[Congressional Record Volume 153, Number 190 (Wednesday, December 12, 2007)]
[Senate]
[Pages S15246-S15247]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. COLEMAN (for himself and Mr. Leahy):
  S. 2455. A bill to provide $1,000,000,000 in emergency Community 
Development Block Grant funding for necessary expenses related to the 
impact of foreclosures on communities; to the Committee on Banking, 
Housing, and Urban Affairs.
  Mr. COLEMAN. Mr. President, I ask unanimous consent that the text of 
the bill be printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                S. 2455

       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 ``Community Foreclosure 
     Assistance Act of 2007''.

     SEC. 2. ADDITIONAL EMERGENCY CDBG FUNDING.

       (a) Appropriation.--There are authorized to be 
     appropriated, and shall be appropriated, $1,000,000,000, to 
     remain available until expended, for assistance to States, 
     metropolitan cities, and urban counties (as those terms are 
     defined in section 102 of the Housing and Community 
     Development Act of 1974 (42 U.S.C. 5302)) in carrying out the 
     community development block grant program under title I of 
     the Housing and Community Development Act of 1974 (42 U.S.C. 
     5301 et seq.)--
       (1) for necessary expenses related to the impact of housing 
     foreclosures, and other related economic and community 
     development activities; and
       (2) to provide foreclosure-based rental assistance for 
     individual renters in the form of relocation assistance.
       (b) Limitation.--
       (1) In general.--Except for counseling services none of the 
     amounts appropriated under subsection (a) may be provided, 
     directly or indirectly, to an individual homeowner for 
     foreclosure prevention purposes, including for refinancing 
     assistance, loans, or any other form of financial assistance. 
     Such funds may be provided directly to a certified housing 
     counseling service, which shall be considered as a 
     subrecipient of such grant amounts.
       (2) Definition.--For purposes of paragraph (1), the term 
     ``certified housing counseling service'' means a housing 
     counseling agency approved by the Secretary of Housing and 
     Urban Development pursuant to section 106(d) of the Housing 
     and Urban Development Act of 1968 (12 U.S.C. 1701x(d)).

     SEC. 3. INCREASED PUBLIC SERVICES REQUIREMENT CAP.

       For purposes of this Act, paragraph (8) of section 105(a) 
     of the Housing and Community Development Act of 1974 (42 
     U.S.C. 5305(a)) shall apply to the use of all funds 
     appropriated or otherwise made available under this Act by 
     substituting--
       (1) ``25 per centum'' for ``15 per centum'' each place that 
     term appears; and
       (2) ``25 percent'' for ``15 percent'' each place that term 
     appears.

     SEC. 4. LOW AND MODERATE INCOME REQUIREMENT.

       At least 50 percent of the funds appropriated or otherwise 
     made available under this Act shall benefit primarily persons 
     of low- and moderate-income.

     SEC. 5. PLANS AND REPORTS.

       (a) Comprehensive Plan.--None of the funds appropriated or 
     otherwise made available under this Act shall be used by any 
     State, metropolitan city, or urban county until such time as 
     that State, metropolitan city, or urban county submits to the 
     Secretary of Housing and Urban Development, for approval by 
     the Secretary, a comprehensive plan detailing the proposed 
     use of all such funds.
       (b) Report on Use of Funds.--During the period of time that 
     funds are being expended under this Act, each State, 
     metropolitan city, or urban county receiving funds under this 
     Act shall submit, on a quarterly basis, a report to the 
     Secretary of Housing and Urban Development describing and 
     accounting for the use of all such funds expended during the 
     applicable period.

     SEC. 6. WAIVERS.

       (a) General Waiver.--In administering funds appropriated or 
     otherwise made available under this Act, the Secretary of 
     Housing and Urban Development shall waive, or specify 
     alternative requirements for, any provision of any statute or 
     regulation that

[[Page S15247]]

     the Secretary administers in connection with the obligation 
     by the Secretary or the use by the recipient of such funds 
     (except for requirements related to fair housing, 
     nondiscrimination, labor standards, and the environment), 
     upon a request by a State, metropolitan city, or urban county 
     that such waiver is required to facilitate the use of such 
     funds, and a finding by the Secretary that such waiver would 
     not be inconsistent with the overall purpose of the statute.
       (b) Low and Moderate Income Requirement Waiver.--The 
     Secretary of Housing and Urban Development may waive, upon 
     the request of a State, metropolitan city, or urban county, 
     the 50 percent requirement described under section 4. Such 
     waiver shall, in the discretion of the Secretary, only be 
     granted if a compelling need is demonstrated.
       (c) Public Services Cap.--The Secretary of Housing and 
     Urban Development may waive, upon the request of a State, 
     metropolitan city, or urban county, the public service 
     requirement cap described under section 3. Such waiver shall, 
     in the discretion of the Secretary, only be granted if a 
     compelling need is demonstrated.
       (d) Other Waiver Provisions.--
       (1) Publication in the federal register.--The Secretary of 
     Housing and Urban Development shall publish in the Federal 
     Register any waiver of any statute or regulation authorized 
     under this section not later than 5 days before the effective 
     date of such waiver.
       (2) Review of waiver.--Each waiver granted under this 
     section by the Secretary of Housing and Urban Development 
     shall be reconsidered, and if still necessary reauthorized by 
     the Secretary, not later than 2-years after the date on which 
     such waiver was first published in the Federal Register 
     pursuant to paragraph (1).
       (3) Notification of committees.--The Secretary of Housing 
     and Urban Development shall notify the Committee on 
     Appropriations of the Senate and the Committee on 
     Appropriations of the House of Representatives of any waiver 
     granted or denied under this section not later than 5 days 
     before such waiver is granted or denied.

     SEC. 7. NONCOMPLIANCE WITH COMMUNITY DEVELOPMENT 
                   REQUIREMENTS.

       For purposes of this Act, the provisions of section 111 of 
     the Housing and Community Development Act of 1974 (42 U.S.C. 
     5311)(relating to noncompliance) shall apply to the use of 
     all funds appropriated or otherwise made available under this 
     Act.

     SEC. 8. GAO AUDIT.

       The Comptroller General of the United States shall--
       (1) conduct an audit of the expenditure of all funds 
     appropriated under this Act in accordance with generally 
     accepted government auditing standards; and
       (2) submit a report detailing such audit to the Committee 
     on Banking, Housing, and Urban Affairs of the Senate and the 
     Committee on Financial Services of the House of 
     Representatives.

     SEC. 9. REPORTS.

       The Secretary of Housing and Urban Development shall 
     report, on a quarterly basis, to the Committee on 
     Appropriations of the Senate and the Committee on 
     Appropriations of the House of Representatives on--
       (1) the use of funds appropriated or otherwise made 
     available under this Act, including--
       (A) the number of households receiving counseling and 
     rental assistance;
       (B) the outcomes of such assistance activities;
       (C) the names of those certified housing counseling service 
     providing counseling assistance pursuant to this Act; and
       (D) such other information as the Secretary may deem 
     appropriate; and
       (2) all steps taken by the Secretary to prevent fraud and 
     abuse of such funds.
                                 ______