Guam, American Samoa, the Virgin Islands, and the 
Northern Mariana Islands. 
(b) ESTABLISHMENT
OF FUND.—There is estab-
lished at the Department of the Treasury a Housing As-
sistance Fund to provide such funds as are allocated in 
subsection (f) to State housing finance agencies for the 
purpose of preventing homeowner mortgage defaults, fore-
closures, and displacements of individuals and families ex-
periencing financial hardship after January 21, 2020. 
(c) ALLOCATION OF FUNDS.— 
(1) IN GENERAL.—The Secretary of the Treas-
ury shall establish such criteria as are necessary to 
allocate the funds available within the Housing As-
sistance Fund to each State. The Secretary shall al-
locate such funds among all States taking into con-
sideration the number of unemployment claims with-
in a State relative to the nationwide number of un-
employment 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 pur-
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suant to this section, and in accordance with the al-
locations 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, estab-
lishing 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 sec-
tion may be used for the purposes established under 
subsection (b), which may include— 
(A) mortgage payment assistance; 
(B) financial assistance to allow a bor-
rower to reinstate their mortgage following a 
period of forbearance; 
(C) principal reduction; 
(D) utility payment assistance, including 
electric, gas, and water payment assistance; 
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(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 be-
ginning 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 evic-
tion, mortgage delinquency or default, fore-
closure, 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 ex-
penses. Any amounts allocated to administrative ex-
penses that are no longer necessary for administra-
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tive expenses may be used in accordance with para-
graph (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 Assist-
ance 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 Inno-
vation 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 Assist-
ance 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 
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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 Enter-
prises 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 quar-
terly 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; 
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(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. 
Æ 
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