‘‘(I) may not be transferred to an 
eligible participating State under this 
paragraph; and 
‘‘(II) shall be available to the 
Secretary to make awards under para-
graph (4). 
‘‘(3) COMPETITIVE FUNDING.— 
‘‘(A) IN GENERAL.—Of the amount made 
available under paragraph (6)(D), the Secretary 
may award, on a competitive basis, not more 
than a total of $1,000,000,000 to participating 
States and consortiums of participating States 
for use for any purpose authorized under sub-
paragraph (A), (B), or (C) of subsection (c)(3). 
‘‘(B) APPLICATION.— 
‘‘(i) IN
GENERAL.—A participating 
State or consortium of participating States 
desiring to receive an award under this 
paragraph shall submit an application— 
‘‘(I) not later than the date es-
tablished by the Secretary, which shall 
be not later than the date that is 1 
year after the date of enactment of 
this subsection; and 
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‘‘(II) in such manner and con-
taining such information as the Sec-
retary may require. 
‘‘(ii) NUMBER OF APPLICATIONS.—A 
participating State may submit not more 
than 1 application on behalf of the partici-
pating State and not more than 1 applica-
tion as part of a consortium of partici-
pating States. 
‘‘(iii) STATES THAT DID NOT PARTICI-
PATE.—A State that is not a participating 
State may apply to the Secretary for ap-
proval to be a participating State for pur-
poses of this paragraph and paragraph (4), 
in accordance with section 3004. 
‘‘(C) FACTORS.—In determining whether 
to make an award to a participating State or 
consortium of participating States under this 
paragraph, the Secretary shall consider— 
‘‘(i) how the participating State or 
consortium of participating States plan to 
use amounts provided under the award 
under the approved State program to— 
‘‘(I) leverage private sector cap-
ital; 
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‘‘(II) create and retain jobs dur-
ing the 2-year period beginning on the 
date of the award; 
‘‘(III) serve businesses that have 
been incorporated or in operation for 
not more than 5 years; and 
‘‘(IV) serve low- or moderate-in-
come communities; 
‘‘(ii) the extent to which the partici-
pating State or consortium of participating 
States will establish or continue a robust 
self-evaluation of the activities of the par-
ticipating State or consortium of partici-
pating States using amounts made avail-
able under this title; 
‘‘(iii) the extent to which the partici-
pating State or consortium of participating 
States will provide non-Federal funds in 
excess of the amount required under sub-
paragraph (E); and 
‘‘(iv) the extent to which the partici-
pating State expended, obligated, or trans-
ferred the 2010 allocation to the State. 
‘‘(D) AWARD OF FUNDS.— 
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‘‘(i) 
FIRST
TRANCHE.—Notwith-
standing subsection (c)(1), and not later 
than 30 days after making an award under 
this paragraph to a participating State or 
consortium of participating States, the 
Secretary shall transfer 50 percent of the 
amount of the award to the participating 
State 
or 
consortium 
of 
participating 
States. 
‘‘(ii) SECOND TRANCHE.—After a par-
ticipating State or consortium of partici-
pating States has certified to the Secretary 
that the participating State or consortium 
of participating States has expended, 
transferred, or obligated not less than 80 
percent of the amount transferred under 
clause (i), the Secretary shall transfer to 
the participating State or consortium of 
participating States the remaining amount 
of the award. 
‘‘(E) STATE SHARE.—The State share of 
the cost of the activities, excluding administra-
tive expenses, carried out using an award under 
this paragraph shall be not less than 10 per-
cent. The Secretary may determine what con-
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tributions by a State qualify as part of the 
State share of the cost for purposes of this sub-
paragraph. 
‘‘(4) AWARD OF UNUSED FUNDS.— 
‘‘(A) IN
GENERAL.—The Secretary may 
award, on a competitive basis, unused funds to 
participating States for use for any purpose au-
thorized under subparagraph (A), (B), or (C) of 
subsection (c)(3). 
‘‘(B) UNUSED 2010 FUNDS.— 
‘‘(i) IN
GENERAL.—The Secretary 
shall determine whether any amounts allo-
cated to a participating State under sub-
section (b) shall be deemed no longer allo-
cated and no longer available if a partici-
pating State has not certified to the Sec-
retary that the State has expended, trans-
ferred, or obligated 80 percent of the sec-
ond 1⁄3 of the 2010 allocation by December 
31, 2016. 
‘‘(ii) AVAILABILITY.—Effective on the 
date of the determination under clause (i), 
any amounts identified in the determina-
tion that were deemed no longer allocated 
and no longer available to the participating 
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State shall be available to the Secretary to 
make awards under this paragraph. 
