[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1550 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 1550

To allow use of assistance under the Hardest Hit Fund program under the 
 Troubled Assets Relief Program of the Department of the Treasury for 
     demolition of foreclosed-upon properties and related expenses.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 15, 2013

Mr. Kildee (for himself and Mr. Turner) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To allow use of assistance under the Hardest Hit Fund program under the 
 Troubled Assets Relief Program of the Department of the Treasury for 
     demolition of foreclosed-upon properties and related expenses.

    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 ``Revitalize America Act of 2013''.

SEC. 2. USE OF HARDEST HIT FUND AMOUNTS FOR DEMOLITION AND RELATED 
              ACTIVITIES.

    (a) Authority.--Notwithstanding any provision of title I of the 
Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211 et seq.), 
any regulation, guidance, order, or other directive of the Secretary of 
the Treasury, or any agreement (or amendment thereto) entered into 
under the Hardest Hit Fund program of the Secretary under such title I, 
of any amounts of assistance that have been, or are, allocated for or 
provided to a State or State agency through the Hardest Hit Fund 
program, up to 25 percent may be used for demolition of foreclosed-upon 
properties and related expenses, subject to the limitations in this 
section.
    (b) Subgrantees; Ownership of Property.--Assistance amounts 
referred to in subsection (a) may be used for the activities authorized 
under subsection (a) only--
            (1) pursuant to a grant of such assistance amounts to a 
        public organization that shall administer such activities; and
            (2) if the foreclosed-upon properties to be demolished 
        using such assistance are owned at the time of such demolition 
        by the public organization that received the grant of 
        assistance amounts referred to in paragraph (1).
    (c) Definitions.--For purposes of this section, the following 
definitions shall apply:
            (1) Foreclosed-upon.--The term ``foreclosed-upon'' means, 
        with respect to a property, that one or more of the following 
        conditions applies:
                    (A) The property's current delinquency status is at 
                least 60 days delinquent under the Mortgage Bankers of 
                America delinquency calculation and the owner has been 
                notified of this delinquency.
                    (B) The property owner is 90 days or more 
                delinquent on tax payments.
                    (C) Under State, local, or tribal law, foreclosure 
                proceedings have been initiated or completed.
                    (D) Foreclosure proceedings have been completed and 
                title has been transferred to an intermediary 
                aggregator or servicer.
            (2) Public organization.--The term ``public organization'' 
        means, with respect to a State for which assistance under the 
        Hardest Hit Fund program is made available, a public entity 
        separate from the government of such State, including a public 
        corporation, public land bank, or similar entity formed under 
        State law. Such term does not include an agency of the State 
        government. Notwithstanding any provision of title I of the 
        Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211 et 
        seq.), such term public includes entities that are not 
        financial institutions within the meaning given such term for 
        purposes of such title I.
            (3) Related expenses.--The term ``related expenses'' 
        includes expenses of acquiring foreclosed-upon properties to be 
        demolished, but if such acquisition costs for a property do not 
        exceed fair market value of the property, environmental cleanup 
        of demolition sites, fencing and minor landscaping connected to 
        such demolition, maintenance, disposition, and for such other 
        expenses as the Secretary may provide.
            (4) Property.--The term ``property'' includes residential 
        and commercial properties, including single-family and 
        multifamily housing and industrial properties.
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