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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3068 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 3068

To use amounts made available under the Troubled Assets Relief Program 
    of the Secretary of the Treasury for relief for homeowners and 
                             neighborhoods.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             June 26, 2009

 Mr. Frank of Massachusetts (for himself, Ms. Waters, Mr. Cardoza, and 
Ms. Velazquez) introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL

 
To use amounts made available under the Troubled Assets Relief Program 
    of the Secretary of the Treasury for relief for homeowners and 
                             neighborhoods.

    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 ``TARP for Main Street Act of 2009''.

SEC. 2. HOUSING TRUST FUND.

    From dividends paid by financial institutions that have received 
financial assistance provided under title I of division A of the 
Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211 et seq.), 
the Secretary of the Treasury shall transfer and credit $1,000,000,000 
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. 4567) for use in accordance with such section.

SEC. 3. NEIGHBORHOOD STABILIZATION PROGRAM.

    From dividends paid by financial institutions that have received 
financial assistance provided under title I of division A of the 
Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211 et seq.), 
the Secretary of the Treasury shall transfer $1,500,000,000 to the 
Secretary of Housing and Urban Development and such Secretary shall use 
such amounts for assistance to States and units of general local 
government for the redevelopment of abandoned and foreclosed homes, in 
accordance with the same provisions applicable under the second 
undesignated paragraph under the heading ``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) to amounts made available under such second undesignated 
paragraph, except as follows:
            (1) Notwithstanding the matter of such second undesignated 
        paragraph that precedes the first proviso, amounts made 
        available by this section shall remain available until 
        expended.
            (2) The 3rd, 4th, 5th, 6th, 7th, and 15th provisos of such 
        second undesignated paragraph shall not apply to amounts made 
        available by this section.
            (3) Amounts made available by this section shall be 
        allocated based on a funding formula for such amounts 
        established by the Secretary in accordance with section 2301(b) 
        of the Housing and Economic Recovery Act of 2008 (42 U.S.C. 
        5301 note), except that--
                    (A) notwithstanding paragraph (2) of such section 
                2301(b), the formula shall be established not later 
                than 30 days after the date of the enactment of this 
                Act;
                    (B) the Secretary may not establish any minimum 
                grant amount or size for grants to States; and
                    (C) the Secretary may establish a minimum grant 
                amount for direct allocations to units of general local 
                government located within a State, which shall not 
                exceed $1,000,000.
            (4) Paragraph (1) of section 2301(c) of the Housing and 
        Economic Recovery Act of 2008 shall not apply to amounts made 
        available by this section.
            (5) Section 2302 of the Housing and Economic Recovery Act 
        of 2008 shall not apply to amounts made available by this 
        section.
            (6) The fourth proviso from the end of such second 
        undesignated paragraph shall be applied to amounts made 
        available by this section by substituting ``2013'' for 
        ``2012''.
            (7) Notwithstanding section 2301(a) of the Housing and 
        Economic Recovery Act of 2008, the term ``State'' means any 
        State of the United States, the District of Columbia, the 
        Commonwealth of Puerto Rico, the Commonwealth of the Northern 
        Mariana Islands, Guam, the Virgin Islands, American Samoa, and 
        other territory or possession of the United States for purposes 
        of this section and title III of division B of such Act, as 
        applied to amounts made available by this section.

SEC. 4. EMERGENCY MORTGAGE RELIEF.

    (a) Use of TARP Funds.--Using the authority available under section 
115(a) of division A of the Emergency Economic Stabilization Act of 
2008 (12 U.S.C. 5225(a)), the Secretary of the Treasury shall transfer 
to the Secretary of Housing and Urban Development $2,000,000,000, and 
the Secretary of Housing and Urban Development shall credit such amount 
to the Emergency Homeowners' Relief Fund, which such Secretary shall 
establish pursuant to section 107 of the Emergency Housing Act of 1975 
(12 U.S.C. 2706), as such Act is amended by this section, for use for 
emergency mortgage assistance in accordance with title I of such Act.
    (b) Reauthorization of Emergency Mortgage Relief Program.--Title I 
of the Emergency Housing Act of 1975 is amended--
            (1) in section 103(2) (12 U.S.C. 2702(2)--
                    (A) by striking ``have indicated'' and all that 
                follows through ``regulation of the holder'' and insert 
                ``have certified'';
                    (B) by striking ``(such as the volume of delinquent 
                loans in its portfolio)''; and
                    (C) by striking ``, except that such statement'' 
                and all that follows through ``purposes of this 
                title'';
            (2) in section 104(b) (12 U.S.C. 2703(b)), by striking 
        ``the lesser of $250 per month'';
            (3) in section 105(e) (12 U.S.C. 2704(e)), by striking 
        ``$1,500,000,000'' and inserting ``$2,000,000,000'';
            (4) in section 109 (12 U.S.C. 2708)--
                    (A) in the section heading, by striking 
                ``authorization and'';
                    (B) by striking subsection (a);
                    (C) by striking ``(b)''; and
                    (D) by striking ``1977'' and inserting ``2011''; 
                and
            (5) by striking sections 110, 111, and 113 (12 U.S.C. 2709, 
        2710, 2712).

SEC. 5. MULTIFAMILY MORTGAGE RESOLUTION.

    (a) Use of TARP Funds.--Using the authority available under section 
115(a) of division A of the Emergency Economic Stabilization Act of 
2008 (12 U.S.C. 5225(a)), the Secretary of the Treasury shall transfer 
$2,000,000,000 to the Secretary of Housing and Urban Development for 
use under the program developed under subsection (b) to stabilize 
multifamily properties that are in default or foreclosure, or have 
recently been foreclosed.
    (b) Multifamily Mortgage Resolution Program.--The Secretary of 
Housing and Urban Development shall develop a program under this 
subsection to ensure the protection of current and future tenants of 
at-risk multifamily properties, where feasible, based on criteria that 
may include--
            (1) creating sustainable financing of such properties, that 
        may take into consideration such factors as--
                    (A) the rental income generated by such properties; 
                and
                    (B) the preservation of adequate operating 
                reserves;
            (2) maintaining the level of Federal, State, and city 
        subsidies in effect as of the date of enactment of this Act;
            (3) providing funds for rehabilitation; and
            (4) facilitating the transfer of such properties, when 
        appropriate and with the agreement of owners, to responsible 
        new owners and ensuring affordability of such properties.
    (c) Definition.--For purposes of this section, the term 
``multifamily properties'' means a residential structure that consists 
of 5 or more dwelling units.

SEC. 6. REDUCING TARP AUTHORIZATION LIMIT TO OFFSET COSTS.

    Paragraph (3) of section 115(a) of the Emergency Economic 
Stabilization Act of 2008 (12 U.S.C. 5225) is amended by inserting 
after ``$1,244,000,000'' the following: ``, and as such amount is 
further reduced by such sums as may be necessary for assistance and 
costs (as such term is defined in section 502 of the Federal Credit 
Reform Act of 1990 (2 U.S.C. 661a)) of loans, advances, insurance, and 
appropriations as authorized under the TARP for Main Street Act of 
2009''.
                                 <all>
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