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U.S. House Republicans Vote to Cancel $1 Billion in Housing Aid

March 16 (Bloomberg) -- The U.S. House voted 242-182 along party lines to cancel an Obama administration program to aid communities hit by foreclosures and abandoned properties.

“This is a bad giveaway,” Representative Gary Miller, a California Republican and sponsor of the legislation, said today during a debate on the bill.

The vote would eliminate the Neighborhood Stabilization Program and rescind $1 billion from the fund, which helps local governments redevelop blighted communities. President Barack Obama has said he would veto the legislation.

Today’s vote was the third of four planned to cut funding for Obama’s efforts to prevent foreclosures and aid communities most affected by them.

The House may vote later this month on a bill to eliminate the administration’s signature foreclosure-prevention effort, the Home Affordable Modification Program, or HAMP, which pays banks to modify borrowers’ monthly mortgage payments.

To become law, the bills also must be passed by the Senate, controlled by Democrats, and signed by the president.

To contact the reporter on this story: Lorraine Woellert in Washington at lwoellert@bloomberg.net.

To contact the editor responsible for this story: Lawrence Roberts at lroberts13@bloomberg.net.

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