Project Rebuild is being proposed as part of President Obama's American Jobs Act.
The American Jobs Act, announced by the President Sept. 8, 2011, proposes $15 billion on neighborhood stabilization activities. Project Rebuild proposes using $10 billion of that for formula allocation and $5 billion for competition.
Through its efforts, Project Rebuild will support an estimated 191,000 jobs and treat at least 150,000 properties across all 50 states.
Project Rebuild leverages on the success of three rounds of Neighborhood Stabilization Program (NSP) to create jobs, stabilize neighborhoods and reduce vacancy. While Project Rebuild is similar to NSP, it builds on that foundation by providing more funding to treat more homes, adding eligibility for commercial redevelopment to balance needs for usage of vacant commercial structures in neighborhoods, and allowing private development companies to put their expertise to work.