On July 21, President Obama signed the Restoring American Financial Stability Act of 2010 (H.R. 4173) into law, the most significant financial reform legislation since the Depression. The law is designed to identify potential risks in the U.S. financial system and respond to such risks, as well as promote market discipline and achieve financial stability. The act includes a number of provisions that impact affordable housing policy and neighborhood revitalization:
- Provides $1 billion in additional funding for the Neighborhood Stabilization Program (NSP) to help revitalize and rehabilitate foreclosed properties in neighborhoods affected by the financial crisis;
- Requires the U.S. Department of Treasury to conduct a study on reforming the housing finance system;
- Extends the Protecting Tenants at Foreclosure Act (PTFA); and
- Establishes a HUD Foreclosure Legal Assistance program.
