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SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Remote Monitoring Access Act of 
2005''.

SEC. 2. COVERAGE OF REMOTE PATIENT MANAGEMENT SERVICES FOR CHRONIC 
              HEALTH CARE CONDITIONS.

    (a) In General.--Section 1861(s)(2) of the Social Security Act (42 
U.S.C. 1395x(s)(2)) is amended--
            (1) in subparagraph (Y), by striking ``and'' at the end;
            (2) in subparagraph (Z), by inserting ``and'' at the end; 
        and
            (3) by inserting after subparagraph (Z) the following new 
        subparagraph:
                    ``(AA) remote patient management services (as 
                defined in subsection (bbb));''.
    (b) Services Described.--Section 1861 of the Social Security Act 
(42 U.S.C. 1395x) is amended by adding at the end the following new 
subsection:

                  ``Remote Patient Management Services

    ``(bbb)(1) The term `remote patient management services' means the 
remote monitoring and management of an individual with a covered 
chronic health condition (as defined in paragraph (2)) through the 
utilization of a system of technology that allows a remote interface to 
collect and transmit clinical data between the individual and the 
responsible physician or supplier for the purposes of clinical review 
or response by the physician or supplier.
    ``(2) For purposes of paragraph (1), the term `covered chronic 
health condition' includes--
            ``(A) heart failure;
            ``(B) diabetes;
            ``(C) cardiac arrhythmia; and
            ``(D) any other chronic condition determined by the 
        Secretary to be appropriate for treatment through remote 
        patient management services.
    ``(3)(A) The Secretary, in consultation with appropriate physician 
groups, may develop guidelines on the frequency of billing for remote 
patient management services. Such guidelines shall be determined based 
on medical necessity and shall be sufficient to ensure appropriate and 
timely monitoring of individuals being furnished such services.
    ``(B) The Secretary, acting through the Agency for Health Care 
Research and Quality, shall do the following:
            ``(i) Not later than 1 year after the date of enactment of 
        the Remote Monitoring Access Act of 2005, develop, in 
        consultation with appropriate physician groups, a standard of 
        care and quality standards for remote patient management 
        services for the covered chronic health conditions specified in 
        subparagraphs (A), (B), and (C) of paragraph (2).
            ``(ii) If the Secretary makes a determination under 
        paragraph (2)(D) with respect to a chronic condition, develop, 
        in consultation with appropriate physician groups, a standard 
        of care and quality standards for remote patient management 
        services for such condition within 1 year of such 
        determination.
            ``(iii) Periodically review and update such standards of 
        care and quality standards under this subparagraph as 
        necessary.''.
    (c) Payment Under the Physician Fee Schedule.--Section 1848 of the 
Social Security Act (42 U.S.C. 1395w-4) is amended--
            (1) in subsection (c)(2)--
                    (A) in subparagraph (B)--
                            (i) in clause (ii)(II), by striking 
                        ``clause (iv)'' and inserting ``clauses (iv) 
                        and (v)''; and
                            (ii) by adding at the end the following new 
                        clause:
                            ``(v) Budgetary treatment of certain 
                        services.--The additional expenditures 
                        attributable to services described in section 
                        1861(s)(2)(AA) shall not be taken into account 
                        in applying clause (ii)(II) for 2006.''; and
                    (B) by adding at the end the following new 
                paragraph:
            ``(7) Treatment of remote patient management services.--In 
        determining relative value units for remote patient management 
        services (as defined in section 1861(bbb)), the Secretary, in 
        consultation with appropriate physician groups, shall take into 
        consideration--
                    ``(A) costs associated with such services, 
                including physician time involved, installation and 
                information transmittal costs, costs of remote patient 
                management technology (including devices and software), 
                and resource costs necessary for patient monitoring and 
                follow-up (but not including costs of any related item 
                or non-physician service otherwise reimbursed under 
                this title); and
                    ``(B) the level of intensity of services provided, 
                based on--
                            ``(i) the frequency of evaluation necessary 
                        to manage the individual being furnished the 
                        services;
                            ``(ii) the amount of time necessary for, 
                        and the complexity of, the evaluation, 
                        including the information that must be 
                        obtained, reviewed, and analyzed; and
                            ``(iii) the number of possible diagnoses 
                        and the number of management options that must 
                        be considered.''; and
            (2) in subsection (j)(3), by inserting ``(2)(AA),'' after 
        ``(2)(W),''.
    (d) Incentive Payments.--Section 1833 of the Social Security Act 
(42 U.S.C. 1395l) is amended by adding at the end the following new 
subsection:
    ``(v) Incentive for Meeting Certain Standards of Care and Quality 
Standards in the Furnishing of Remote Patient Management Services.--In 
the case of remote patient management services (as defined in section 
1861(bbb)) that are furnished by a physician who the Secretary 
determines meets or exceeds the standards of care and quality standards 
developed by the Secretary under paragraph (3)(B) of such section for 
such services, in addition to the amount of payment that would 
otherwise be made for such services under this part, there shall also 
be paid to the physician (or to an employer or facility in cases 
described in clause (A) of section 1842(b)(6)) (on a monthly or 
quarterly basis) from the Federal Supplementary Medical Insurance Trust 
Fund an amount equal to 10 percent of the payment amount for the 
service under this part.''.
    (e) Effective Date.--The amendments made by this section shall 
apply to services furnished on or after January 1, 2006.
Remote Monitoring Access Act of 2005 - Amends title XVIII (Medicare) of the Social Security Act to provide for coverage of remote patient management services for chronic health care conditions.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Marine Renewable Energy Promotion 
Act of 2009''.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Fund.--The term ``Fund'' means the Adaptive Management 
        and Environmental Fund established by section 3(c).
            (2) Marine renewable energy.--The term ``marine renewable 
        energy'' means energy from--
                    (A) waves, tides, and currents in oceans, 
                estuaries, and tidal areas;
                    (B) free flowing water in rivers, lakes, man made 
                channels, and streams; and
                    (C) differentials in ocean temperature or ocean 
                thermal energy conversion.
            (3) Secretary.--The term ``Secretary'' means the Secretary 
        of Energy.

