SEC. 2. PURCHASES BY LOCAL PUBLIC-PRIVATE PARTNER-
SHIPS. 
(a) IN GENERAL.—In carrying out any Act that pro-
vides authority to the Secretary of the Treasury to pur-
chase troubled assets from financial institutions, the Sec-
retary shall systematically provide for purchases, by pub-
lic-private partnerships established at the community, 
local, and regional levels, from the Secretary of vacant res-
idential properties that the Secretary owns, holds, or con-
trols by reason of purchases of troubled assets pursuant 
to such Act, and shall require Federal property managers 
to provide for purchases by such partnerships of properties 
owned, held, or controlled by such Federal property man-
ager, for the purpose of retaining the value of such prop-
erties, stabilizing communities, and minimizing the fiscal 
impacts of such Act on taxpayers. 
(b) REQUIREMENTS.—In carrying out subsection (a), 
the Secretary shall provide for public-private partnerships 
to— 
(1) manage the acquisition and disposition of 
properties purchased; 
(2) utilize other current Federal resources, in-
cluding the New Market Tax Credits, in conjunction 
with such purchase to assist in housing recovery for 
communities, localities, or regions; 
VerDate Aug 31 2005 
01:46 Oct 01, 2008
Jkt 069200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H7189.IH
H7189
smartinez on PROD1PC64 with BILLS
(3) ensure the purchased properties are main-
tained or renovated to meet applicable health, build-
ing, and safety standards; 
(4) meet low- and moderate-income housing 
needs; 
(5) maintain local property taxes and critical 
services; and 
(6) leverage local resources to augment Federal 
investment for the purpose of obtaining the highest 
return on the Federal investment under the program 
under the Act referred to in subsection (a). 
(c) TERMS.—In carrying out subsection (a), the Sec-
retary shall establish requirements regarding— 
(1) the ratio of Federal funds expended by the 
Secretary with respect to obtaining such properties 
to the amount of funds required to be invested by 
the public-private partnership; 
(2) the process by which vacant properties 
backing troubled assets purchased by the Secretary 
can be transferred on a community, local, or re-
gional basis to public-private partnerships; 
(3) determining the beneficial goals of the part-
nership to include low- and moderate-income home-
ownership prioritization; 
VerDate Aug 31 2005 
01:46 Oct 01, 2008
Jkt 069200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H7189.IH
H7189
smartinez on PROD1PC64 with BILLS
(4) avoiding ‘‘dumping’’ of properties by selling 
large volumes of vacant properties at substantial 
price discounts; 
(5) determining the areas in which the Federal 
Government can carry out this section to maximize 
governmental efficiency and taxpayer benefit; 
(6) segregating assets of regions that have es-
tablished public-private partnerships for the benefit 
of their communities; and 
(7) award of contracts to asset managers, that 
provide for solicitation of proposals from a broad 
range of qualified entities and individuals and pref-
erence for public-private partnerships that are cre-
ated to help stabilize their region’s economy. 
Æ 
VerDate Aug 31 2005 
01:46 Oct 01, 2008
Jkt 069200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6301
E:\BILLS\H7189.IH
H7189
smartinez on PROD1PC64 with BILLS