I 
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. VELA´ZQUEZ) 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 Representa-
tives 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 
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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 ac-
cordance 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 aban-
doned and foreclosed homes, in accordance with the same 
provisions applicable under the second undesignated para-
graph under the heading ‘‘Community Planning and De-
velopment—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 pro-
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(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 sub-
stituting ‘‘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, Amer-
ican 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 Emer-
gency 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 
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Homeowners’ Relief Fund, which such Secretary shall es-
tablish 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 de-
linquent loans in its portfolio)’’; and 
(C) by striking ‘‘, except that such state-
ment’’ 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’’; 
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(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 Emer-
gency 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 PRO-
GRAM.—The Secretary of Housing and Urban Develop-
ment shall develop a program under this subsection to en-
sure the protection of current and future tenants of at- 
risk multifamily properties, where feasible, based on cri-
teria that may include— 
(1) creating sustainable financing of such prop-
erties, that may take into consideration such factors 
as— 
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(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 struc-
ture that consists of 5 or more dwelling units. 
SEC. 6. REDUCING TARP AUTHORIZATION LIMIT TO OFF-
SET 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 fol-
lowing: ‘‘, 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, 
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insurance, and appropriations as authorized under the 
TARP for Main Street Act of 2009’’. 
Æ 
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