[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 948 Introduced in Senate (IS)]
<DOC>
119th CONGRESS
1st Session
S. 948
To reauthorize the HOME Investment Partnerships Program, and for other
purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 11 (legislative day, March 10), 2025
Ms. Cortez Masto (for herself, Ms. Smith, Mr. Van Hollen, Ms.
Alsobrooks, Mr. Bennet, Ms. Rosen, and Mr. Fetterman) introduced the
following bill; which was read twice and referred to the Committee on
Banking, Housing, and Urban Affairs
_______________________________________________________________________
A BILL
To reauthorize the HOME Investment Partnerships Program, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``HOME Investment
Partnerships Reauthorization and Improvement Act of 2025''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
TITLE I--REAUTHORIZATION OF AND REFORMS TO HOME INVESTMENT PARTNERSHIPS
PROGRAM
Sec. 101. Reauthorization of Program.
Sec. 102. Increase in Program administration resources.
Sec. 103. Modifications of participating jurisdiction qualification
threshold and process for reallocations.
Sec. 104. Modification of jurisdictions eligible for reallocations.
TITLE II--REFORMS RELATING TO HOME INVESTMENT PARTNERSHIPS PROGRAM
ADMINISTRATION AND RULES
Sec. 201. Amendments to qualification as affordable housing.
Sec. 202. Elimination of commitment deadline.
Sec. 203. Reform of homeownership resale restrictions.
Sec. 204. Home property inspections.
Sec. 205. Revisions to strengthen enforcement and penalties for
noncompliance.
Sec. 206. Tenant and participant protections for small-scale affordable
housing.
Sec. 207. Establishment of home loan guarantee program.
TITLE III--REFORMS RELATING TO COMMUNITY HOUSING DEVELOPMENT
ORGANIZATION AND NONPROFIT PARTICIPATION
Sec. 301. Modification of rules related to community housing
development organizations.
TITLE IV--TECHNICAL CORRECTIONS
Sec. 401. Technical corrections.
TITLE I--REAUTHORIZATION OF AND REFORMS TO HOME INVESTMENT PARTNERSHIPS
PROGRAM
SEC. 101. REAUTHORIZATION OF PROGRAM.
Section 205 of the Cranston-Gonzalez National Affordable Housing
Act (42 U.S.C. 12724) is amended to read as follows:
``SEC. 205. AUTHORIZATION OF APPROPRIATIONS.
``There are authorized to be appropriated to carry out this title--
``(1) $5,000,000,000 for fiscal year 2025;
``(2) $5,250,000,000 for fiscal year 2026;
``(3) $5,512,500,000 for fiscal year 2027;
``(4) $5,788,125,000 for fiscal year 2028; and
``(5) $6,077,531,250 for fiscal year 2029.''.
SEC. 102. INCREASE IN PROGRAM ADMINISTRATION RESOURCES.
Subtitle A of title II of the Cranston-Gonzalez National Affordable
Housing Act (42 U.S.C. 12741 et seq.) is amended--
(1) in section 212(c) (42 U.S.C. 12742(c)), by striking
``10 percent'' and inserting ``15 percent''; and
(2) in section 220(b) (42 U.S.C. 12750(b))--
(A) by striking ``Recognition.--'' and all that
follows through ``A contribution'' and inserting the
following: ``Recognition.--A contribution''; and
(B) by striking paragraph (2).
SEC. 103. MODIFICATIONS OF PARTICIPATING JURISDICTION QUALIFICATION
THRESHOLD AND PROCESS FOR REALLOCATIONS.
Section 216 of the Cranston-Gonzalez National Affordable Housing
Act (42 U.S.C. 12746) is amended--
(1) in paragraph (3)(A)--
(A) by striking ``(A) Except as provided in
paragraph (10), a jurisdiction'' and inserting the
following:
``(A) Eligibility threshold.--
``(i) In general.--Except as provided in
subparagraph (B), a jurisdiction''; and
(B) by striking ``or if the Secretary finds that''
and all that follows through the end of clause (ii) and
inserting the following: ``subject to clause (ii).