SEC. 3. MARINE RENEWABLE ENERGY RESEARCH AND DEVELOPMENT.

    (a) Research and Development Program.--
            (1) In general.--The Secretary shall establish a marine 
        renewable energy research and development program that is 
        focused on--
                    (A) developing new marine renewable energy 
                technologies;
                    (B) reducing the manufacturing and operation costs 
                of marine renewable energy technologies;
                    (C) increasing the reliability and survivability of 
                marine renewable energy facilities;
                    (D) integrating marine renewable energy into the 
                national electric grid;
                    (E) identifying opportunities for cross-pollination 
                and development of economies of scale between offshore 
                wind and marine renewable energy sources;
                    (F) identifying the environmental impacts of marine 
                renewable energy and ways to address any negative 
                impacts; and
                    (G)(i) applying advanced systems engineering and 
                system integration methods to identify critical 
                interfaces and develop open standards for marine 
                renewable energy;
                    (ii) transferring the resulting intellectual 
                property to industry stakeholders as public information 
                through published interface definitions, standards, and 
                demonstration projects; and
                    (iii) developing incentives for industry to comply 
                with the standards.
            (2) Administration.--The program established under 
        paragraph (1) shall be separate from any wind and hydropower 
        program carried out by the Secretary.
    (b) Marine-Based Energy Device Verification Program.--
            (1) Establishment.--The Secretary shall establish a marine-
        based energy device verification program to provide a bridge 
        from the wave, tidal, current, or thermal energy capture device 
        design and development efforts underway across the industry to 
        commercial deployment of marine renewable energy devices.
            (2) Purposes.--The purposes of the program are to fund, 
        facilitate the development and installation of, and evaluate 
        marine renewable energy projects, in partnership with the 
        Electric Power Research Institute, the National Renewable 
        Energy Laboratory, the Pacific Northwest National Laboratory 
        Marine Sciences Laboratory, and the Sandia National 
        Laboratories, and in conjunction with universities and other 
        institutions of higher education, private business entities, 
        and other appropriate organizations, in order--
                    (A) to increase marine renewable energy experience; 
                and
                    (B) to build and operate enough candidate devices 
                to obtain statistically significant operating and 
                maintenance data.
            (3) Objectives.--The objectives of the program include--
                    (A) verifying the performance, reliability, 
                maintainability, and cost of new marine renewable 
                energy device designs and system components in an 
                operating environment;
                    (B) providing States, regulators, utilities, and 
                other stakeholders with a valid opportunity to test and 
                evaluate marine renewable energy technology in new 
                areas;
                    (C) documenting and communicating the experience 
                from those projects for the benefit of utilities, 
                independent power producers, other nonutility 
                generators, device suppliers, and others in the marine 
                renewable energy development community; and
                    (D) resolving environmental issues through robust 
                characterization, reliable impact prediction, effective 
                monitoring, development and use of adaptive management, 
                and informing engineering design to improve 
                environmental performance.
    (c) Adaptive Management and Environmental Fund.--
            (1) Findings.--Congress finds that--
                    (A) the use of marine renewable energy technologies 
                can reduce contributions to global warming;
                    (B) marine renewable energy technologies can be 
                produced domestically;
                    (C) marine renewable energy is a nascent industry; 
                and
                    (D) the United States must work to promote new 
                renewable energy technologies that reduce contributions 
                to global warming gases and improve domestic energy 
                production.
            (2) Fund.--
                    (A) Establishment.--There is established in the 
                Treasury of the United States a revolving fund, to be 
                known as the ``Adaptive Management and Environmental 
                Fund'', consisting of such amounts as are appropriated 
                to the Fund under subsection (d).
                    (B) Expenditures from fund.--
                            (i) In general.--Subject to clause (ii), on 
                        request by the Secretary, the Secretary of the 
                        Treasury shall transfer from the Fund to the 
                        Secretary such amounts as the Secretary 
                        determines are necessary to provide grants to 
                        eligible entities to assist the entities in 
                        complying with Federal, State, or local 
                        regulatory permit requirements through 
                        assessment and demonstration of the 
                        environmental effects of marine renewable 
                        energy projects (including environmental 
                        studies, design, fabrication, deployment, 
