HUD Secretary touts Project Rebuild - KCTV5

HUD Secretary touts Project Rebuild

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U.S. Department of Housing and Urban Development Secretary Shaun Donovan came to Kansas City Monday to tout President Barack Obama's Project Rebuild program.

U.S. Rep. Emanuel Cleaver attended the event, along with several area mayors.

Donovan said the program will help revive the housing markets and thus the economy. Donovan says his agency aims to help neighborhoods hit hard by foreclosures and dotted with abandoned homes.

Donovan said the goal is "to make this revival in our economy in our housing markets better, stronger and faster."

Project Rebuild will bring 1,000 jobs to Missouri, Donovan said. He said 17 percent of Missouri homeowners are underwater on their mortgage and those homeowners need to be able to refinance to a more manageable mortgage payment.

"Put more money in their pockets and by extension allow them to help lift the economy around them by increasing consumer spending," Donovan said.

He said the Obama administration will introduce refinance legislation in the coming weeks.

For more information about the program, click here.

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