``(ii) Inflation adjustment to eligibility
threshold.--For each fiscal year after fiscal
year 2025, the Secretary shall adjust the
threshold amount in clause (i) for
inflation.'';
(2) in paragraph (6)--
(A) in the matter preceding subparagraph (A), by
inserting ``this title, including the requirements in''
after ``the requirements of''; and
(B) by striking ``meet the requirements'' each
place that term appears and inserting ``meet or comply
with the requirements''; and
(3) by striking paragraph (10).
SEC. 104. MODIFICATION OF JURISDICTIONS ELIGIBLE FOR REALLOCATIONS.
Section 217(d) of the Cranston-Gonzalez National Affordable Housing
Act (42 U.S.C. 12747(d)) is amended--
(1) in paragraph (1), by striking the second sentence and
inserting the following: ``Subject to paragraph (3)(A),
jurisdictions eligible for such reallocations shall include
participating jurisdictions and jurisdictions meeting the
requirements of this title, including the requirements in
paragraphs (3), (4), and (5) of section 216.''; and
(2) in paragraph (3), by striking ``Limitation.--Unless
otherwise specified'' and inserting the following:
``Limitations.--
``(A) Removal of participating jurisdictions from
reallocation.--The Secretary may remove a participating
jurisdiction that fails to meet or comply with the
requirements of this title from participation in
reallocations of funds made available under this title.
``(B) Reallocation to same type of entity.--Unless
otherwise specified''.
TITLE II--REFORMS RELATING TO HOME INVESTMENT PARTNERSHIPS PROGRAM
ADMINISTRATION AND RULES
SEC. 201. AMENDMENTS TO QUALIFICATION AS AFFORDABLE HOUSING.
Section 215 of the Cranston-Gonzalez National Affordable Housing
Act (42 U.S.C. 12745) is amended--
(1) in subsection (a)--
(A) in paragraph (1)(E), by striking all that
follows ``purposes of this Act,'' and inserting the
following: ``except--
``(i) upon a foreclosure by a lender (or
upon other transfer in lieu of foreclosure) if
such action--
``(I) recognizes any contractual or
legal rights of public agencies,
nonprofit sponsors, or others to take
actions that would avoid termination of
low-income affordability in the case of
foreclosure or transfer in lieu of
foreclosure; and
``(II) is not for the purpose of
avoiding low-income affordability
restrictions, as determined by the
Secretary; or
``(ii) where existing affordable housing is
no longer financially viable due to unforeseen
acts or occurrences beyond the reasonable
contemplation or control of the participating
jurisdiction or owner that significantly impact
the financial or physical condition of the
housing, as determined by the Secretary; and'';
and
(B) by adding at the end the following:
``(7) Small-scale housing.--
``(A) Definition.--In this paragraph, the term
`small-scale housing' means housing with not more than
4 rental units.
``(B) Alternative requirements.--Small-scale
housing shall qualify as affordable housing under this
title if--
``(i) the housing bears rents that comply
with paragraph (1)(A);
``(ii) each unit is occupied by a household
that qualifies as a low-income family;
``(iii) the housing is not refused for
leasing to a holder of a voucher under section
8 of the United States Housing Act of 1937 (42
U.S.C. 1437f) because of the status of the
prospective tenant as a holder of such voucher;
``(iv) the housing meets the requirements
under paragraph (1)(E); and
``(v) the participating jurisdiction
monitors ongoing compliance of the housing with
requirements of this title in a manner
consistent with the purposes of section 226(b),
as determined by the Secretary.''; and
(2) in subsection (b)(1), by striking ``95 percent'' and
inserting ``110 percent or a percentage established by the
Secretary through notice, whichever is greater,''.
SEC. 202. ELIMINATION OF COMMITMENT DEADLINE.