                        operating, monitoring, environmental 
                        mitigation, and decommissioning costs).
                            (ii) Administrative expenses.--An amount 
                        not exceeding 10 percent of the amounts in the 
                        Fund shall be available for each fiscal year to 
                        pay the administrative expenses necessary to 
                        carry out this subsection.
                    (C) Transfers of amounts.--
                            (i) In general.--The amounts required to be 
                        transferred to the Fund under this paragraph 
                        shall be transferred at least monthly from the 
                        general fund of the Treasury to the Fund on the 
                        basis of estimates made by the Secretary of the 
                        Treasury.
                            (ii) Adjustments.--Proper adjustment shall 
                        be made in amounts subsequently transferred to 
                        the extent prior estimates were in excess of or 
                        less than the amounts required to be 
                        transferred.
            (3) Eligibility.--
                    (A) In general.--To be eligible for a grant under 
                this subsection, an entity shall provide to the 
                Secretary a regulatory permit that includes conditions 
                for the removal of the marine renewable energy project 
                supported by the grant if the permitting authority 
                finds that the marine renewable energy project has an 
                unacceptable adverse impact on the environment.
                    (B) Administration.--A marine renewable energy 
                project shall not be required to be removed in the 
                absence of a finding by the permitting authority that 
                the project has an unacceptable adverse impact.
            (4) Public availability.--The results of any assessment or 
        demonstration conducted under this subsection shall be made 
        available to the public, except to the extent that the 
        assessment or demonstration contains information that is 
        protected from disclosure under section 552(b) of title 5, 
        United States Code.
            (5) Audit requirements.--
                    (A) In general.--Any entity that receives a grant 
                under this subsection shall--
                            (i) track the use of grant funds from the 
                        Fund; and
                            (ii) certify annually to the Secretary that 
                        the grant funds were used only for purposes 
                        authorized under this subsection.
                    (B) Procedures.--The Secretary shall establish 
                procedures to ensure that the Secretary is able to 
                oversee and audit the use of funds by eligible 
                entities.
                    (C) Annual audits.--The Secretary shall conduct an 
                audit, at least annually, of the use of grant funds 
                received under this subsection by each eligible entity.
                    (D) Ineligibility.--The Secretary may declare an 
                entity ineligible for a grant under this subsection on 
                a finding of inappropriate use of funding.
            (6) Sunset provision.--
                    (A) Report.--The Secretary shall submit a report to 
                the appropriate committees of Congress if the Secretary 
                determines that the technologies and activities 
                supported under this subsection have achieved a level 
                of maturity that is sufficient to enable the program 
                authorized under this subsection to cease.
                    (B) Termination.--The program authorized under this 
                subsection and the Fund shall cease to exist effective 
                on the date of submission of a report described in 
                subparagraph (A).
            (7) Administration.--The Secretary may use amounts in the 
        Fund to provide assistance to State resource agencies that are 
        processing applications for permits required for marine 
        renewables projects that have received assistance from the Fund 
        to assist staff with understanding and evaluating applications 
        and participating in the applicable Federal Energy Regulatory 
        Commission or Minerals Management Service regulatory process.
            (8) Environmental requirement.--Nothing in this section 
        eliminates or otherwise affects any requirement imposed under 
        the National Environmental Policy Act of 1969 (42 U.S.C. 4321 
        et seq.).
    (d) Authorization of Appropriations.--There is authorized to be 
appropriated to carry out this section $250,000,000 for each of fiscal 
years 2010 through 2021.
Marine Renewable Energy Promotion Act of 2009 - Requires the Department of Energy (DOE) to establish a marine renewable energy research and development program, separate from any DOE wind and hydropower program, focused on: (1) developing new marine renewable energy technologies; (2) reducing the manufacturing and operation costs of such technologies; (3) increasing the reliability and survivability of marine renewable energy facilities; (4) integrating marine renewable energy into the national electric grid; (5) identifying opportunities for cross pollination and development of economies of scale between offshore wind and marine renewable energy sources; (6) identifying the environmental impacts of marine renewable energy and ways to address negative impacts; (7) applying advanced systems engineering and system integration methods to identify critical interfaces and develop open standards for marine renewable energy; (8) transferring the resulting intellectual property to industry stakeholders as public information through published interface definitions, standards, and demonstration projects; and (9) developing incentives for industry to comply with such standards.

