1.This Act may be cited as the
NSP Termination
Act
.
2.Rescission of $1
billion funding for 3rd round of Neighborhood Stabilization
Program
(a)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this Act, there are rescinded and permanently canceled all unobligated balances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). All such unobligated balances so rescinded and
permanently canceled should be retained in the General Fund of the Treasury for
reducing the budget deficit of the Federal Government.
(b)Identification
of amounts subject to possible rescission
(1)The Secretary of
Housing and Urban Development has allocated funding to the States, including
city, county, and municipal governments, under the 3rd round of funding for the
Neighborhood Stabilization Program, as set forth in paragraph (2). Amounts from
the allocations set forth in paragraph (2) of this subsection will be subject
to possible rescission and cancellation, to the extent provided in subsection
(a).
(2)The
allocations set forth in this paragraph for the following States are the
following amounts:
(A)Alaska: $5,000,000.
(B)Alabama:
$7,576,151.
(C)Arizona:
$45,377,073.
(D)Arkansas:
$5,000,000.
(E)California:
$149,308,651.
(F)Colorado:
$17,349,270.
(G)Connecticut:
$9,322,756.
(H)District of
Columbia: $5,000,000.
(I)Delaware:
$5,000,000.
(J)Florida:
$208,437,144.
(K)Georgia:
$50,421,988.
(L)Hawaii:
$5,000,000.
(M)Iowa:
$5,000,000.
(N)Idaho:
$5,000,000.
(O)Illinois:
$30,143,105.
(P)Indiana:
$31,509,101.
(Q)Kansas:
$6,137,796.
(R)Kentucky:
$5,000,000.
(S)Louisiana:
$5,000,000.
(T)Massachusetts:
$7,387,994.
(U)Maryland:
$6,802,242.
(V)Maine:
$5,000,000.
(W)Michigan:
$57,524,473.
(X)Minnesota:
$12,427,113.
(Y)Missouri:
$13,110,604.
(Z)Mississippi:
$5,000,000.
(AA)Montana:
$5,000,000.
(BB)North Carolina:
$5,000,000.
(CC)North Dakota:
$5,000,000.
(DD)Nebraska:
$6,183,085.
(EE)New Hampshire:
$5,000,000.
(FF)New Jersey:
$11,641,549.
(GG)New Mexico:
$5,000,000.
(HH)Nevada:
$43,314,669.
(II)New York:
$19,834,940.
(JJ)Ohio:
$51,789,035.
(KK)Oklahoma:
$5,000,000.
(LL)Oregon:
$5,000,000.
(MM)Pennsylvania:
$5,000,000.
(NN)Puerto Rico:
$5,000,000.
(OO)Rhode Island:
$6,309,231.
(PP)South Carolina:
$5,615,020.
(QQ)South Dakota:
$5,000,000.
(RR)Tennessee:
$10,195,848.
(SS)Texas:
$18,038,242.
(TT)Utah:
$5,000,000.
(UU)Virginia:
$6,254,970.
(VV)Vermont:
$5,000,000;
(WW)Washington:
$5,000,000.
(XX)Wisconsin:
$7,687,949.
(YY)West Virginia:
$5,000,000.
(ZZ)Wyoming:
$5,000,000.
3.Termination of
Neighborhood Stabilization Program
(a)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)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)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)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).
4.Publication of
member availability for assistanceNot later than 5 days after the date of the
enactment of this Act, the Secretary of Housing and Urban Development shall
publish to its Website on the World Wide Web in a prominent location, large
point font, and boldface type the following statement: The Neighborhood
Stabilization Program (NSP) has been terminated. If you are concerned about the
impact of foreclosed properties on your community, please contact your Member
of Congress, State, county, and local officials for assistance in mitigating
the impacts of foreclosed properties on your community.
.
5.GAO study of
economic impacts of Round 3 NSP fundingThe Comptroller General of the United States
shall conduct a study to determine the economic impacts that providing
assistance under the Neighborhood Stabilization Program, using the funding
identified in section 2, would have on States and communities in the United
States, if such funding were not rescinded and canceled under such section, but
remained available and was used in accordance with the provisions of law
applicable to such amounts as in effect immediately before the repeal under
section 3(a). Not later than the expiration of the 90-day period beginning on
the date of the enactment of this Act, the Comptroller General shall submit to
the Congress a report setting forth the results and conclusions of the study
under this section.
6.GAO study of
economic impacts of Rounds 1 and 2 NSP fundingThe Comptroller General of the United States
shall conduct a study to determine the economic impacts that providing
assistance under the Neighborhood Stabilization Program has had on States and
communities in the United States. The study shall identify such impacts
resulting from the funding under the each of the provisions of law specified in
subparagraphs (A) and (B) of section 3(b)(2). Not later than the expiration of
the 90-day period beginning on the date of the enactment of this Act, the
Comptroller General shall submit to the Congress a report setting forth the
results and conclusions of the study under this section.
Passed the House of
Representatives March 16, 2011.
Karen L. Haas,
Clerk.