(a) In General.--Section 218 of the Cranston-Gonzalez National
Affordable Housing Act (42 U.S.C. 12748) is amended--
(1) by striking subsection (g); and
(2) by redesignating subsection (h) as subsection (g).
(b) Conforming Amendment.--Section 218(c) of the Cranston-Gonzalez
National Affordable Housing Act (42 U.S.C. 12748(c)) is amended--
(1) in paragraph (1), by adding ``and'' at the end;
(2) by striking paragraph (2);
(3) by redesignating paragraph (3) as paragraph (2); and
(4) in paragraph (2), as so redesignated, by striking
``section 224'' and inserting ``section 223''.
SEC. 203. REFORM OF HOMEOWNERSHIP RESALE RESTRICTIONS.
Section 215 of the Cranston-Gonzalez National Affordable Housing
Act (42 U.S.C. 12745), as amended by section 201, is amended--
(1) in subsection (b)--
(A) in paragraph (2), by redesignating
subparagraphs (A), (B), and (C) as clauses (i), (ii),
and (iii), respectively, and adjusting the margins
accordingly;
(B) by striking paragraph (3);
(C) by redesignating paragraphs (1), (2), and (4)
as subparagraphs (A), (B), and (D), respectively, and
adjusting the margins accordingly;
(D) by inserting after subparagraph (B), as so
redesignated, the following:
``(C) is subject to restrictions that are
established by the participating jurisdiction and
determined by the Secretary to be appropriate,
including with respect to the useful life of the
property, to--
``(i) require that any subsequent purchase
of the property be--
``(I) only by a person who meets
the qualifications specified under
subparagraph (B); and
``(II) at a price that is
determined by a formula or method
established by the participating
jurisdiction that provides the owner
with a reasonable return on investment,
which may include a percentage of the
cost of any improvements; or
``(ii) recapture the investment provided
under this title in order to assist other
persons in accordance with the requirements of
this title, except where there are no net
proceeds or where the net proceeds are
insufficient to repay the full amount of the
assistance; and'';
(E) by striking ``Housing that is for
homeownership'' and inserting the following:
``(1) Qualification.--Housing that is for homeownership'';
and
(F) by adding at the end the following:
``(2) Purchase by community land trust.--Notwithstanding
subparagraph (C)(i) of paragraph (1) and under terms determined
by the Secretary, the Secretary may permit a participating
jurisdiction to allow a community land trust that used
assistance provided under this subtitle for the development of
housing that meets the criteria under paragraph (1), to acquire
the housing--
``(A) in accordance with the terms of the
preemptive purchase option, lease, covenant on the
land, or other similar legal instrument of the
community land trust when the terms and rights in the
preemptive purchase option, lease, covenant, or legal
instrument are and remain subject to the requirements
of this title;
``(B) when the purchase is for--
``(i) the purpose of--
``(I) entering into the chain of
title;
``(II) enabling a purchase by a
person who meets the qualifications
specified under paragraph (1)(B) and is
on a waitlist maintained by the
community land trust, subject to
enforcement by the participating
jurisdiction of all applicable
requirements of this subtitle, as
determined by the Secretary;
``(III) performing necessary
rehabilitation and improvements; or
``(IV) adding a subsidy to preserve
affordability, which may be from
Federal or non-Federal sources; or
``(ii) another purpose determined
appropriate by the Secretary; and
``(C) if, within a reasonable period of time after
the applicable purpose under subparagraph (B) of this
paragraph is fulfilled, as determined by the Secretary,
the housing is then sold to a person who meets the
qualifications specified under paragraph (1)(B).
``(3) Suspension or waiver of requirements for military
members.--A participating jurisdiction, in accordance with
terms established by the Secretary, may suspend or waive a
requirement under paragraph (1)(B) with respect to housing that
otherwise meets the criteria under paragraph (1) if the owner
of the housing--
``(A) is a member of a regular component of the
armed forces or a member of the National Guard on full-
time National Guard duty, active Guard and Reserve
duty, or inactive-duty training (as those terms are
defined in section 101(d) of title 10, United States
Code); and
``(B) has received--
``(i) temporary duty orders to deploy with
a military unit or military orders to deploy as
an individual acting in support of a military
operation, to a location that is not within a
reasonable distance from the housing, as
determined by the Secretary, for a period of
not less than 90 days; or
``(ii) orders for a permanent change of
station.
