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

                                                  Union Calendar No. 16
112th CONGRESS
  1st Session
                                H. R. 861

                          [Report No. 112-32]

      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

                             March 11, 2011

              Additional sponsor: Mr. Coffman of Colorado

                             March 11, 2011

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]


_______________________________________________________________________

                                 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,

<DELETED>SECTION 1. SHORT TITLE.</DELETED>

<DELETED>    This Act may be cited as the ``NSP Termination 
Act''.</DELETED>

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

<DELETED>    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are rescinded and permanently canceled all unobligated balances 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).</DELETED>

<DELETED>SEC. 3. TERMINATION OF NEIGHBORHOOD STABILIZATION 
              PROGRAM.</DELETED>

<DELETED>    (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U.S.C. 5301 note) are hereby repealed.</DELETED>
<DELETED>    (b) Treatment of Remaining Funds.--</DELETED>
        <DELETED>    (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.</DELETED>
        <DELETED>    (2) Remaining funds.--The provisions specified in 
        this paragraph are as follows:</DELETED>
                <DELETED>    (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).</DELETED>
                <DELETED>    (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).</DELETED>
<DELETED>    (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).</DELETED>

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).

SEC. 4. PUBLICATION OF MEMBER AVAILABILITY FOR ASSISTANCE.

    Not 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.''.
                                                  Union Calendar No. 16

112th CONGRESS

  1st Session

                               H. R. 861

                          [Report No. 112-32]

_______________________________________________________________________

                                 A BILL

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

_______________________________________________________________________

                             March 11, 2011

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed