Isles to rake in $13.5M on housing bill
Honolulu would benefit from the House bill that aims to prevent mortgage giants Fannie Mae and Freddie Mac from collapsing, Hawaii Rep. Neil Abercrombie said.
Abercrombie and Hawaii Rep. Mazie Hirono joined most of their fellow Democrats in supporting the measure 272-152 yesterday.
Abercrombie said in a news release that the legislation will also help rehabilitate foreclosed houses in Honolulu.
Honolulu would receive $13.5 million in neighborhood stabilization grants. The money would be used to purchase and rehabilitate an estimated 141 foreclosed houses and convert them to affordable housing for rent or sale, he said.