"We are facing a challenging budget environment, but this is the right time to make smart investments in strengthening our communities, putting more construction workers back to work and bolstering the economy," Reed said. "This initiative will provide a flexible source of funding to help local communities leverage federal dollars to effectively address vacant and blighted properties."

Since 2008, the government has been authorized to make a little more than $7 billion in grants to states to aid in the redevelopment of foreclosed property. These grants were made under the Neighborhood Stabilization Program (NSP), run out of HUD.

Within that program, $4 billion was authorized under a 2008 law, another $2 billion was added under the 2009 stimulus bill and $1 billion more was added under the 2010 Dodd-Frank law.

Reed's bill essentially expands the NSP by more than 200 percent — $10 billion of the new money would be distributed to states under a formula similar to the one used by NSP, and another $5 billion would be distributed through "competitive grants."

Reed said the bill could mean another $43 million for Rhode Island, nearly double the $26 million his state has received under NSP. Under the bill, each state would get a minimum of $20 million in foreclosure aid.

The bill would also expand the NSP program by allowing grants to be used for the redevelopment of commercial properties.

Reed's bill is sponsored by 10 other Democrats, including Majority Whip Dick DurbinRichard (Dick) Joseph DurbinTop Senate Dems demand report from Trump on UK nerve agent attack 'Dreamers' fix blocked in Senate GOP leaders to Trump: Leave Mueller alone MORE (Ill.), Senate Judiciary Committee Chairman Patrick LeahyPatrick Joseph LeahyTop Senate Dems demand report from Trump on UK nerve agent attack The Hill's 12:30 Report McCabe oversaw criminal probe into Sessions over testimony on Russian contacts: report MORE (Vt.) and Democratic Policy and Communications Center Chairman Charles SchumerCharles (Chuck) Ellis SchumerFox News host Watters says spending bill was 'huge defeat' for Trump Amtrak to rename Rochester station after Louise Slaughter Conscience protections for health-care providers should be standard MORE (N.Y.). Other sponsors are Sens. Daniel Akaka (Hawaii), Richard Blumenthal (Conn.), Mark BegichMark Peter BegichPerez creates advisory team for DNC transition The future of the Arctic 2016’s battle for the Senate: A shifting map MORE (Alaska), Sherrod BrownSherrod Campbell BrownDemocratic senator: People don’t know what’s going on between Trump and Putin Power struggle threatens to sink bank legislation Pension committee must deliver on retirement promise MORE (Ohio), Al FrankenAlan (Al) Stuart FrankenAl Franken: Sessions firing McCabe ‘is hypocrisy at its worst’ McCabe oversaw criminal probe into Sessions over testimony on Russian contacts: report Academy president accused of sexual harassment: report MORE (Minn.), Jeff MerkleyJeffrey (Jeff) Alan MerkleyDemocrats lay into Trump's pick of Bolton for national security adviser Bill to bolster gun background checks gains enough support to break filibuster Democrats remain skeptical of Trump’s rebuilding plan MORE (Ore.) and Sheldon WhitehouseSheldon WhitehouseOvernight Defense: Senate sides with Trump on military role in Yemen | Dem vets push for new war authorization on Iraq anniversary | General says time isn't 'right' for space corps Overnight Energy: EPA plans to restrict use of science data for regs | Pruitt's Italy trip cost more than K | Perry insists he's staying at Energy Senate sides with Trump on providing Saudi military support MORE (R.I.).