[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1764 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 1764

      To require that amounts of assistance provided to financial 
 institutions under the Troubled Asset Relief Program of the Secretary 
   of the Treasury that are returned be used only for assistance for 
homeowners in accordance with the Making Home Affordable Program of the 
                               Secretary.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 26, 2009

 Ms. Matsui (for herself, Ms. Castor of Florida, Ms. Berkley, and Ms. 
   Sutton) introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
      To require that amounts of assistance provided to financial 
 institutions under the Troubled Asset Relief Program of the Secretary 
   of the Treasury that are returned be used only for assistance for 
homeowners in accordance with the Making Home Affordable Program of the 
                               Secretary.

    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 Homeowners in Distressed 
Communities Act of 2009''.

SEC. 2. LIMITATION ON USE OF RETURNED AMOUNTS.

    Section 109 of the Emergency Economic Stabilization Act of 2008 is 
amended by adding at the end the following new subsection:
    ``(d) Use of Returned Amounts for Homeowner Assistance.--
            ``(1) Limitation on use.--Notwithstanding any other 
        provision of this title or any other law, the Secretary may not 
        use any amounts of assistance provided under this title to or 
        for any financial institution that, prior to any use of such 
        amounts, are voluntarily returned to the Secretary, except that 
        such amounts may be used, as provided under this title, to 
        refinance and modify mortgages of homeowners in accordance with 
        the Making Home Affordable Program established by the 
        Secretary.
            ``(2) Allocation.--Any returned amounts used in accordance 
        with paragraph (1) shall be allocated for such use only for 
        areas disproportionately affected by home mortgage 
        foreclosures, as determined by the Secretary.''.
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