Requires DOE to establish a marine-based energy device verification program to provide a bridge from the wave, tidal, current, or thermal energy capture device design and development efforts underway across the industry to commercial deployment of marine renewable energy devices. Sets forth as purpose of the Program to fund, facilitate the development and installation of, and evaluate marine renewable energy projects, in partnership with the Electric Power Research Institute, the National Renewable Energy Laboratory, the Pacific Northwest National Laboratory Marine Sciences Laboratory, and the Sandia National Laboratories in order to: (1) increase marine renewable energy experience; and (2) build and operate enough candidate devices to obtain statistically significant operating and maintenance data.

Establishes an Adaptive Management and Environmental Fund to provide grants for complying with requirements through assessment and demonstration of the environmental effects of marine renewable energy projects.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Restore our Neighborhoods Act of 
2012''.

SEC. 2. CREDIT TO HOLDERS OF QUALIFIED URBAN DEMOLITION BONDS.

    (a) In General.--Subpart I of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 is amended by adding at the end 
the following new section:

``SEC. 54G. QUALIFIED URBAN DEMOLITION BONDS.

    ``(a) Qualified Urban Demolition Bond.--For purposes of this 
subchapter, the term `qualified urban demolition bond' means any bond 
issued as part of an issue if--
            ``(1) 100 percent of the available project proceeds of such 
        issue are to be used for expenditures incurred after the date 
        of the enactment of this section for 1 or more qualified 
        projects pursuant to an allocation of such proceeds to such 
        project or projects by a qualified issuer,
            ``(2) the bond is issued by a qualified issuer and is in 
        registered form (within the meaning of section 149(a)),
            ``(3) the qualified issuer designates such bond for 
        purposes of this section,
            ``(4) the term of each bond which is part of such issue 
        does not exceed 30 years,
            ``(5) such bond is issued during the 5-year period 
        beginning on the date of the enactment of this section, and
            ``(6) the issue meets the requirements of subsection (e).
    ``(b) Limitation on Amount of Bonds Designated.--
            ``(1) In general.--The maximum aggregate face amount of 
        bonds which may be designated under subsection (a) by a State 
        shall not exceed the qualified urban demolition bond limitation 
        amount allocated to such State under paragraph (3).
            ``(2) National qualified urban demolition bond limitation 
        amount.--There is a national qualified urban demolition bond 
        limitation amount of $4,000,000,000.
            ``(3) Allocation to states.--
                    ``(A) In general.--The national qualified urban 
                demolition bond limitation shall be allocated by the 
                Secretary among the States on the following basis and 
                in such manner so as to ensure that all of such 
                limitation amount is allocated before the date which is 
                3 months after the date of the enactment of this 
                section:
                            ``(i) $2,000,000,000 to be allocated among 
                        the qualified States in accordance with 
                        subparagraph (B), and
                            ``(ii) $2,000,000,000 to be equally 
                        allocated among all States.
                    ``(B) Formula for allocation among qualified 
                states.--
                            ``(i) In general.--The amount allocated to 
                        a State under subparagraph (A)(i) shall be an 
                        amount equal to the amount specified in 
                        subparagraph (A)(i) multiplied by the ratio 
                        that the nonseasonal vacant properties in the 
                        State bears to the total nonseasonal vacant 
                        properties of all qualified States.
                            ``(ii) Nonseasonal vacant properties.--For 
                        purposes of clause (i), nonseasonal vacant 
                        properties shall be determined by the Secretary 
                        on the basis of 2010 decennial census.
            ``(4) Allocation of limitation amount by states.--The 
        limitation amount allocated to a State under paragraph (3) 
        shall be allocated by the State to qualified issuers within 
        such State.
            ``(5) Reallocation of unused issuance limitation.--If at 
        the end of the 2-year period beginning on the date of the 
        enactment of this section, the national qualified urban 
        demolition bond limitation amount under paragraph (2) exceeds 
        the total amount of qualified urban demolition bonds issued 
        during such period, such excess shall be reallocated among the 
        qualified States in such manner as the Secretary determines 
        appropriate so as to ensure to the extent possible that all of 
        such limitation amount is issued in the form of qualified urban 
        demolition bonds before the end of the 5-year period beginning 
        on the date of the enactment of this section.
    ``(c) Qualified Project.--For purposes of this section, the term 
`qualified project' means the direct and indirect demolition costs 
properly attributable to any project proposed and approved by a 
qualified issuer, but does not include costs of operation or 
maintenance with respect to such project.
    ``(d) Applicable Credit Rate.--In lieu of section 54A(b)(3), for 
purposes of section 54A(b)(2), the applicable credit rate with respect 
to an issue under this section is the rate equal to an average market 
yield (as of the day before the date of sale of the issue) on 
