[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 811 Introduced in Senate (IS)]
108th CONGRESS
1st Session
S. 811
To support certain housing proposals in the fiscal year 2003 budget for
the Federal Government, including the downpayment assistance initiative
under the HOME Investment Partnership Act, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
April 8, 2003
Mr. Allard (for himself and Mr. Sessions) introduced the following
bill; which was read twice and referred to the Committee on Banking,
Housing, and Urban Affairs
_______________________________________________________________________
A BILL
To support certain housing proposals in the fiscal year 2003 budget for
the Federal Government, including the downpayment assistance initiative
under the HOME Investment Partnership Act, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``American Dream Downpayment Act''.
SEC. 2. DOWNPAYMENT ASSISTANCE INITIATIVE UNDER HOME PROGRAM.
(a) Downpayment Assistance Initiative.--Subtitle E of title II of
the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12821)
is amended to read as follows:
``Subtitle E--Other Assistance
``SEC. 271. DOWNPAYMENT ASSISTANCE INITIATIVE.
``(a) Grant Authority.--The Secretary may make grants to
participating jurisdictions to assist low-income families to achieve
homeownership, in accordance with this section.
``(b) Eligible Activities.--
``(1) In general.--Grants made under this section may be
used only for downpayment assistance toward the purchase of
single family housing by low-income families who are first-time
home-buyers.
``(2) Definition.--For purposes of this subtitle, the term
`downpayment assistance' means assistance to help a family
acquire a principal residence.
``(c) Housing Strategy.--To be eligible to receive a grant under
this section for a fiscal year, a participating jurisdiction shall
include in its comprehensive housing affordability strategy submitted
under section 105 for such year, a description of the use of the grant
amounts.
``(d) Formula Allocation.--
``(1) In general.--For each fiscal year, the Secretary
shall allocate any amounts made available for assistance under
this section for the fiscal year in accordance with a formula,
established by the Secretary, that considers a participating
jurisdiction's need for and prior commitment to assistance to
homebuyers.
``(2) Allocation amounts.--The formula referred to in
paragraph (1) may include minimum and maximum allocation
amounts.
``(e) Reallocation.--
``(1) In general.--Except as provided in paragraph (2), if
any amounts allocated to a participating jurisdiction under
this section become available for reallocation, the amounts
shall be reallocated to other participating jurisdictions in
accordance with the formula established pursuant to subsection
(d).
``(2) Exception.--If a local participating jurisdiction
failed to receive amounts allocated under this section and is
located in a State that is a participating jurisdiction, the
funds shall be reallocated to the State.
``(f) Applicability of Other Provisions.--
``(1) In general.--Except as otherwise provided in this
section, grants made under this section shall not be subject to
the provisions of this title.
``(2) Applicable provisions.--In addition to the
requirements of this section, grants made under this section
shall be subject to the provisions of title I, sections 215(b),
218, 219, 221, 223, 224, and 226(a) of subtitle A of this
title, and subtitle F of this title.
``(3) References.--In applying the requirements of subtitle
A referred to in paragraph (2)--
``(A) any references to funds under subtitle A
shall be considered to refer to amounts made available
for assistance under this section; and
``(B) any references to funds allocated or
reallocated under section 217 or 217(d) shall be
considered to refer to amounts allocated or reallocated
under subsection (d) or (e) of this section,
respectively.
``(g) Administrative Costs.--Notwithstanding section 212(c), a
participating jurisdiction may use funds under subtitle A for
administrative and planning costs of the jurisdiction in carrying out
this section, and the limitation in section 212(c) shall be based on
the total amount of funds available under subtitle A and this section.
``(h) Funding.--
``(1) Fiscal year 2002.--This section constitutes the
subsequent legislation authorizing the Downpayment Assistance
Initiative referred to in the item relating to the `HOME
Investment Partnerships Program' in title II of the Departments
of Veterans Affairs and Housing and Urban Development, and
Independent Agencies Appropriations Act, 2002 (Public Law 107-
73; 115 Stat. 666).
``(2) Subsequent fiscal years.--There is authorized to be
appropriated to carry out this section $200,000,000 for each of
fiscal years 2003 through 2006.''.
(b) Relocation Assistance and Downpayment Assistance.--Subtitle F
of title II of the Cranston-Gonzalez National Affordable Housing Act is
amended by inserting after section 290 (42 U.S.C. 12840) the following:
``SEC. 291. RELOCATION ASSISTANCE AND DOWNPAYMENT ASSISTANCE.
``The Uniform Relocation Assistance and Real Property Acquisition
Policies Act of 1970 (84 Stat. 1894) shall not apply to downpayment
assistance under this title.''.
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