The Columbus area would receive $28.3 million in federal aid to help fix up vacant foreclosed properties under a housing bill the Senate could pass as early as today, says Sen. Sherrod Brown, D-Ohio.
President Bush has threatened to veto the bill, saying its $4 billion total in federal aid for Columbus and other cities and rural areas amounts to a bailout for banks. The White House is not against the part of the legislation that would make it easier for struggling homeowners to obtain federally guaranteed, fixed-rate mortgages to replace high-cost loans with spiraling interest rates.
But Brown says he believes there will be enough votes in the Senate, as there was when the House passed the bill yesterday, to override a presidential veto. Brown has released a study estimating that Ohio overall will get more than $151 million in direct federal funds for the initiative to repair foreclosed homes and stabilize neighborhoods.
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