I 
111TH CONGRESS 
1ST SESSION H. R. 3766 
To use amounts made available under the Troubled Assets Relief Program 
of the Secretary of the Treasury for relief for homeowners and affordable 
rental housing. 
IN THE HOUSE OF REPRESENTATIVES 
OCTOBER 8, 2009 
Mr. FRANK of Massachusetts (for himself, Ms. WATERS, Mr. KANJORSKI, Ms. 
VELA´ZQUEZ, Mr. CARDOZA, Mr. FATTAH, and Mr. CUMMINGS) intro-
duced the following bill; which was referred to the Committee on Finan-
cial 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 affordable rental housing. 
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 ‘‘Main Street TARP 
Act of 2009’’. 
SEC. 2. HOUSING TRUST FUND. 
(a) USE OF TARP FUNDS.—Using the authority 
available under sections 101(a) and 115(a) of division A 
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of the Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5211(a), 5225(a)), the Secretary of the Treasury 
shall transfer to the Secretary of Housing and Urban De-
velopment $1,000,000,000, and the Secretary of Housing 
and Urban Development shall credit such amount 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) for use in ac-
cordance with such section. 
(b) TENANT RENT CONTRIBUTION.—Subparagraph 
(A) of section 1338(c)(7) of the Federal Housing Enter-
prises Financial Safety and Soundness Act of 1992 (12 
U.S.C. 4568(c)(7)(A)) is amended by inserting before the 
semicolon the following: ‘‘; and except that all rental hous-
ing dwelling units shall be subject to legally binding com-
mitments that ensure that the contribution toward rent 
by a family residing in a dwelling unit shall not exceed 
30 percent of the adjusted income of such family’’. 
SEC. 3. EMERGENCY MORTGAGE RELIEF. 
(a) USE OF TARP FUNDS.—Using the authority 
available under sections 101(a) and 115(a) of division A 
of the Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5211(a), 5225(a)), the Secretary of the Treasury 
shall transfer to the Secretary of Housing and Urban De-
velopment $2,000,000,000, and the Secretary of Housing 
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and Urban Development shall credit such amount to the 
Emergency Homeowners’ Relief Fund, which such Sec-
retary shall establish pursuant to section 107 of the Emer-
gency 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 (12 U.S.C. 2702)— 
(A) in paragraph (2)— 
(i) by striking ‘‘have indicated’’ and 
all that follows through ‘‘regulation of the 
holder’’ and insert ‘‘have certified’’; 
(ii) by striking ‘‘(such as the volume 
of delinquent loans in its portfolio)’’; and 
(iii) by striking ‘‘, except that such 
statement’’ and all that follows through 
‘‘purposes of this title’’; and 
(B) in paragraph (4), by inserting ‘‘or 
medical conditions’’ after ‘‘adverse economic 
conditions’’; 
(2) in section 104 (12 U.S.C. 2703)— 
(A) in subsection (b), by striking ‘‘the less-
er of $250 per month or’’; and 
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(B) in subsection (d), by inserting before 
the period at the end the following: ‘‘, except 
that such interest rate may exceed such max-
imum rate but only as necessary to comply with 
rules under a program operated by a State that 
otherwise complies with program rules under 
this title’’; 
(3) in section 105 (12 U.S.C. 2704)— 
(A) by striking subsection (b); 
(B) in subsection (e)— 
(i) by inserting ‘‘and emergency mort-
gage relief payments made under section 
106’’ after ‘‘insured under this section’’; 
and 
(ii) by striking ‘‘$1,500,000,000 at 
any 
one 
time’’ 
and 
inserting 
‘‘$2,000,000,000’’; 
(C) by redesignating subsections (c), (d), 
and (e) as subsections (b), (c), and (d), respec-
tively; and 
(D) by adding at the end the following new 
subsection: 
‘‘(e) The Secretary shall establish underwriting 
guidelines or procedures to allocate amounts made avail-
able for loans and advances insured under this section and 
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SEC. 4. 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 striking ‘‘$1,259,000,000’’ and inserting 
‘‘2,259,000,000’’. 
Æ 
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