To rescind the third round of funding for the Neighborhood Stabilization Program and to terminate the program.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``NSP Termination Act''.

SEC. 2. RESCISSION OF $1 BILLION FUNDING FOR 3RD ROUND OF NEIGHBORHOOD 
              STABILIZATION PROGRAM.

    (a) Recission.--Effective on the date of the enactment of this Act, 
there are rescinded and permanently canceled all unobligated balances 
remaining available as of such date of enactment of the amounts made 
available by section 1497(a) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (Public Law 111-203; 124 Stat. 2209; 42 U.S.C. 
5301 note). All such unobligated balances so rescinded and permanently 
canceled should be retained in the General Fund of the Treasury for 
reducing the budget deficit of the Federal Government.
    (b) Identification of Amounts Subject to Possible Rescission.--
            (1) In general.--The Secretary of Housing and Urban 
        Development has allocated funding to the States, including 
        city, county, and municipal governments, under the 3rd round of 
        funding for the Neighborhood Stabilization Program, as set 
        forth in paragraph (2). Amounts from the allocations set forth 
        in paragraph (2) of this subsection will be subject to possible 
        rescission and cancellation, to the extent provided in 
        subsection (a).
            (2) Allocation.--The allocations set forth in this 
        paragraph for the following States are the following amounts:
                    (A) Alaska: $5,000,000.
                    (B) Alabama: $7,576,151.
                    (C) Arizona: $45,377,073.
                    (D) Arkansas: $5,000,000.
                    (E) California: $149,308,651.
                    (F) Colorado: $17,349,270.
                    (G) Connecticut: $9,322,756.
                    (H) District of Columbia: $5,000,000.
                    (I) Delaware: $5,000,000.
                    (J) Florida: $208,437,144.
                    (K) Georgia: $50,421,988.
                    (L) Hawaii: $5,000,000.
                    (M) Iowa: $5,000,000.
                    (N) Idaho: $5,000,000.
                    (O) Illinois: $30,143,105.
                    (P) Indiana: $31,509,101.
                    (Q) Kansas: $6,137,796.
                    (R) Kentucky: $5,000,000.
                    (S) Louisiana: $5,000,000.
                    (T) Massachusetts: $7,387,994.
                    (U) Maryland: $6,802,242.
                    (V) Maine: $5,000,000.
                    (W) Michigan: $57,524,473.
                    (X) Minnesota: $12,427,113.
                    (Y) Missouri: $13,110,604.
                    (Z) Mississippi: $5,000,000.
                    (AA) Montana: $5,000,000.
                    (BB) North Carolina: $5,000,000.
                    (CC) North Dakota: $5,000,000.
                    (DD) Nebraska: $6,183,085.
                    (EE) New Hampshire: $5,000,000.
                    (FF) New Jersey: $11,641,549.
                    (GG) New Mexico: $5,000,000.
                    (HH) Nevada: $43,314,669.
                    (II) New York: $19,834,940.
                    (JJ) Ohio: $51,789,035.
                    (KK) Oklahoma: $5,000,000.
                    (LL) Oregon: $5,000,000.
                    (MM) Pennsylvania: $5,000,000.
                    (NN) Puerto Rico: $5,000,000.
                    (OO) Rhode Island: $6,309,231.
                    (PP) South Carolina: $5,615,020.
                    (QQ) South Dakota: $5,000,000.
                    (RR) Tennessee: $10,195,848.
                    (SS) Texas: $18,038,242.
                    (TT) Utah: $5,000,000.
                    (UU) Virginia: $6,254,970.
                    (VV) Vermont: $5,000,000;
                    (WW) Washington: $5,000,000.
                    (XX) Wisconsin: $7,687,949.
                    (YY) West Virginia: $5,000,000.
                    (ZZ) Wyoming: $5,000,000.

SEC. 3. TERMINATION OF NEIGHBORHOOD STABILIZATION PROGRAM.

