Keep Your Home Act of 2018

Bill: 115-hr-5673
Sponsor: full_name: Rep. Torres, Norma J. [D-CA-35]
Introduced: 2018-05-01
Policy area: Housing and Community Development
Subjects: Disaster relief and insurance

Government trust funds

Housing finance and home ownership
Latest action: action_date: 2018-05-01
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2018-05-01
action_desc: Introduced in House
text: <p><b>Keep Your Home Act of 2018</b></p> <p>This bill amends the Emergency Economic Stabilization Act of 2008 to reauthorize the Department of the Treasury's Hardest Hit Fund (which supports programs that assist homeowners faced with financial hardship) and otherwise modify provisions related to the fund. </p>

tv_txt: I 115th CONGRESS 2d Session H. R. 5673 IN THE HOUSE OF REPRESENTATIVES May 1, 2018 Mrs. Torres (for herself and Ms. Maxine Waters of California ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To extend the Hardest Hit Fund of the Department of the Treasury, and for other purposes.

1. Short title This Act may be cited as the Keep Your Home Act of 2018 . 2. Extension of Hardest Hit Fund The last sentence of subsection (b) of section 120 of the Emergency Economic Stabilization Act of 2008 ( 12 U.S.C. 5230(b) ) is amended— (1) by striking may and inserting shall ; (2) by striking on December 31, 2017 and inserting upon the expiration of the 12-month period that begins upon the date of the enactment of the Keep Your Home Act of 2018 ; (3) by striking and (2) and inserting (2) ; and (4) by striking following such extension shall not exceed $2,000,000,000 and inserting after the date of the enactment of the Keep Your Home Act of 2018 shall not be less than $4,000,000,000 nor exceed $5,500,000,000, (3) in obligating funds following such date of enactment the Secretary shall give preference for allocation for States that, as of the expiration of the 6-month period that begins upon such date of enactment, have disbursed 95 percent or more of the funds previously made available to the State through such Innovation Fund program, (4) the Secretary shall allocate for States all such funds referred to in clause (2) not later than the expiration of the 12-month period that begins upon such date of enactment, and (5) the Secretary shall establish an expiration date by which States receiving funds from such Innovation Fund shall disburse such amounts, which shall be based on the specific amount of funding made available for such Innovation Fund by the Keep Your Home Act of 2018 and the rate of spending of funds made available for such Innovation Fund before enactment of such Act .