``(4) Suspension or waiver of requirements for heir or
beneficiary of deceased owner.--Notwithstanding subparagraph
(C) of paragraph (1), housing that meets the criteria under
that paragraph prior to the death of an owner may continue to
qualify as affordable housing if--
``(A) the housing is the principal residence of an
heir or beneficiary of the deceased owner, as defined
by the Secretary; and
``(B) the heir or beneficiary, in accordance with
terms established by the Secretary, assumes the duties
and obligations of the deceased owner with respect to
funds provided under this title.''.
SEC. 204. HOME PROPERTY INSPECTIONS.
Section 226(b) of the Cranston-Gonzalez National Affordable Housing
Act (42 U.S.C. 12756(b)) is amended--
(1) by striking ``Each participating jurisdiction'' and
inserting the following:
``(1) In general.--Each participating jurisdiction''; and
(2) by striking ``Such review shall include'' and all that
follows and inserting the following:
``(2) On-site inspections.--
``(A) Inspections by units of general local
government.--A review conducted under paragraph (1) by
a participating jurisdiction that is a unit of general
local government shall include an on-site inspection to
determine compliance with housing codes and other
applicable regulations.
``(B) Inspections by states.--A review conducted
under paragraph (1) by a participating jurisdiction
that is a State shall include an on-site inspection to
determine compliance with a national standard as
determined by the Secretary.
``(3) Inclusion in performance report and publication.--A
participating jurisdiction shall include in the performance
report of the participating jurisdiction submitted to the
Secretary under section 108(a), and make available to the
public, the results of each review conducted under paragraph
(1).''.
SEC. 205. REVISIONS TO STRENGTHEN ENFORCEMENT AND PENALTIES FOR
NONCOMPLIANCE.
Section 223 of the Cranston-Gonzalez National Affordable Housing
Act (42 U.S.C. 12753) is amended--
(1) in the heading, by striking ``penalties for misuse of
funds'' and inserting ``program enforcement and penalties for
noncompliance'';
(2) in the matter preceding paragraph (1), by inserting
after ``any provision of this subtitle'' the following: ``,
including any provision applicable throughout the period
required by section 215(a)(1)(E) and applicable regulations,'';
(3) in paragraph (2), by striking ``or'' at the end;
(4) in paragraph (3), by striking the period at the end and
inserting ``; or''; and
(5) by adding at the end the following:
``(4) reduce payments to the participating jurisdiction
under this subtitle by an amount equal to the amount of such
payments which were not expended in accordance with this
title.''.
SEC. 206. TENANT AND PARTICIPANT PROTECTIONS FOR SMALL-SCALE AFFORDABLE
HOUSING.
Section 225 of the Cranston-Gonzalez National Affordable Housing
Act (42 U.S.C. 12755) is amended by adding at the end the following:
``(e) Tenant Selection for Small-Scale Housing.--Paragraphs (2)
through (4) of subsection (d) shall not apply to the owner of small-
scale housing (as defined in section 215(a)).''.
SEC. 207. ESTABLISHMENT OF HOME LOAN GUARANTEE PROGRAM.
Subtitle A of title II of the Cranston-Gonzalez National Affordable
Housing Act (42 U.S.C. 12741 et seq.) is amended by adding at the end
the following:
``SEC. 227. GUARANTEE AND COMMITMENT TO GUARANTEE LOANS FOR ACQUISITION
OF PROPERTY.
