Plain English summary not yet available
The full original text is available below. Check back soon as we process this bill.
I
116TH CONGRESS
2D SESSION
H. R. 6368
To establish a Housing Assistance Fund.
IN THE HOUSE OF REPRESENTATIVES
MARCH 23, 2020
Mr. DAVID SCOTT of Georgia introduced the following bill; which was referred
to the Committee on Financial Services
A BILL
To establish a Housing Assistance Fund.
Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
2
SECTION 1. SHORT TITLE.
3
This Act may be cited as the ‘‘State Housing Relief
4
Act of 2020’’.
5
SEC. 2. HOUSING ASSISTANCE FUND.
6
(a) DEFINITIONS.—In this section:
7
(1) SECRETARY.—The term ‘‘Secretary’’ means
8
the Secretary of the Treasury.
9
(2) STATE.—The term ‘‘State’’ means any
10
State of the United States, the District of Columbia,
11
any territory of the United States, Puerto Rico,
12
VerDate Sep 11 2014
00:33 Apr 16, 2020
Jkt 099200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H6368.IH
H6368
2
•HR 6368 IH
Guam, American Samoa, the Virgin Islands, and the
1
Northern Mariana Islands.
2
(b) ESTABLISHMENT
OF FUND.—There is estab-
3
lished at the Department of the Treasury a Housing As-
4
sistance Fund to provide such funds as are allocated in
5
subsection (f) to State housing finance agencies for the
6
purpose of preventing homeowner mortgage defaults, fore-
7
closures, and displacements of individuals and families ex-
8
periencing financial hardship after January 21, 2020.
9
(c) ALLOCATION OF FUNDS.—
10
(1) IN GENERAL.—The Secretary of the Treas-
11
ury shall establish such criteria as are necessary to
12
allocate the funds available within the Housing As-
13
sistance Fund to each State. The Secretary shall al-
14
locate such funds among all States taking into con-
15
sideration the number of unemployment claims with-
16
in a State relative to the nationwide number of un-
17
employment claims.
18
(2) SMALL STATE MINIMUM.—Each State shall
19
receive no less than $125,000,000 for the purposes
20
established in subsection (b).
21
(d) DISBURSEMENT OF FUNDS.—
22
(1) INITIAL
DISBURSEMENT.—The Secretary
23
shall disburse to the State housing finance agencies
24
not less than 1⁄2 of the amount made available pur-
25
VerDate Sep 11 2014
00:33 Apr 16, 2020
Jkt 099200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H6368.IH
H6368
3
•HR 6368 IH
suant to this section, and in accordance with the al-
1
locations established under subsection (c), not later
2
than 120 days after the date of enactment of this
3
Act. The Secretary or designee shall enter into a
4
contract with each State housing finance agency,
5
which may be amended from time to time, estab-
6
lishing the terms of the use of such funds prior to
7
the disbursement of such funds.
8
(2) SECOND
DISBURSEMENT.—The Secretary
9
shall disburse all funds made available pursuant to
10
this section, and in accordance with the allocations
11
established under subsection (c), not later than 180
12
days after the date of enactment of this Act.
13
(e) PERMISSIBLE USES OF FUND.—
14
(1) IN
GENERAL.—Funds made available to
15
State housing finance agencies pursuant to this sec-
16
tion may be used for the purposes established under
17
subsection (b), which may include—
18
(A) mortgage payment assistance;
19
(B) financial assistance to allow a bor-
20
rower to reinstate their mortgage following a
21
period of forbearance;
22
(C) principal reduction;
23
(D) utility payment assistance, including
24
electric, gas, and water payment assistance;
25
VerDate Sep 11 2014
00:33 Apr 16, 2020
Jkt 099200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H6368.IH
H6368
4
•HR 6368 IH
(E) any program established under the
1
Housing Finance Agency Innovation Fund for
2
the Hardest Hit Housing Markets;
3
(F) reimbursement of funds expended by a
4
State or local government during the period be-
5
ginning on January 21, 2020, and ending on
6
the date that the first funds are disbursed by
7
the State under the Housing Assistance Fund,
8
for the purpose of providing housing or utility
9
assistance to individuals or otherwise providing
10
funds to prevent foreclosure or eviction of a
11
homeowner or prevent mortgage delinquency or
12
loss of housing or critical utilities as a response
13
to the coronavirus disease 2019 (COVID–19)
14
pandemic; and
15
(G) any other assistance to prevent evic-
16
tion, mortgage delinquency or default, fore-
17
closure, or the loss of essential utility services.
