1.This Act may be cited as the
Strengthening Economic Development Through Affordable
Housing Act of 2012
.
2.Support for
affordable housing projectsSection 3003(c) of the State Small Business
Credit Initiative Act of 2010 (12 U.S.C. 5702(c)) is amended—
(1)in paragraph
(3)—
(A)by redesignating
subparagraphs (C) and (D) as subparagraphs (D) and (E), respectively;
and
(B)by inserting after
subparagraph (B) the following:
(C)to provide funds to community housing
development organizations to be used—
(i)to develop, acquire, construct,
rehabilitate, maintain, operate, or manage housing projects that provide
housing that is affordable for low- or moderate-income households, as
determined by the Secretary, in consultation with the Secretary of Housing and
Urban Development;
(ii)notwithstanding
section 220 of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C.
12750) or any other provision of law, to cover any contribution required under
such section or any matching amount, contribution amount, or non-Federal share
required in connection with any other Federal grant or assistance program to
provide housing that is affordable for low- or moderate-income households;
or
(iii)for purchasing
foreclosed properties and property being sold by a State or local government,
but only for the use of such properties for the purposes specified in clause
(i) of this subparagraph;
;
and
(2)in paragraph
(6)—
(A)in subparagraph
(A), by striking and
at the end;
(B)in subparagraph
(B), by striking the period and inserting ; and
; and
(C)by adding at the
end the following:
(C)the term community housing
development organization
has the meaning given such term in section 104
of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C.
12704).
.