    (a) Repeal.--Sections 2301 through 2303 of the Housing and Economic 
Recovery Act of 2008 (Public Law 110-289; 122 Stat. 2850; 42 U.S.C. 
5301 note) are hereby repealed.
    (b) Treatment of Remaining Funds.--
            (1) Savings clause.--Notwithstanding the repeal under 
        subsection (a), any amounts made available under the provisions 
        specified in paragraph (2) of this subsection shall continue to 
        be governed by any provisions of law applicable to such amounts 
        as in effect immediately before such repeal.
            (2) Remaining funds.--The provisions specified in this 
        paragraph are as follows:
                    (A) Section 2301(a) of the Housing and Economic 
                Recovery Act of 2008 (Public Law 110-289; 122 Stat. 
                2850; 42 U.S.C. 5301 note).
                    (B) The second undesignated paragraph under the 
                heading ``Department of Housing and Urban Development, 
                Community Planning and Development, Community 
                Development Fund'' in title XII of division A of the 
                American Recovery and Reinvestment Act of 2009 (Public 
                Law 111-5, 123 Stat. 217).
    (c) Termination.--Upon the obligation of all amounts made available 
under the provisions specified in subsection (b)(2), and outlays to 
liquidate all such amounts, the Secretary of Housing and Urban 
Development shall terminate the Neighborhood Stabilization Program 
authorized under the provisions specified in subsections (a) and 
(b)(2).

SEC. 4. PUBLICATION OF MEMBER AVAILABILITY FOR ASSISTANCE.

    Not later than 5 days after the date of the enactment of this Act, 
the Secretary of Housing and Urban Development shall publish to its 
Website on the World Wide Web in a prominent location, large point 
font, and boldface type the following statement: ``The Neighborhood 
Stabilization Program (NSP) has been terminated. If you are concerned 
about the impact of foreclosed properties on your community, please 
contact your Member of Congress, State, county, and local officials for 
assistance in mitigating the impacts of foreclosed properties on your 
community.''.

SEC. 5. GAO STUDY OF ECONOMIC IMPACTS OF ROUND 3 NSP FUNDING.

    The Comptroller General of the United States shall conduct a study 
to determine the economic impacts that providing assistance under the 
Neighborhood Stabilization Program, using the funding identified in 
section 2, would have on States and communities in the United States, 
if such funding were not rescinded and canceled under such section, but 
remained available and was used in accordance with the provisions of 
law applicable to such amounts as in effect immediately before the 
repeal under section 3(a). Not later than the expiration of the 90-day 
period beginning on the date of the enactment of this Act, the 
Comptroller General shall submit to the Congress a report setting forth 
the results and conclusions of the study under this section.

SEC. 6. GAO STUDY OF ECONOMIC IMPACTS OF ROUNDS 1 AND 2 NSP FUNDING.

    The Comptroller General of the United States shall conduct a study 
to determine the economic impacts that providing assistance under the 
Neighborhood Stabilization Program has had on States and communities in 
the United States. The study shall identify such impacts resulting from 
the funding under the each of the provisions of law specified in 
subparagraphs (A) and (B) of section 3(b)(2). Not later than the 
expiration of the 90-day period beginning on the date of the enactment 
of this Act, the Comptroller General shall submit to the Congress a 
report setting forth the results and conclusions of the study under 
this section.

            Passed the House of Representatives March 16, 2011.

            Attest:

                                                 KAREN L. HAAS,

                                                                 Clerk.

Summary: NSP Termination Act - Rescinds and cancels permanently all unobligated balances remaining available, as of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, to the Secretary of Housing and Urban Development (HUD) for assistance to states and local governments for the redevelopment of abandoned and foreclosed homes and residential properties. (Thus, rescinds the third round of funding for the Neighborhood Stabilization Program [NSP].) Urges that all such rescinded and canceled amounts be retained in the Treasury General Fund for reducing the federal budget deficit.

Subjects to possible rescission and permanent cancellation certain amounts allocated by the Secretary under the third round of funding for the NSP to specified states, including city, county, and municipal governments.

Amends the Housing and Economic Recovery Act of 2008 to repeal emergency FY2008 appropriations for the Program.

States that such appropriations, together with amounts made available for the Program in the HUD, Community Planning and Development, Community Development Fund under title XII of division A of the American Recovery and Reinvestment Act of 2009, shall continue to be governed by any provisions of law applicable to such amounts as in effect before the repeal.

Requires the Secretary to terminate the Program upon the obligation of all such amounts and outlays to liquidate them.

Requires the Secretary to publish on the HUD website a statement as to: (1) termination of the NSP; and (2) the availability of a Member of Congress and state, county, and local officials to provide assistance in mitigating the impacts of foreclosed properties on an individual's community.

Requires the Comptroller General to study the economic impacts of: (1) round three NSP funding on states and communities that would occur if it were not rescinded and canceled but remained available, and (2) actual round one and round two NSP assistance on those states and communities.