[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 861 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 861

      To rescind the third round of funding for the Neighborhood 
          Stabilization Program and to terminate the program.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 1, 2011

    Mr. Gary G. Miller of California (for himself, Mr. Bachus, Mrs. 
  Biggert, and Mr. Garrett) introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
      To rescind the third round of funding for the Neighborhood 
          Stabilization Program and to terminate the program.

    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 ``NSP Termination Act''.

SEC. 2. RESCISSION OF $1 BILLION FUNDING FOR 3RD ROUND OF NEIGHBORHOOD 
              STABILIZATION PROGRAM.

    Effective on the date of the enactment of this Act, there are 
rescinded and permanently canceled all unobligated balances remaining 
available as of such date of enactment of the amounts made available by 
section 1497(a) of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (Public Law 111-203; 124 Stat. 2209; 42 U.S.C. 5301 
note).

SEC. 3. TERMINATION OF NEIGHBORHOOD STABILIZATION PROGRAM.

    (a) Repeal.--Sections 2301 through 2303 of the Housing and Economic 
Recovery Act of 2008 (Public Law 110-289; 122 Stat. 2850; 42 U.S.C. 
5301 note) are hereby repealed.
    (b) Treatment of Remaining Funds.--
            (1) Savings clause.--Notwithstanding the repeal under 
        subsection (a), any amounts made available under the provisions 
        specified in paragraph (2) of this subsection shall continue to 
        be governed by any provisions of law applicable to such amounts 
        as in effect immediately before such repeal.
            (2) Remaining funds.--The provisions specified in this 
        paragraph are as follows:
                    (A) Section 2301(a) of the Housing and Economic 
                Recovery Act of 2008 (Public Law 110-289; 122 Stat. 
                2850; 42 U.S.C. 5301 note).
                    (B) The second undesignated paragraph under the 
                heading ``Department of Housing and Urban Development, 
                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).
    (c) Termination.--Upon the obligation of all amounts made available 
under the provisions specified in subsection (b)(2), and outlays to 
liquidate all such amounts, the Secretary of Housing and Urban 
Development shall terminate the Neighborhood Stabilization Program 
authorized under the provisions specified in subsections (a) and 
(b)(2).
                                 <all>