Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Q: 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''.
A:
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.