‘‘(C) APPLICATION.—A participating State 
desiring to receive an award under this para-
graph shall submit an application— 
‘‘(i) not later than 3 months after the 
date on which funds are deemed no longer 
allocated and no longer available to any 
participating State; and 
‘‘(ii) in such manner and containing 
such information as the Secretary may re-
quire. 
‘‘(D) FACTORS.—In determining whether 
to make an award to a participating State 
under this paragraph, the Secretary shall con-
sider the factors described in paragraph (3)(C). 
‘‘(E) MINIMUM
AMOUNT.—The Secretary 
may not make an award of less than 
$5,000,000 under this paragraph. 
‘‘(5) COMPLIANCE AND REPORTING REQUIRE-
MENTS.—During the period beginning on the date 
on which a participating State first receives funds 
under paragraph (2), (3), or (4) and ending on the 
date that is 8 years after the date of enactment of 
this subsection, the participating State shall submit 
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quarterly and annual reports containing the infor-
mation described in, and in accordance with the 
deadlines established under, section 3007. 
‘‘(6) 
ADMINISTRATION
AND
IMPLEMENTA-
TION.— 
‘‘(A) ADMINISTRATIVE
EXPENSES
FOR 
PARTICIPATING STATES.—A participating State 
may use not more than 3 percent of the amount 
made available to the participating State under 
paragraph (2), (3), or (4) for administrative ex-
penses incurred by the participating State in 
implementing an approved State program. 
‘‘(B) CONTRACTING.—During the 1-year 
period beginning on the date of enactment of 
this subsection, and notwithstanding any other 
provision of law relating to public contracting, 
the Secretary may enter into contracts to carry 
out this subsection. 
‘‘(C) AMOUNTS
NOT
ASSISTANCE.—Any 
amounts transferred to a participating State 
under paragraph (2), (3), or (4) shall not be 
considered assistance for purposes of subtitle V 
of title 31, United States Code. 
‘‘(D) APPROPRIATION.—There are appro-
priated to the Secretary, out of any funds in 
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the 
Treasury 
not 
otherwise 
appropriated, 
$1,500,000,000 to carry out this subsection, in-
cluding to pay reasonable costs of administering 
the programs under this subsection, to remain 
available until expended. 
‘‘(E) TERMINATION OF SECRETARY’S PRO-
GRAM ADMINISTRATION FUNCTIONS.—The au-
thorities and duties of the Secretary to imple-
ment and administer the program under this 
subsection shall terminate at the end of the 8- 
year period beginning on the date of enactment 
of this subsection.’’. 
SEC. 3. SUPPORT FOR AFFORDABLE HOUSING PROJECTS. 
Section 3003(c) of the State Small Business Credit 
Initiative Act of 2010 (12 U.S.C. 5702(c)) is amended— 
(1) in paragraph (3)— 
(A) by redesignating subparagraphs (C) 
and (D) as subparagraphs (D) and (E), respec-
tively; and 
(B) by inserting after subparagraph (B) 
the following: 
‘‘(C) to provide funds to small businesses 
to be used— 
‘‘(i) to develop, acquire, construct, re-
habilitate, maintain, operate, or manage 
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housing projects that provide housing that 
is affordable for low- or moderate-income 
households, as determined by the Sec-
retary, in consultation with the Secretary 
of Housing and Urban Development; 
‘‘(ii) notwithstanding section 220 of 
the Cranston-Gonzalez National Affordable 
Housing Act (42 U.S.C. 12750) or any 
other provision of law, to cover any con-
tribution required under such section or 
any 
matching 
amount, 
contribution 
amount, or non-Federal share required in 
connection with any other Federal grant or 
assistance program to provide housing that 
is affordable for low- or moderate-income 
households; or 
‘‘(iii) for purchasing foreclosed prop-
erties and property being sold by a State 
or local government, but only for the use 
of such properties for the purposes speci-
fied in clause (i) of this subparagraph;’’; 
(2) in paragraph (6)— 
(A) in subparagraph (A), by striking 
‘‘and’’ at the end; 
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(B) in subparagraph (B), by striking the 
period and inserting ‘‘; and’’; and 
(C) by adding at the end the following: 
‘‘(C) the term ‘small business’ has the 
meaning given the term ‘small business con-
cern’ under section 3(a) of the Small Business 
Act.’’; and 
(3) by adding at the end the following: 
‘‘(7) USE OF FUNDS FOR AFFORDABLE HOUS-
ING
PURPOSES.—With respect to a participating 
State, of amounts transferred under this section to 
the State that have not been obligated as of the date 
of the enactment of this paragraph, the State shall 
use, at a minimum, the lesser of— 
‘‘(A) $2,500,000, and 
‘‘(B) 10 percent of such unobligated 
amount, 
for 
the 
purposes 
described 
under 
paragraph 
(3)(C).’’. 
Æ 
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