[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7189 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 7189

   To ensure that any troubled assets relief program of the Treasury 
provides for purchase of vacant properties backing such troubled assets 
  by regional public-private partnerships to retain the value of such 
 real estate, stabilize communities, and minimize the fiscal impact on 
                               taxpayers.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 27, 2008

 Mr. Gary G. Miller of California introduced the following bill; which 
          was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To ensure that any troubled assets relief program of the Treasury 
provides for purchase of vacant properties backing such troubled assets 
  by regional public-private partnerships to retain the value of such 
 real estate, stabilize communities, and minimize the fiscal impact on 
                               taxpayers.

    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 ``Public-Private Partnerships 
Community Stabilization Act of 2008''.

SEC. 2. PURCHASES BY LOCAL PUBLIC-PRIVATE PARTNERSHIPS.

    (a) In General.--In carrying out any Act that provides authority to 
the Secretary of the Treasury to purchase troubled assets from 
financial institutions, the Secretary shall systematically provide for 
purchases, by public-private partnerships established at the community, 
local, and regional levels, from the Secretary of vacant residential 
properties that the Secretary owns, holds, or controls by reason of 
purchases of troubled assets pursuant to such Act, and shall require 
Federal property managers to provide for purchases by such partnerships 
of properties owned, held, or controlled by such Federal property 
manager, for the purpose of retaining the value of such properties, 
stabilizing communities, and minimizing the fiscal impacts of such Act 
on taxpayers.
    (b) Requirements.--In carrying out subsection (a), the Secretary 
shall provide for public-private partnerships to--
            (1) manage the acquisition and disposition of properties 
        purchased;
            (2) utilize other current Federal resources, including the 
        New Market Tax Credits, in conjunction with such purchase to 
        assist in housing recovery for communities, localities, or 
        regions;
            (3) ensure the purchased properties are maintained or 
        renovated to meet applicable health, building, and safety 
        standards;
            (4) meet low- and moderate-income housing needs;
            (5) maintain local property taxes and critical services; 
        and
            (6) leverage local resources to augment Federal investment 
        for the purpose of obtaining the highest return on the Federal 
        investment under the program under the Act referred to in 
        subsection (a).
    (c) Terms.--In carrying out subsection (a), the Secretary shall 
establish requirements regarding--
            (1) the ratio of Federal funds expended by the Secretary 
        with respect to obtaining such properties to the amount of 
        funds required to be invested by the public-private 
        partnership;
            (2) the process by which vacant properties backing troubled 
        assets purchased by the Secretary can be transferred on a 
        community, local, or regional basis to public-private 
        partnerships;
            (3) determining the beneficial goals of the partnership to 
        include low- and moderate-income homeownership prioritization;
            (4) avoiding ``dumping'' of properties by selling large 
        volumes of vacant properties at substantial price discounts;
            (5) determining the areas in which the Federal Government 
        can carry out this section to maximize governmental efficiency 
        and taxpayer benefit;
            (6) segregating assets of regions that have established 
        public-private partnerships for the benefit of their 
        communities; and
            (7) award of contracts to asset managers, that provide for 
        solicitation of proposals from a broad range of qualified 
        entities and individuals and preference for public-private 
        partnerships that are created to help stabilize their region's 
        economy.
                                 <all>