[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5572 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 5572

 To stimulate the economy of the United States by providing assistance 
    to States for foreclosure mitigation counseling activities and 
        increased community development block grant assistance.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 10, 2008

Mr. Moran of Virginia introduced the following bill; which was referred 
                 to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To stimulate the economy of the United States by providing assistance 
    to States for foreclosure mitigation counseling activities and 
        increased community development block grant assistance.

    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 ``Helping Communities Act of 2008''.

SEC. 2. ASSISTANCE TO STATES FOR FORECLOSURE MITIGATION COUNSELING.

    (a) In General.--The Secretary of the Treasury shall make grants to 
the States for providing foreclosure-mitigation counseling to 
homeowners of owner-occupied single family homes with mortgage loans in 
default or in danger of default. Such counseling activities shall be 
designed to prevent or mitigate foreclosure and result in the long-term 
affordability of the mortgage retained or resulting pursuant to the 
activity or another positive outcome for the homeowner.
    (b) Timing.--The Secretary shall make all grants under this section 
not later than the expiration of the 90-day period beginning on the 
date of the enactment of this Act.
    (c) Regulations.--Before the expiration of the period referred to 
in subsection (b), the Secretary shall issue regulations to carry out 
this section, which shall prescribe criteria for--
            (1) allocation of the entire amount made available for 
        grants under this section among the States;
            (2) eligible use of such amounts; and
            (3) eligibility of entities to provide foreclosure-
        mitigation counseling activities with such amounts.
    (d) Requirement for Nonprofit Assistance.--Each State that receives 
a grant under this section shall provide not less than 95 percent of 
the grant amounts to nonprofit entities for the provision of 
foreclosure-mitigation counseling in accordance with subsection (a).
    (e) Definitions.--For purposes of this section, the following 
definitions shall apply:
            (1) Nonprofit entity.--The term ``nonprofit entity'' means 
        any private organization or entity that--
                    (A) is organized under State or local law;
                    (B) has no part of its net earning inuring to the 
                benefit of any member, founder, contributor, or 
                individual; and
                    (C) complies with standards of financial 
                accountability acceptable to the Secretary.
            (2) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.
            (3) States.--The term ``States'' means the States of the 
        United States, the District of Columbia, the Commonwealth of 
        Puerto Rico, the Commonwealth of the Northern Mariana Islands, 
        Guam, the Virgin Islands, American Samoa, and any other 
        territory or possession of the United States.
    (f) Authorization of Funds.--There is authorized to be appropriated 
to the Secretary for grants under this section $500,000,000 for fiscal 
year 2008.

SEC. 3. INCREASED COMMUNITY DEVELOPMENT BLOCK GRANT ASSISTANCE.

    There is authorized to be appropriated for community development 
block grant assistance under section 106 of the Housing and Community 
Development Act of 1974 (42 U.S.C. 5306) $500,000,000 for fiscal year 
2008. The amounts authorized to be appropriated under this section are 
in addition to amounts made available for such purpose for such fiscal 
year under the Consolidated Appropriations Act, 2008 (Public Law 110-
161).
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