Wall Street Reform Act

• $1 billion for a federal HEMAP-like program administered by HUD, approximately $35 million of which will come to Pennsylvania
• Amendments to the Protecting Tenants at Foreclosure Act PTFA which extends the Act through 2014. The bill also clarifies when the law applies, keeping tenants from being evicted due to their landlord's foreclosure.
• $35 million for civil legal services to prevent foreclosure among homeowners and eviction of tenants in foreclosed properties, to be administered by HUD for fiscal years 2011 and 2012.
• $1 billion for the Neighborhood Stabilization Program for communities to rehab foreclosed and/or vacant properties, 25% of which needs to go to housing for low-income people.

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