[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3766 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 3766

To use amounts made available under the Troubled Assets Relief Program 
    of the Secretary of the Treasury for relief for homeowners and 
                       affordable rental housing.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 8, 2009

Mr. Frank of Massachusetts (for himself, Ms. Waters, Mr. Kanjorski, Ms. 
 Velazquez, Mr. Cardoza, Mr. Fattah, and Mr. Cummings) 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 
                       affordable rental housing.

    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 ``Main Street TARP Act of 2009''.

SEC. 2. HOUSING TRUST FUND.

    (a) Use of TARP Funds.--Using the authority available under 
sections 101(a) and 115(a) of division A of the Emergency Economic 
Stabilization Act of 2008 (12 U.S.C. 5211(a), 5225(a)), the Secretary 
of the Treasury shall transfer to the Secretary of Housing and Urban 
Development $1,000,000,000, and the Secretary of Housing and Urban 
Development shall credit such amount 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. 4568) for use in 
accordance with such section.
    (b) Tenant Rent Contribution.--Subparagraph (A) of section 
1338(c)(7) of the Federal Housing Enterprises Financial Safety and 
Soundness Act of 1992 (12 U.S.C. 4568(c)(7)(A)) is amended by inserting 
before the semicolon the following: ``; and except that all rental 
housing dwelling units shall be subject to legally binding commitments 
that ensure that the contribution toward rent by a family residing in a 
dwelling unit shall not exceed 30 percent of the adjusted income of 
such family''.

SEC. 3. EMERGENCY MORTGAGE RELIEF.

    (a) Use of TARP Funds.--Using the authority available under 
sections 101(a) and 115(a) of division A of the Emergency Economic 
Stabilization Act of 2008 (12 U.S.C. 5211(a), 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 (12 U.S.C. 2702)--
                    (A) in paragraph (2)--
                            (i) by striking ``have indicated'' and all 
                        that follows through ``regulation of the 
                        holder'' and insert ``have certified'';
                            (ii) by striking ``(such as the volume of 
                        delinquent loans in its portfolio)''; and
                            (iii) by striking ``, except that such 
                        statement'' and all that follows through 
                        ``purposes of this title''; and
                    (B) in paragraph (4), by inserting ``or medical 
                conditions'' after ``adverse economic conditions'';
            (2) in section 104 (12 U.S.C. 2703)--
                    (A) in subsection (b), by striking ``the lesser of 
                $250 per month or''; and
                    (B) in subsection (d), by inserting before the 
                period at the end the following: ``, except that such 
                interest rate may exceed such maximum rate but only as 
                necessary to comply with rules under a program operated 
                by a State that otherwise complies with program rules 
                under this title'';
            (3) in section 105 (12 U.S.C. 2704)--
                    (A) by striking subsection (b);
                    (B) in subsection (e)--
                            (i) by inserting ``and emergency mortgage 
                        relief payments made under section 106'' after 
                        ``insured under this section''; and
                            (ii) by striking ``$1,500,000,000 at any 
                        one time'' and inserting ``$2,000,000,000'';
                    (C) by redesignating subsections (c), (d), and (e) 
                as subsections (b), (c), and (d), respectively; and
                    (D) by adding at the end the following new 
                subsection:
    ``(e) The Secretary shall establish underwriting guidelines or 
procedures to allocate amounts made available for loans and advances 
insured under this section and for emergency relief payments made under 
section 106 based on the likelihood that a mortgagor will be able to 
resume mortgage payments, pursuant to the requirement under section 
103(5).'';
            (4) in section 107--
                    (A) by striking ``(a)''; and
                    (B) by striking subsection (b);
            (5) in section 108 (12 U.S.C. 2707), by adding at the end 
        the following new subsection:
    ``(d) The Secretary may allow funds to be administered by a State 
through an existing program that complies with program rules under this 
title.'';
            (6) 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'';
            (7) by striking sections 110, 111, and 113 (12 U.S.C. 2709, 
        2710, 2712); and
            (8) by redesignating section 112 (12 U.S.C. 2711) as 
        section 110.

SEC. 4. 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 striking 
``$1,259,000,000'' and inserting ``2,259,000,000''.
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