[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3068 Introduced in House (IH)]
111th CONGRESS
1st Session
H. R. 3068
To use amounts made available under the Troubled Assets Relief Program
of the Secretary of the Treasury for relief for homeowners and
neighborhoods.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 26, 2009
Mr. Frank of Massachusetts (for himself, Ms. Waters, Mr. Cardoza, and
Ms. Velazquez) introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To use amounts made available under the Troubled Assets Relief Program
of the Secretary of the Treasury for relief for homeowners and
neighborhoods.
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 ``TARP for Main Street Act of 2009''.
SEC. 2. HOUSING TRUST FUND.
From dividends paid by financial institutions that have received
financial assistance provided under title I of division A of the
Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211 et seq.),
the Secretary of the Treasury shall transfer and credit $1,000,000,000
to the Housing Trust Fund established under section 1338 of the Federal
Housing Enterprises Financial Safety and Soundness Act of 1992 (12
U.S.C. 4567) for use in accordance with such section.
SEC. 3. NEIGHBORHOOD STABILIZATION PROGRAM.
From dividends paid by financial institutions that have received
financial assistance provided under title I of division A of the
Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211 et seq.),
the Secretary of the Treasury shall transfer $1,500,000,000 to the
Secretary of Housing and Urban Development and such Secretary shall use
such amounts for assistance to States and units of general local
government for the redevelopment of abandoned and foreclosed homes, in
accordance with the same provisions applicable under the second
undesignated paragraph under the heading ``Community Planning and
Development--Community Development Fund'' in title XII of division A of
the American Recovery and Reinvestment Act of 2009 (Public Law 111-5;
123 Stat. 217) to amounts made available under such second undesignated
paragraph, except as follows:
(1) Notwithstanding the matter of such second undesignated
paragraph that precedes the first proviso, amounts made
available by this section shall remain available until
expended.
(2) The 3rd, 4th, 5th, 6th, 7th, and 15th provisos of such
second undesignated paragraph shall not apply to amounts made
available by this section.
(3) Amounts made available by this section shall be
allocated based on a funding formula for such amounts
established by the Secretary in accordance with section 2301(b)
of the Housing and Economic Recovery Act of 2008 (42 U.S.C.
5301 note), except that--
(A) notwithstanding paragraph (2) of such section
2301(b), the formula shall be established not later
than 30 days after the date of the enactment of this
Act;
(B) the Secretary may not establish any minimum
grant amount or size for grants to States; and
(C) the Secretary may establish a minimum grant
amount for direct allocations to units of general local
government located within a State, which shall not
exceed $1,000,000.
(4) Paragraph (1) of section 2301(c) of the Housing and
Economic Recovery Act of 2008 shall not apply to amounts made
available by this section.
(5) Section 2302 of the Housing and Economic Recovery Act
of 2008 shall not apply to amounts made available by this
section.
(6) The fourth proviso from the end of such second
undesignated paragraph shall be applied to amounts made
available by this section by substituting ``2013'' for
``2012''.
(7) Notwithstanding section 2301(a) of the Housing and
Economic Recovery Act of 2008, the term ``State'' means any
State 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
other territory or possession of the United States for purposes
of this section and title III of division B of such Act, as
applied to amounts made available by this section.
SEC. 4. EMERGENCY MORTGAGE RELIEF.
(a) Use of TARP Funds.--Using the authority available under section
115(a) of division A of the Emergency Economic Stabilization Act of
2008 (12 U.S.C. 5225(a)), the Secretary of the Treasury shall transfer
to the Secretary of Housing and Urban Development $2,000,000,000, and
the Secretary of Housing and Urban Development shall credit such amount
to the Emergency Homeowners' Relief Fund, which such Secretary shall
establish pursuant to section 107 of the Emergency Housing Act of 1975
(12 U.S.C. 2706), as such Act is amended by this section, for use for
emergency mortgage assistance in accordance with title I of such Act.
(b) Reauthorization of Emergency Mortgage Relief Program.--Title I
of the Emergency Housing Act of 1975 is amended--
(1) in section 103(2) (12 U.S.C. 2702(2)--
(A) by striking ``have indicated'' and all that
follows through ``regulation of the holder'' and insert
``have certified'';
(B) by striking ``(such as the volume of delinquent
loans in its portfolio)''; and
(C) by striking ``, except that such statement''
and all that follows through ``purposes of this
title'';
(2) in section 104(b) (12 U.S.C. 2703(b)), by striking
``the lesser of $250 per month'';
(3) in section 105(e) (12 U.S.C. 2704(e)), by striking
``$1,500,000,000'' and inserting ``$2,000,000,000'';
(4) in section 109 (12 U.S.C. 2708)--
(A) in the section heading, by striking
``authorization and'';
(B) by striking subsection (a);
(C) by striking ``(b)''; and
(D) by striking ``1977'' and inserting ``2011'';
and
(5) by striking sections 110, 111, and 113 (12 U.S.C. 2709,
2710, 2712).
SEC. 5. MULTIFAMILY MORTGAGE RESOLUTION.
(a) Use of TARP Funds.--Using the authority available under section
115(a) of division A of the Emergency Economic Stabilization Act of
2008 (12 U.S.C. 5225(a)), the Secretary of the Treasury shall transfer
$2,000,000,000 to the Secretary of Housing and Urban Development for
use under the program developed under subsection (b) to stabilize
multifamily properties that are in default or foreclosure, or have
recently been foreclosed.
(b) Multifamily Mortgage Resolution Program.--The Secretary of
Housing and Urban Development shall develop a program under this
subsection to ensure the protection of current and future tenants of
at-risk multifamily properties, where feasible, based on criteria that
may include--
(1) creating sustainable financing of such properties, that
may take into consideration such factors as--
(A) the rental income generated by such properties;
and
(B) the preservation of adequate operating
reserves;
(2) maintaining the level of Federal, State, and city
subsidies in effect as of the date of enactment of this Act;
(3) providing funds for rehabilitation; and
(4) facilitating the transfer of such properties, when
appropriate and with the agreement of owners, to responsible
new owners and ensuring affordability of such properties.
(c) Definition.--For purposes of this section, the term
``multifamily properties'' means a residential structure that consists
of 5 or more dwelling units.
SEC. 6. REDUCING TARP AUTHORIZATION LIMIT TO OFFSET COSTS.
Paragraph (3) of section 115(a) of the Emergency Economic
Stabilization Act of 2008 (12 U.S.C. 5225) is amended by inserting
after ``$1,244,000,000'' the following: ``, and as such amount is
further reduced by such sums as may be necessary for assistance and
costs (as such term is defined in section 502 of the Federal Credit
Reform Act of 1990 (2 U.S.C. 661a)) of loans, advances, insurance, and
appropriations as authorized under the TARP for Main Street Act of
2009''.
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