[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6368 Introduced in House (IH)]
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116th CONGRESS
2d Session
H. R. 6368
To establish a Housing Assistance Fund.
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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
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A BILL
To establish a Housing Assistance Fund.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``State Housing Relief Act of 2020''.
SEC. 2. HOUSING ASSISTANCE FUND.
(a) Definitions.--In this section:
(1) Secretary.--The term ``Secretary'' means the Secretary
of the Treasury.
(2) State.--The term ``State'' means any State of the
United States, the District of Columbia, any territory of the
United States, Puerto Rico, Guam, American Samoa, the Virgin
Islands, and the Northern Mariana Islands.
(b) Establishment of Fund.--There is established at the Department
of the Treasury a Housing Assistance Fund to provide such funds as are
allocated in subsection (f) to State housing finance agencies for the
purpose of preventing homeowner mortgage defaults, foreclosures, and
displacements of individuals and families experiencing financial
hardship after January 21, 2020.
(c) Allocation of Funds.--
(1) In general.--The Secretary of the Treasury shall
establish such criteria as are necessary to allocate the funds
available within the Housing Assistance Fund to each State. The
Secretary shall allocate such funds among all States taking
into consideration the number of unemployment claims within a
State relative to the nationwide number of unemployment claims.
(2) Small state minimum.--Each State shall receive no less
than $125,000,000 for the purposes established in subsection
(b).
(d) Disbursement of Funds.--
(1) Initial disbursement.--The Secretary shall disburse to
the State housing finance agencies not less than \1/2\ of the
amount made available pursuant to this section, and in
accordance with the allocations established under subsection
(c), not later than 120 days after the date of enactment of
this Act. The Secretary or designee shall enter into a contract
with each State housing finance agency, which may be amended
from time to time, establishing the terms of the use of such
funds prior to the disbursement of such funds.
(2) Second disbursement.--The Secretary shall disburse all
funds made available pursuant to this section, and in
accordance with the allocations established under subsection
(c), not later than 180 days after the date of enactment of
this Act.
(e) Permissible Uses of Fund.--
(1) In general.--Funds made available to State housing
finance agencies pursuant to this section may be used for the
purposes established under subsection (b), which may include--
(A) mortgage payment assistance;
(B) financial assistance to allow a borrower to
reinstate their mortgage following a period of
forbearance;
(C) principal reduction;
(D) utility payment assistance, including electric,
gas, and water payment assistance;
(E) any program established under the Housing
Finance Agency Innovation Fund for the Hardest Hit
Housing Markets;
(F) reimbursement of funds expended by a State or
local government during the period beginning on January
21, 2020, and ending on the date that the first funds
are disbursed by the State under the Housing Assistance
Fund, for the purpose of providing housing or utility
assistance to individuals or otherwise providing funds
to prevent foreclosure or eviction of a homeowner or
prevent mortgage delinquency or loss of housing or
critical utilities as a response to the coronavirus
disease 2019 (COVID-19) pandemic; and
(G) any other assistance to prevent eviction,
mortgage delinquency or default, foreclosure, or the
loss of essential utility services.
(2) Administrative expenses.--Not greater than 10 percent
of the amount allocated to a State pursuant to subsection (c)
may be used by a State housing financing agency for
administrative expenses. Any amounts allocated to
administrative expenses that are no longer necessary for
administrative expenses may be used in accordance with
paragraph (1).
(f) Appropriation.--There is appropriated, out of amounts in the
Treasury not otherwise appropriated, for the fiscal year ending
September 30, 2020, to remain available until expended or transferred
or credited under subsection (h), $35,000,000,000 to the Housing
Assistance Fund established under subsection (b).
(g) Use of Housing Finance Agency Innovation Fund for the Hardest
Hit Housing Markets Funds.--A State housing finance agency may
reallocate any administrative or programmatic funds it has received as
an allocation from the Housing Finance Agency Innovation Fund for the
Hardest Hit Housing Markets created pursuant to section 101(a) of the
Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211(a)) that
have not been otherwise allocated or disbursed as of the date of
enactment of this Act to supplement any administrative or programmatic
funds received from the Housing Assistance Fund. Such reallocated funds
shall not be considered when allocating resources from the Housing
Assistance Fund using the process established under subsection (c) and
shall remain available for the uses permitted and under the terms and
conditions established by the contract with Secretary created pursuant
to subsection (d)(1) and the terms of subsection (h).
(h) Rescission of Funds.--Any funds that have not been allocated by
a State housing finance agency to provide assistance as described under
subsection (e) by December 31, 2030, shall be reallocated by the
Secretary in the following manner:
(1) Sixty-five percent shall be transferred or credited 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).
(2) Thirty-five percent shall be transferred or credited to
the Capital Magnet Fund under section 1339 of the Federal
Housing Enterprises Financial Safety and Soundness Act of 1992
(12 U.S.C. 4569).
(i) Reporting Requirements.--The Secretary shall provide public
reports not less frequently than quarterly regarding the use of funds
provided by the Housing Assistance Funds. Such reports shall include
the following data by State and by program within each State, both for
the past quarter and throughout the life of the program--
(1) the amount of funds allocated;
(2) the amount of funds disbursed;
(3) the number of households and individuals assisted;
(4) the acceptance rate of applicants;
(5) the average amount of assistance provided per household
receiving assistance;
(6) the average length of assistance provided per household
receiving assistance;
(7) the income ranges of households for each household
receiving assistance; and
(8) the outcome 12 months after the household has received
assistance.
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