To use amounts made available under the Troubled Assets Relief Program of the Secretary of the Treasury for relief for homeowners and affordable rental housing.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Main Street TARP Act of 2009''.

SEC. 2. HOUSING TRUST FUND.

    (a) Use of TARP Funds.--Using the authority available under 
sections 101(a) and 115(a) of division A of the Emergency Economic 
Stabilization Act of 2008 (12 U.S.C. 5211(a), 5225(a)), the Secretary 
of the Treasury shall transfer to the Secretary of Housing and Urban 
Development $1,000,000,000, and the Secretary of Housing and Urban 
Development shall credit such amount to the Housing Trust Fund 
established under section 1338 of the Federal Housing Enterprises 
Financial Safety and Soundness Act of 1992 (12 U.S.C. 4568) for use in 
accordance with such section.
    (b) Tenant Rent Contribution.--Subparagraph (A) of section 
1338(c)(7) of the Federal Housing Enterprises Financial Safety and 
Soundness Act of 1992 (12 U.S.C. 4568(c)(7)(A)) is amended by inserting 
before the semicolon the following: ``; and except that all rental 
housing dwelling units shall be subject to legally binding commitments 
that ensure that the contribution toward rent by a family residing in a 
dwelling unit shall not exceed 30 percent of the adjusted income of 
such family''.

SEC. 3. EMERGENCY MORTGAGE RELIEF.

    (a) Use of TARP Funds.--Using the authority available under 
sections 101(a) and 115(a) of division A of the Emergency Economic 
Stabilization Act of 2008 (12 U.S.C. 5211(a), 5225(a)), the Secretary 
of the Treasury shall transfer to the Secretary of Housing and Urban 
Development $2,000,000,000, and the Secretary of Housing and Urban 
Development shall credit such amount to the Emergency Homeowners' 
Relief Fund, which such Secretary shall establish pursuant to section 
107 of the Emergency Housing Act of 1975 (12 U.S.C. 2706), as such Act 
is amended by this section, for use for emergency mortgage assistance 
in accordance with title I of such Act.
    (b) Reauthorization of Emergency Mortgage Relief Program.--Title I 
of the Emergency Housing Act of 1975 is amended--
            (1) in section 103 (12 U.S.C. 2702)--
                    (A) in paragraph (2)--
                            (i) by striking ``have indicated'' and all 
                        that follows through ``regulation of the 
                        holder'' and insert ``have certified'';
                            (ii) by striking ``(such as the volume of 
                        delinquent loans in its portfolio)''; and
                            (iii) by striking ``, except that such 
                        statement'' and all that follows through 
                        ``purposes of this title''; and
                    (B) in paragraph (4), by inserting ``or medical 
                conditions'' after ``adverse economic conditions'';
            (2) in section 104 (12 U.S.C. 2703)--
                    (A) in subsection (b), by striking ``the lesser of 
                $250 per month or''; and
                    (B) in subsection (d), by inserting before the 
                period at the end the following: ``, except that such 
                interest rate may exceed such maximum rate but only as 
                necessary to comply with rules under a program operated 
                by a State that otherwise complies with program rules 
                under this title'';
            (3) in section 105 (12 U.S.C. 2704)--
                    (A) by striking subsection (b);
                    (B) in subsection (e)--
                            (i) by inserting ``and emergency mortgage 
                        relief payments made under section 106'' after 
                        ``insured under this section''; and
                            (ii) by striking ``$1,500,000,000 at any 
                        one time'' and inserting ``$2,000,000,000'';
                    (C) by redesignating subsections (c), (d), and (e) 
                as subsections (b), (c), and (d), respectively; and
                    (D) by adding at the end the following new 
                subsection:
    ``(e) The Secretary shall establish underwriting guidelines or 
procedures to allocate amounts made available for loans and advances 
insured under this section and for emergency relief payments made under 
section 106 based on the likelihood that a mortgagor will be able to 
resume mortgage payments, pursuant to the requirement under section 
103(5).'';
            (4) in section 107--
                    (A) by striking ``(a)''; and
                    (B) by striking subsection (b);
            (5) in section 108 (12 U.S.C. 2707), by adding at the end 
        the following new subsection:
    ``(d) The Secretary may allow funds to be administered by a State 
through an existing program that complies with program rules under this 
title.'';
            (6) in section 109 (12 U.S.C. 2708)--
                    (A) in the section heading, by striking 
                ``authorization and'';
                    (B) by striking subsection (a);
                    (C) by striking ``(b)''; and
                    (D) by striking ``1977'' and inserting ``2011'';
            (7) by striking sections 110, 111, and 113 (12 U.S.C. 2709, 
        2710, 2712); and
            (8) by redesignating section 112 (12 U.S.C. 2711) as 
        section 110.

SEC. 4. REDUCING TARP AUTHORIZATION LIMIT TO OFFSET COSTS.

    Paragraph (3) of section 115(a) of the Emergency Economic 
Stabilization Act of 2008 (12 U.S.C. 5225) is amended by striking 
``$1,259,000,000'' and inserting ``2,259,000,000''.

Summary: Main Street TARP Act of 2009 - Directs the Secretary of the Treasury, using authority to purchase troubled assets under the Troubled Asset Relief Program (TARP) of the Emergency Economic Stabilization Act of 2008 (EESA), to transfer $1 billion to the Secretary of Housing and Urban Development (HUD) for the Secretary to credit to the Housing Trust Fund.

Revises requirements for the use of allocations to states from the Housing Trust Fund for low-income rental housing. Requires that all rental housing dwelling units be subject to legally binding commitments that ensure that the contribution toward rent by a resident family shall not exceed 30% of the family's adjusted income.

Requires the HUD Secretary to credit certain amounts from the Housing Trust Fund to the Emergency Homeowners' Relief Fund (which the Secretary shall establish under the Emergency Housing Act of 1975) for emergency mortgage assistance.

Amends the Emergency Housing Act of 1975 to: (1) increase the maximum aggregate amount of insured emergency mortgage loans and advances; and (2) extend through FY2011 the program for insured loans and emergency mortgage relief payments made under the Act.

Amends EESA to reduce the TARP authorization limit in order to offset the costs of loans, advances, insurance, and appropriations authorized under this Act.