``(a) Authority.--
``(1) In general.--The Secretary may, under such terms and
conditions as the Secretary may prescribe, guarantee and make
commitments to guarantee, only to such extent or in such
amounts as provided in appropriation Acts, the notes or
obligations issued by participating jurisdictions for the
purposes of financing the development or preservation of
affordable rental and homeownership housing through the
acquisition, new construction, reconstruction, or moderate or
substantial rehabilitation of affordable housing.
``(2) Eligible expenses.--When in support of the activities
described in paragraph (1), the expenses for which the
Secretary may guarantee and make commitments to guarantee notes
or obligations under that paragraph include real property
acquisition, site improvement, conversion, demolition, and
other expenses, including financing costs and relocation
expenses of any displaced person, family, or business.
``(b) Limitations and Requirements.--
``(1) Eligibility.--A guarantee under this section may be
used to assist a participating jurisdiction in obtaining
financing only if the participating jurisdiction--
``(A) has made efforts to obtain such financing
without the use of the guarantee, as determined by the
Secretary; and
``(B) cannot complete such financing consistent
with the timely execution of the project plans without
the guarantee, as determined by the Secretary.
``(2) Form, denominations, maturities, and conditions.--
Notes or other obligations guaranteed under this section shall
be in such form and denominations, have such maturities, and be
subject to such conditions as may be prescribed by regulations
issued by the Secretary.
``(3) Repayment period.--The Secretary may not deny a
guarantee under this section on the basis of the proposed
repayment period for the note or other obligation unless--
``(A) the period is more than 20 years; or
``(B) the Secretary determines that the period
causes the guarantee to constitute an unacceptable
financial risk.
``(4) Aggregate principal amount.--Notwithstanding any
other provision of law and subject only to the absence of
qualified applicants or proposed activities and to the
authority provided in this section, to the extent approved or
provided in appropriation Acts, the Secretary shall enter into
commitments to guarantee notes and obligations under this
section with an aggregate principal amount of not more than--
``(A) $2,000,000,000 for fiscal year 2025; and
``(B) for each subsequent fiscal year, an amount
that is increased for inflation as determined by the
Secretary.
``(c) Prerequisites.--The Secretary may not make a guarantee or
commitment to guarantee with respect to any note or other obligation
if--
``(1) the total outstanding notes or obligations of the
issuer guaranteed under this section would thereby exceed an
amount equal to 5 times the most recent allocation for the
issuer under this title; or
``(2) the Secretary determines that the guarantee
constitutes an unacceptable risk.
``(d) Payment of Principal, Interest, and Costs.--Notwithstanding
any other provision of this Act, a participating jurisdiction allocated
funds under this Act may use the funds (including program income
derived therefrom) for the payment of principal and interest due
(including such servicing, underwriting, or other costs as may be
specified in regulations of the Secretary), and any associated fee to
be paid in accordance with subsection (j), on a note or other
obligation guaranteed under this section.
``(e) Repayment Contract; Security; Pledge by Participating
Jurisdiction.--To assure the repayment of a note or other obligation
guaranteed under this section and related charges incurred under this
section, and as a condition of receiving such a guarantee, the
Secretary shall require the issuer of the note or other obligation to--
``(1) enter into a contract, in a form acceptable to the
Secretary, for repayment of the note or other obligation;
``(2) pledge as security the proceeds of any grant for
which the issuer may become eligible under this Act; and
``(3) furnish, at the discretion of the Secretary, such
other security as may be determined appropriate by the
Secretary in making the guarantee, including increments in
local tax receipts generated by the activities assisted under
this Act or proceeds from the sale of land or rehabilitated
property.
``(f) Pledged Grants for Repayments.--The Secretary may,
notwithstanding any other provision of this Act, apply the proceeds of
a grant pledged by a participating jurisdiction under subsection (e)(2)
to any repayment due the United States as a result of the guarantee
under this section of a note or other obligation issued by the
participating jurisdiction.
``(g) Full Faith and Credit of United States; Conclusiveness and
Validity of Guarantee.--
``(1) Full faith and credit of united states pledged for
payment.--The full faith and credit of the United States is
pledged to the payment of a note or other obligation guaranteed
under this section.
