151 
•HR 3221 EAH2 
amounts allocated pursuant to clauses (i) and (ii) of 
section 1337(a)(1)(B) and clauses (i) and (ii) of sec-
tion 1337(a)(2)(B) in excess of amounts described in 
section 1337(e)— 
‘‘(A) 100 percent of such excess shall be used 
to reimburse the Treasury for payments made 
pursuant to section 257(w)(1)(C) of the National 
Housing Act in calendar year 2009; 
‘‘(B) 50 percent of such excess shall be used 
to reimburse the Treasury for such payments in 
calendar year 2010; and 
‘‘(C) 25 percent of such excess shall be used 
to reimburse the Treasury for such payments in 
calendar year 2011. 
‘‘(2) EXCESS FUNDS.—At the termination of the 
HOPE for Homeowners Program established under 
section 257 of the National Housing Act, if amounts 
used to reimburse the Treasury under paragraph (1) 
exceed the total net cost to the Government of the 
HOPE for Homeowners Program, such amounts shall 
be used for their original purpose, as described in 
paragraphs (1)(B) and (2)(B) of section 1337(a). 
‘‘(3) TREASURY FUND.—The amounts referred to 
in subparagraphs (A) through (C) of paragraph (1) 
shall be deposited into a fund established in the
152 
•HR 3221 EAH2 
Treasury of the United States by the Secretary of the 
Treasury for such purpose. 
‘‘(c) ALLOCATION FOR HOUSING TRUST FUND IN FIS-
CAL YEAR 2010 AND SUBSEQUENT YEARS.— 
‘‘(1) IN GENERAL.—Except as provided in sub-
section (b), the Secretary shall distribute the amounts 
allocated for the Housing Trust Fund under this sec-
tion to provide affordable housing as described in this 
subsection. 
‘‘(2) PERMISSIBLE DESIGNEES.—A State receiv-
ing grant amounts under this subsection may des-
ignate a State housing finance agency, housing and 
community development entity, tribally designated 
housing entity (as such term is defined in section 4 
of the Native American Housing Assistance and Self- 
Determination Act of 1997 (25 U.S.C. 4103)), or any 
other qualified instrumentality of the State to receive 
such grant amounts. 
‘‘(3) DISTRIBUTION TO STATES BY NEEDS-BASED 
FORMULA.— 
‘‘(A) IN GENERAL.—The Secretary shall, by 
regulation, establish a formula within 12 months 
of the date of enactment of the Federal Housing 
Finance Regulatory Reform Act of 2008, to dis-
tribute amounts made available under this sub-
153 
•HR 3221 EAH2 
section to each State to provide affordable hous-
ing to extremely low- and very low-income 
households. 
‘‘(B) BASIS FOR FORMULA.—The formula 
required under subparagraph (A) shall include 
the following: 
‘‘(i) The ratio of the shortage of stand-
ard rental units both affordable and avail-
able to extremely low-income renter house-
holds in the State to the aggregate shortage 
of standard rental units both affordable and 
available to extremely low-income renter 
households in all the States. 
‘‘(ii) The ratio of the shortage of stand-
ard rental units both affordable and avail-
able to very low-income renter households in 
the State to the aggregate shortage of stand-
ard rental units both affordable and avail-
able to very low-income renter households in 
all the States. 
‘‘(iii) The ratio of extremely low-in-
come renter households in the State living 
with either (I) incomplete kitchen or plumb-
ing facilities, (II) more than 1 person per 
room, or (III) paying more than 50 percent
154 
•HR 3221 EAH2 
of income for housing costs, to the aggregate 
number of extremely low-income renter 
households living with either (IV) incom-
plete kitchen or plumbing facilities, (V) 
more than 1 person per room, or (VI) pay-
ing more than 50 percent of income for 
housing costs in all the States. 
‘‘(iv) The ratio of very low-income 
renter households in the State paying more 
than 50 percent of income on rent relative 
to the aggregate number of very low-income 
renter households paying more than 50 per-
cent of income on rent in all the States. 
‘‘(v) The resulting sum calculated from 
the factors described in clauses (i) through 
(iv) shall be multiplied by the relative cost 
of construction in the State. For purposes of 
this subclause, the term ‘cost of construc-
tion’— 
‘‘(I) means the cost of construction 
or building rehabilitation in the State 
relative to the national cost of con-
struction or building rehabilitation; 
and