Federal Appropriation Will Help Fund Rent-to-Own Program for Southern California Counties

Washington, DC – Today, a bipartisan majority in the House of Representatives approved the Fiscal Year 2010 Financial Services appropriations bill, legislation that includes $500,000 in funding for a home ownership project secured by Congressman Joe Baca (D-Rialto). The bill includes funding secured by Rep. Baca for the TELACU Neighborhood Stabilization project, and passed the House with a 219 – 208 vote.   

“My program that received funding in today’s bill can provide a number of benefits to families and neighborhoods in the Inland Empire and throughout Southern California,” said Rep. Baca.  “The Neighborhood Stabilization project will make it easier for hard-working, responsible families to acquire bank-owned properties through rent-to-homeownership projects.”

The appropriations request for the TELACU Neighborhood Stabilization program was made in conjunction with California Reps. Lucille Roybal-Allard, Linda Sanchez, and Maxine Waters.  The funding will be used as equity to purchase a discounted bulk portfolio of homes from a bank.  Local families in San Bernardino and other counties will then rent to own the property over a 5 to 7 year period.  This will help to stabilize communities by preventing increasing numbers of vacant homes, and at the same time provide families with the ability to save money, rent a quality home, and work towards the ultimate goal of home ownership.

“This federal funding helps to remove the blight and crime often associated with foreclosed properties, while at the same time increasing financial literacy and home ownership in many of our underserved communities,” concluded Rep. Baca.  “I urge the Senate to quickly pass its Financial Services Appropriations bill, and the President to sign this vital funding into law.”