outstanding long-term corporate debt obligations (determined in such 
manner as the Secretary prescribes).
    ``(e) Special Rules Relating to Expenditures.--In lieu of 
subparagraphs (A) and (B) of section 54A(d)--
            ``(1) In general.--An issue shall be treated as meeting the 
        requirements of this subsection if, as of the date of issuance, 
        the qualified issuer reasonably expects--
                    ``(A) at least 100 percent of the available project 
                proceeds of such issue are to be spent for 1 or more 
                qualified projects within the 5-year expenditure period 
                beginning on such date, and
                    ``(B) to incur a binding commitment with a third 
                party to spend at least 10 percent of the proceeds of 
                such issue with respect to such projects within the 12-
                month period beginning on such date.
            ``(2) Rules regarding continuing compliance after 5-year 
        determination.--To the extent that less than 100 percent of the 
        available project proceeds of such issue are expended by the 
        close of the 5-year expenditure period beginning on the date of 
        issuance, the qualified issuer shall redeem all of the 
        nonqualified bonds within 90 days after the end of such period. 
        For purposes of this paragraph, the amount of the nonqualified 
        bonds required to be redeemed shall be determined in the same 
        manner as under section 142.
    ``(f) Recapture of Portion of Credit Where Cessation of 
Compliance.--If any bond which when issued purported to be a qualified 
urban demolition bond ceases to be such a bond, the qualified issuer 
shall pay to the United States (at the time required by the Secretary) 
an amount equal to the sum of--
            ``(1) the aggregate of the credits allowable under section 
        54A with respect to such bond (determined without regard to 
        section 54A(c)) for taxable years ending during the calendar 
        year in which such cessation occurs and each succeeding 
        calendar year ending with the calendar year in which such bond 
        is redeemed by the land bank, and
            ``(2) interest at the underpayment rate under section 6621 
        on the amount determined under paragraph (1) for each calendar 
        year for the period beginning on the first day of such calendar 
        year.
    ``(g) Other Definitions and Special Rules.--For purposes of this 
section--
            ``(1) Qualified issuer.--The term `qualified issuer' 
        means--
                    ``(A) a State-authorized land bank, or
                    ``(B) with respect a State that does not have one 
                or more State-authorized land banks, the State or any 
                political subdivision or instrumentality thereof.
            ``(2) State-authorized land bank.--The term `State-
        authorized land bank' means a special unit of government or 
        public purpose corporation--
                    ``(A) expressly charged under State law with the 
                reclamation, repurposing and redevelopment of vacant 
                and abandoned land,
                    ``(B) enabled under State law to conduct large 
                scale demolition projects,
                    ``(C) organized in a State which has enacted 
                legislation allowing for the expedited tax foreclosure 
                of vacant, abandoned, and tax delinquent property, and
                    ``(D) which may include a joint venture among 2 or 
                more State-authorized land banks or among other 
                entities with whom such special unit of government or 
                public purpose corporation is authorized to enter into 
                a joint venture.
            ``(3) Qualified state.--The term `qualified State' means a 
        State which meets 3 of the following 4 requirements:
                    ``(A) The State ranks in the top 20 among all 
                States in percentage change in nonseasonal vacancies in 
                the time period between the 2000 decennial census and 
                the 2010 decennial census.
                    ``(B) The State ranks in the top 25 among all 
                States in unemployment rate (seasonally adjusted) for 
                the most recent 12-month period available.
                    ``(C) The State ranks in the top 25 among all 
                States in percentage of loans in foreclosure for the 
                most recent quarter available.
                    ``(D) The State ranks in the top 20 among all 
                States in the lowest percentage change in population 
                growth in the time period between the 2000 decennial 
                census and the 2010 decennial census.
            ``(4) Credits may be transferred.--Notwithstanding in any 
        law or rule of law shall be construed to limit the 
        transferability of the credit or bond allowed by this section 
        through sale and repurchase agreements.''.
    (b) Conforming Amendments.--
            (1) Paragraph (1) of section 54A(d) of such Code is amended 
        by striking ``or'' at the end of subparagraph (D), by inserting 
        ``or'' at the end of subparagraph (E), and by inserting after 
        subparagraph (E) the following new subparagraph:
                    ``(E) a qualified urban demolition bond,''.
            (2) Subparagraph (C) of section 54A(d)(2) is amended by 
        striking ``and'' at the end of clause (iv), by striking the 
        period at the end of clause (v) and inserting ``, and'', and by 
        adding at the end the following new clause:
    ``(vi) in the case of a qualified urban demolition bond, a purpose 
specified in section 54G(a)(1).''.
            (3) The table of sections for subpart I of part IV of 
        subchapter A of chapter 1 of such Code is amended by adding at 
        the end the following new item:

``Sec. 54G. Qualified urban demolition bonds.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to bonds issued after the date of the enactment of this Act.

SEC. 3. USE OF NEIGHBORHOOD STABILIZATION PROGRAM FUNDS FOR DEMOLITION 
              ACTIVITIES.

    (a) NSP2 and NSP3 Funds.--
            (1) Exception to limitation on use for demolition.--
        Notwithstanding the 13th proviso of the second undesignated 
        paragraph under the heading ``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. 218) and section 1497(a) of 
        the Dodd-Frank Wall Street Reform and Consumer Protection Act 
        (Public Law 111-203; 124 Stat. 2209), a qualified State or unit 
        of general local government in a qualified State may use all or 
        any portion of any amounts made available from a grant under 
        such second undesignated paragraph or under such section 1497 
        for the purpose set forth in section 2301(c)(4)(D) of the Dodd-
        Frank Wall Street Reform and Consumer Protection Act (42 U.S.C. 
        5301 note), at the sole discretion of the State or unit of 
        general local government.
            (2) Definition.--For purposes of this subsection, the term 
        ``qualified State'' has the meaning given such term in section 
        54G(g) of the Internal Revenue Code of 1986.
    (b) Future Grants.--Subsection (c) of section 2301 of the Housing 
and Economic Recovery Act of 2008 (42 U.S.C. 5301 note) is amended by 
adding at the end the following new paragraph:
            ``(5) Prohibition of limitation on use for demolition.--A 
        qualified State or unit of general local government in a 
        qualified State may use all or any portion of any amounts made 
        available from a grant under this section for the purpose set 
        forth in paragraph (4)(D) of this subsection, at the sole 
        discretion of the State or unit of general local government. 
        For purposes of this paragraph, the term `qualified State' has 
        the meaning given such term in section 54G(g) of the Internal 
        Revenue Code of 1986.''.

Restore our Neighborhoods Act of 2012 - Amends the Internal Revenue Code to establish a new category of tax credit bonds to be known as qualified urban demolition bonds. Allows the issuance of $4 billion of such bonds for the purpose of demolishing vacant, abandoned, and tax delinquent properties in urban areas. Provides for the allocation of $2 billion to all states to fund such demolition projects, and an additional $2 billion for certain other states that have greater numbers of vacant or foreclosed properties and higher unemployment rates (qualified states).