I 
109TH CONGRESS 
1ST SESSION H. R. 3088 
To provide mortgage payment assistance for certain employees who are 
separated from employment. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 28, 2005 
Mr. GOODE (for himself and Mr. BOUCHER) introduced the following bill; 
which was referred to the Committee on Education and the Workforce 
A BILL 
To provide mortgage payment assistance for certain 
employees who are separated from employment. 
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 ‘‘Homestead Preserva-
tion Act’’. 
SEC. 2. MORTGAGE PAYMENT ASSISTANCE. 
(a) ESTABLISHMENT OF PROGRAM.—To the extent 
that amounts are provided pursuant to subsection (f), the 
Secretary of Labor (referred to in this section as the ‘‘Sec-
retary’’) shall establish a program under which the Sec-
retary shall award low-interest loans to eligible individuals 
to enable such individuals to continue to make mortgage 
payments with respect to the primary residences of such 
individuals. 
(b) ELIGIBILITY.—An individual is eligible to receive 
a loan under the program established under subsection (a) 
if the individual— 
(1) is— 
(A) an adversely affected worker with re-
spect to whom a certification of eligibility has 
been issued by the Secretary of Labor under 
chapter 2 of title II of the Trade Act of 1974 
(19 U.S.C. 2271 et seq.); or 
(B) an individual who would be an indi-
vidual described in subparagraph (A) but who 
resides in a State that has not entered into an 
agreement under section 239 of that Act (19 
U.S.C. 2311); 
(2) is a borrower under a loan which requires 
the individual to make monthly mortgage payments 
with respect to the primary place of residence of the 
individual; and 
(3) is receiving training under section 236 of 
the Trade Act of 1974, has received a job search al-
lowance under section 237 of that Act or a reloca-
tion allowance under section 238 of that Act, or is 
receiving assistance under the Work Force Invest-
ment Act of 1998 or comparable assistance under 
any other Federal law. 
(c) LOAN REQUIREMENTS.— 
(1) IN GENERAL.—A loan provided to an eligi-
ble individual under this section shall— 
(A) be for a period of not to exceed 12 
months; 
(B) be for an amount that does not exceed 
the sum of— 
(i) the amount of the monthly mort-
gage payment owed by the individual; and 
(ii) the number of months for which 
the loan is provided; 
(C) have an applicable rate of interest that 
equals 4 percent; 
(D) require repayment as provided for in 
subsection (d); and 
(E) be subject to such other terms and 
conditions as the Secretary determines appro-
priate. 
(2) ACCOUNT.—A loan awarded to an indi-
vidual under this section shall be deposited into an 
account from which a monthly mortgage payment
will be made in accordance with the terms and con-
ditions of such loan. 
(d) REPAYMENT.— 
(1) IN
GENERAL.—An individual to which a 
loan has been awarded under this section shall be re-
quired to begin making repayments on the loan on 
the earlier of— 
(A) the date on which the individual has 
been employed on a full-time basis for 6 con-
secutive months; or 
(B) the date that is 1 year after the date 
on which the loan has been approved under this 
section. 
(2) REPAYMENT PERIOD AND AMOUNT.— 
(A) REPAYMENT PERIOD.—A loan awarded 
under this section shall be repaid on a monthly 
basis over the 5-year period beginning on the 
date determined under paragraph (1). 
(B) AMOUNT.—The amount of the month-
ly payment described in subparagraph (A) shall 
be determined by dividing the total amount pro-
vided under the loan (plus interest) by 60. 
(C) RULE OF CONSTRUCTION.—Nothing in 
this paragraph shall be construed to prohibit an 
individual from—
(i) paying off a loan awarded under 
this section in less than 5 years; or 
(ii) paying a monthly amount under 
such loan in excess of the monthly amount 
determined under subparagraph (B) with 
respect to the loan. 
(e) REGULATIONS.—Not later than 6 weeks after the 
date of the enactment of this Act, the Secretary shall pro-
mulgate regulations necessary to carry out this section, 
including regulations that permit an individual to certify 
that the individual is an eligible individual under sub-
section (b). 
(f) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized to be appropriated to carry out this section, 
$10,000,000 for each of fiscal years 2006 through 2010. 
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