HUD SECRETARY TOURS OLNEYVILLE AND DISCUSSES NEW HOUSING REFINANCE PLAN AND NEIGHBORHOOD STABILIZATION EFFORTS IN RHODE ISLAND

Providence, RI – November 28, 2011 – (RealEstateRama) — Today, U.S. Department of Housing and Urban Development (HUD) Secretary Shaun Donovan toured four Neighborhood Stabilization Program (NSP) properties on Hyat and Joslin Streets in the Olneyville neighborhood of Providence, RI. Secretary Donovan was joined on the tour by U.S. Senators Jack Reed and Sheldon Whitehouse, Congressmen Jim Langevin and David Cicilline, as well as Providence Mayor Angel Taveras. The tour was aimed at highlighting the success of neighborhood stabilization efforts as well as demonstrating how the American Jobs Act and Project Rebuild can help to revitalize neighborhoods, create jobs, and grow local economies throughout the Providence region. Additionally, the touring delegation discussed the new housing refinancing plan, which will provide a lifeline to many underwater borrowers and strengthen the U.S. housing market.