This morning Secretary Donovan toured the Olneyville neighborhood of Providence, Rhode Island to highlight local success stories of the Neighborhood Stabilization Program (NSP). Joining Secretary Donovan on the tour were U.S. Senators Jack Reed and Sheldon Whitehouse, Congressmen Jim Langevin and David Cicilline, as well as Providence Mayor Angel Taveras. The tour not only served as demonstration to current projects, but highlighted how the proposed American Jobs Act and Project Rebuild can help to revitalize neighborhoods, create jobs, and grow local economies throughout the Providence region. The recently announced mortgage refinancing plan was also touted as a positive advancement to help underwater borrowers and strengthen the U.S. housing market.
Rhode Island NSP funds have contributed to many successful projects throughout the state. The state has completed 93 percent of projected properties to be impacted and is one of NSP’s highest ranking performers. The projects in Olneyville are a testament to this achievement, but as Secretary Donovan pointed out, there is more that can be done to ensure continued investment and revitalization in America’s hardest-hit neighborhoods.
The State of Rhode Island has received over $26 million in previous neighborhood stabilization efforts and could receive up to $33 million in Project Rebuild funding. Its inclusion in the American Jobs Act reflects President Obama’s belief that rebuilding neighborhoods is essential to rebuilding our economy.
Project Rebuild will create nearly 200,000 jobs nationwide rehabilitating homes, businesses and communities, leveraging private capital and other public-private collaborations and is fundamentally an investment not just in hard hit places but also in the families who live there.