Full Bill Text

Highlights:

• Allows grants to be used for the following (Sec. 8):
• The purchase of qualified foreclosed housing for the resale as housing for homeownership to families with incomes below 140 percent of the median income in the area of the housing;
• The purchase of foreclosed housing as rental or rent-to-own housing to tenants whose incomes do not exceed 100 percent of the median income for the area; and
• Rehabilitation of foreclosed housing to comply with codes, safety requirements and increased energy efficiency to help resell the building at a price close to the acquisition price of the housing (Sec. 8).

• Prohibits grants from being used to provide assistance to homebuyers of single family housing for down payments (Sec. 8).

• Requires at least 50 percent of grant amounts under this act to be provided to "very low income families," who have an income of 50 percent or lower of the median income in the area, with half of the very low income family grant monies required to go to "extremely low income families," who have an income of 30 percent or less of the median income in the area (Sec. 8).

• Specifies that recipients of loans or grants under this act may not refuse to lease a housing unit to a person receiving vouchers or certificates of eligibility under section 8 of the United States Housing Act of 1937 and that an owner who receives funds for foreclosed housing must uphold the lease and housing assistance payments contract for tenants receiving section 8 vouchers unless the property is unmarketable while occupied or the owner turns the housing into personal or family use (Sec. 8).

• Requires owners to provide to tenants with a 90-day notice to vacate, and states that tenants with a lease who enter a lease prior to the notice foreclosure may occupy the premises until the earlier of either the end of the lease or the end of a 6-month period beginning on the date of the notice of foreclosure (Sec. 8).

• Authorizes $15 billion to be appropriated to the Secretary of the Treasury for foreclosure assistance grants and direct loans under this act (Sec. 14).

• States that anyone who is not lawfully present in the United States is ineligible for financial assistance under this act (Sec. 16).

Full Bill Text

Full Bill Text