[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6368 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 6368

                To establish a Housing Assistance Fund.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 23, 2020

  Mr. David Scott of Georgia introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
                To establish a Housing Assistance Fund.

    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 ``State Housing Relief Act of 2020''.

SEC. 2. HOUSING ASSISTANCE FUND.

    (a) Definitions.--In this section:
            (1) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.
            (2) State.--The term ``State'' means any State of the 
        United States, the District of Columbia, any territory of the 
        United States, Puerto Rico, Guam, American Samoa, the Virgin 
        Islands, and the Northern Mariana Islands.
    (b) Establishment of Fund.--There is established at the Department 
of the Treasury a Housing Assistance Fund to provide such funds as are 
allocated in subsection (f) to State housing finance agencies for the 
purpose of preventing homeowner mortgage defaults, foreclosures, and 
displacements of individuals and families experiencing financial 
hardship after January 21, 2020.
    (c) Allocation of Funds.--
            (1) In general.--The Secretary of the Treasury shall 
        establish such criteria as are necessary to allocate the funds 
        available within the Housing Assistance Fund to each State. The 
        Secretary shall allocate such funds among all States taking 
        into consideration the number of unemployment claims within a 
        State relative to the nationwide number of unemployment claims.
            (2) Small state minimum.--Each State shall receive no less 
        than $125,000,000 for the purposes established in subsection 
        (b).
    (d) Disbursement of Funds.--
            (1) Initial disbursement.--The Secretary shall disburse to 
        the State housing finance agencies not less than \1/2\ of the 
        amount made available pursuant to this section, and in 
        accordance with the allocations established under subsection 
        (c), not later than 120 days after the date of enactment of 
        this Act. The Secretary or designee shall enter into a contract 
        with each State housing finance agency, which may be amended 
        from time to time, establishing the terms of the use of such 
        funds prior to the disbursement of such funds.
            (2) Second disbursement.--The Secretary shall disburse all 
        funds made available pursuant to this section, and in 
        accordance with the allocations established under subsection 
        (c), not later than 180 days after the date of enactment of 
        this Act.
    (e) Permissible Uses of Fund.--
            (1) In general.--Funds made available to State housing 
        finance agencies pursuant to this section may be used for the 
        purposes established under subsection (b), which may include--
                    (A) mortgage payment assistance;
                    (B) financial assistance to allow a borrower to 
                reinstate their mortgage following a period of 
                forbearance;
                    (C) principal reduction;
                    (D) utility payment assistance, including electric, 
                gas, and water payment assistance;
                    (E) any program established under the Housing 
                Finance Agency Innovation Fund for the Hardest Hit 
                Housing Markets;
                    (F) reimbursement of funds expended by a State or 
                local government during the period beginning on January 
                21, 2020, and ending on the date that the first funds 
                are disbursed by the State under the Housing Assistance 
                Fund, for the purpose of providing housing or utility 
                assistance to individuals or otherwise providing funds 
                to prevent foreclosure or eviction of a homeowner or 
                prevent mortgage delinquency or loss of housing or 
                critical utilities as a response to the coronavirus 
                disease 2019 (COVID-19) pandemic; and
                    (G) any other assistance to prevent eviction, 
                mortgage delinquency or default, foreclosure, or the 
                loss of essential utility services.
            (2) Administrative expenses.--Not greater than 10 percent 
        of the amount allocated to a State pursuant to subsection (c) 
        may be used by a State housing financing agency for 
        administrative expenses. Any amounts allocated to 
        administrative expenses that are no longer necessary for 
        administrative expenses may be used in accordance with 
        paragraph (1).
    (f) Appropriation.--There is appropriated, out of amounts in the 
Treasury not otherwise appropriated, for the fiscal year ending 
September 30, 2020, to remain available until expended or transferred 
or credited under subsection (h), $35,000,000,000 to the Housing 
Assistance Fund established under subsection (b).
    (g) Use of Housing Finance Agency Innovation Fund for the Hardest 
Hit Housing Markets Funds.--A State housing finance agency may 
reallocate any administrative or programmatic funds it has received as 
an allocation from the Housing Finance Agency Innovation Fund for the 
Hardest Hit Housing Markets created pursuant to section 101(a) of the 
Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211(a)) that 
have not been otherwise allocated or disbursed as of the date of 
enactment of this Act to supplement any administrative or programmatic 
funds received from the Housing Assistance Fund. Such reallocated funds 
shall not be considered when allocating resources from the Housing 
Assistance Fund using the process established under subsection (c) and 
shall remain available for the uses permitted and under the terms and 
conditions established by the contract with Secretary created pursuant 
to subsection (d)(1) and the terms of subsection (h).
    (h) Rescission of Funds.--Any funds that have not been allocated by 
a State housing finance agency to provide assistance as described under 
subsection (e) by December 31, 2030, shall be reallocated by the 
Secretary in the following manner:
            (1) Sixty-five percent shall be transferred or credited to 
        the Housing Trust Fund established under section 1338 of the 
        Federal Housing Enterprises Financial Safety and Soundness Act 
        of 1992 (12 U.S.C. 4568).
            (2) Thirty-five percent shall be transferred or credited to 
        the Capital Magnet Fund under section 1339 of the Federal 
        Housing Enterprises Financial Safety and Soundness Act of 1992 
        (12 U.S.C. 4569).
    (i) Reporting Requirements.--The Secretary shall provide public 
reports not less frequently than quarterly regarding the use of funds 
provided by the Housing Assistance Funds. Such reports shall include 
the following data by State and by program within each State, both for 
the past quarter and throughout the life of the program--
            (1) the amount of funds allocated;
            (2) the amount of funds disbursed;
            (3) the number of households and individuals assisted;
            (4) the acceptance rate of applicants;
            (5) the average amount of assistance provided per household 
        receiving assistance;
            (6) the average length of assistance provided per household 
        receiving assistance;
            (7) the income ranges of households for each household 
        receiving assistance; and
            (8) the outcome 12 months after the household has received 
        assistance.
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