I 
113TH CONGRESS 
2D SESSION 
H. R. 5601 
To provide amounts from the recent settlement between the Department 
of Justice and Bank of America for assistance under the Neighborhood 
Stabilization Program. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 18, 2014 
Mr. GRAYSON introduced the following bill; which was referred to the 
Committee on Financial Services 
A BILL 
To provide amounts from the recent settlement between the 
Department of Justice and Bank of America for assist-
ance under the Neighborhood Stabilization Program. 
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 ‘‘Foreclosure Restitu-
tion Act of 2014’’. 
SEC. 2. USE OF SETTLEMENT AMOUNTS. 
(a) NEIGHBORHOOD STABILIZATION ASSISTANCE.— 
From any amounts received by the Treasury as a civil 
monetary penalty pursuant to the settlement agreement 
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specified in subsection (e), $5,000,000,000 is hereby ap-
propriated, to remain available until expended, for use 
only for providing assistance under title III of division B 
of the Housing and Economic Recovery Act of 2008 (42 
U.S.C. 5301 note) to units of general local government 
(as such term is defined in section 102 of the Housing 
and Community Development Act of 1974 (42 U.S.C. 
5302)), subject to subsections (b), (c), and (d). 
(b) ALLOCATION AND DISTRIBUTION.—The amounts 
appropriated by subsection (a) shall be— 
(1) allocated to units of general local govern-
ment based on a funding formula established by the 
Secretary of Housing and Urban Development that 
is based upon the number and percentage of home 
foreclosures in each such unit; and 
(2) distributed according to such funding for-
mula not later than 30 days after the establishment 
of such formula. 
(c) INAPPLICABLE PROVISIONS OF NSP.—The fol-
lowing provisions of title III of division B of the Housing 
and Economic Recovery Act of 2008 shall not apply to 
the assistance provided with amounts appropriated by sub-
section (a): 
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(1) Subsection (b) of section 2301 (42 U.S.C. 
5301 note; relating to allocation of appropriated 
amounts). 
(2) Subparagraphs (B) and (C) of section 
2301(c)(2) (42 U.S.C. 5301 note; relating to pri-
ority). 
(3) Paragraph (3) of section 2301(c) (42 
U.S.C. 5301 note; relating to exception for certain 
States). 
(4) Section 2302 (42 U.S.C. 5301 note; relat-
ing to nationwide distribution of resources). 
(d) ELIGIBLE USES.—Notwithstanding subsection 
(a) and paragraphs (1) and (4) of subsection (c) of section 
2301 of the Housing and Economic Recovery Act of 2008 
(42 U.S.C. 5301 note), amounts appropriated by sub-
section (a) of this section may be used by units of general 
local government to assist in providing affordable housing 
or to mitigate indirect costs relating to foreclosures on res-
idential mortgages. 
(e) SETTLEMENT
AGREEMENT.—The settlement 
agreement specified in this subsection is the settlement 
agreement entered into August 2014 between the United 
States acting through the United States Department of 
Justice, along with the States of California, Delaware, Illi-
nois, Maryland, and New York, and the Commonwealth 
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of Kentucky, acting through their respective Attorneys 
General, and Bank of America Corporation, Bank of 
America, N.A., and Banc of America Mortgage Securities, 
as well as their current and former subsidiaries and affili-
ates. 
Æ 
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