18
(2) ADMINISTRATIVE EXPENSES.—Not greater
19
than 10 percent of the amount allocated to a State
20
pursuant to subsection (c) may be used by a State
21
housing financing agency for administrative ex-
22
penses. Any amounts allocated to administrative ex-
23
penses that are no longer necessary for administra-
24
VerDate Sep 11 2014
00:33 Apr 16, 2020
Jkt 099200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H6368.IH
H6368
5
•HR 6368 IH
tive expenses may be used in accordance with para-
1
graph (1).
2
(f) APPROPRIATION.—There is appropriated, out of
3
amounts in the Treasury not otherwise appropriated, for
4
the fiscal year ending September 30, 2020, to remain
5
available until expended or transferred or credited under
6
subsection (h), $35,000,000,000 to the Housing Assist-
7
ance Fund established under subsection (b).
8
(g) USE OF HOUSING FINANCE AGENCY INNOVATION
9
FUND
FOR
THE HARDEST HIT HOUSING MARKETS
10
FUNDS.—A State housing finance agency may reallocate
11
any administrative or programmatic funds it has received
12
as an allocation from the Housing Finance Agency Inno-
13
vation Fund for the Hardest Hit Housing Markets created
14
pursuant to section 101(a) of the Emergency Economic
15
Stabilization Act of 2008 (12 U.S.C. 5211(a)) that have
16
not been otherwise allocated or disbursed as of the date
17
of enactment of this Act to supplement any administrative
18
or programmatic funds received from the Housing Assist-
19
ance Fund. Such reallocated funds shall not be considered
20
when allocating resources from the Housing Assistance
21
Fund using the process established under subsection (c)
22
and shall remain available for the uses permitted and
23
under the terms and conditions established by the contract
24
VerDate Sep 11 2014
00:33 Apr 16, 2020
Jkt 099200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H6368.IH
H6368
6
•HR 6368 IH
with Secretary created pursuant to subsection (d)(1) and
1
the terms of subsection (h).
2
(h) RESCISSION OF FUNDS.—Any funds that have
3
not been allocated by a State housing finance agency to
4
provide assistance as described under subsection (e) by
5
December 31, 2030, shall be reallocated by the Secretary
6
in the following manner:
7
(1) Sixty-five percent shall be transferred or
8
credited to the Housing Trust Fund established
9
under section 1338 of the Federal Housing Enter-
10
prises Financial Safety and Soundness Act of 1992
11
(12 U.S.C. 4568).
12
(2) Thirty-five percent shall be transferred or
13
credited to the Capital Magnet Fund under section
14
1339 of the Federal Housing Enterprises Financial
15
Safety and Soundness Act of 1992 (12 U.S.C.
16
4569).
17
(i) REPORTING
REQUIREMENTS.—The Secretary
18
shall provide public reports not less frequently than quar-
19
terly regarding the use of funds provided by the Housing
20
Assistance Funds. Such reports shall include the following
21
data by State and by program within each State, both for
22
the past quarter and throughout the life of the program—
23
(1) the amount of funds allocated;
24
(2) the amount of funds disbursed;
25
VerDate Sep 11 2014
00:33 Apr 16, 2020
Jkt 099200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H6368.IH
H6368
7
•HR 6368 IH
(3) the number of households and individuals
1
assisted;
2
(4) the acceptance rate of applicants;
3
(5) the average amount of assistance provided
4
per household receiving assistance;
5
(6) the average length of assistance provided
6
per household receiving assistance;
7
(7) the income ranges of households for each
8
household receiving assistance; and
9
(8) the outcome 12 months after the household
10
has received assistance.
11
Æ
VerDate Sep 11 2014
00:33 Apr 16, 2020
Jkt 099200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6301
E:\BILLS\H6368.IH
H6368