``(2) Conclusiveness and validity of guarantee.--
``(A) Conclusiveness.--A guarantee made by the
Secretary under this section shall be conclusive
evidence of the eligibility of the obligation for the
guarantee with respect to principal and interest.
``(B) Validity.--The validity of a guarantee made
by the Secretary under this section shall be
incontestable in the hands of a holder of the
guaranteed obligation.
``(3) Limitation on percentage.--A guarantee made under
this section shall guarantee repayment of 100 percent of the
unpaid principal and interest due on the notes or other
obligations guaranteed.
``(h) Limit on Outstanding Obligations; Monitoring Use of
Guarantees.--
``(1) Limit on outstanding obligations.--The total amount
of outstanding obligations guaranteed on a cumulative basis by
the Secretary under this section may not at any time exceed the
greater of--
``(A) $4,500,000,000; or
``(B) such higher amount as may be authorized to be
appropriated to carry out this section for a fiscal
year.
``(2) Monitoring use of guarantees.--
``(A) In general.--The Secretary shall monitor the
use of guarantees under this section by participating
jurisdictions.
``(B) Actions to ensure sufficient authority.--If
the Secretary finds under subparagraph (A) that 50
percent of the aggregate guarantee authority under
paragraph (1) has been committed, the Secretary may--
``(i) provide that a unit of general local
government that receives a grant under section
211 may not receive more than $35,000,000 in
guarantees under this section; or
``(ii) submit to Congress a request for the
enactment of legislation increasing the amount
of the aggregate guarantee authority.
``(i) Purchase of Guaranteed Obligations by Federal Financing
Bank.--The Federal Financing Bank may not purchase a note or other
obligation guaranteed under this section.
``(j) Imposition of Fee or Charge.--The Secretary shall collect
fees from borrowers to result in a credit subsidy cost of zero for
guaranteeing notes or other obligations under this section.
``(k) Guarantee of Obligations Backed by Loans.--
``(1) Authority.--The Secretary may, upon such terms and
conditions as the Secretary considers appropriate, guarantee
the timely payment of the principal of and interest on such
trust certificates or other obligations as may be--
``(A) offered by the Secretary or by any other
offeror approved for purposes of this subsection by the
Secretary; and
``(B) based on and backed by a trust or pool
composed of notes or other obligations guaranteed or
eligible for guarantee by the Secretary under this
section.
``(2) Full faith and credit.--To the same extent as
provided in subsection (g), the full faith and credit of the
United States is pledged to the payment of all amounts that may
be required to be paid under any guarantee made by the
Secretary under this subsection.
``(3) Subrogation.--If the Secretary pays a claim under a
guarantee made under this section, the Secretary shall be
subrogated for all the rights of the holder of the guaranteed
certificate or obligation with respect to the certificate or
obligation.
``(4) Effect of other laws.--No State or local law, and no
Federal law, shall preclude or limit the exercise by the
Secretary of--
``(A) the power to contract with respect to public
offerings and other sales of notes, trust certificates,
and other obligations guaranteed under this section
upon such terms and conditions as the Secretary
determines appropriate;
``(B) the right to enforce any contract described
in subparagraph (A) by any means determined appropriate
by the Secretary; or
``(C) any ownership rights of the Secretary, as
applicable, in notes, certificates, or other
obligations guaranteed under this section, or
constituting the trust or pool against which trust
certificates, or other obligations guaranteed under
this section, are offered.''.
TITLE III--REFORMS RELATING TO COMMUNITY HOUSING DEVELOPMENT
ORGANIZATION AND NONPROFIT PARTICIPATION
SEC. 301. MODIFICATION OF RULES RELATED TO COMMUNITY HOUSING
DEVELOPMENT ORGANIZATIONS.
(a) Definitions of Community Housing Development Organization and
Community Land Trust.--
(1) In general.--Section 104 of the Cranston-Gonzalez
National Affordable Housing Act (42 U.S.C. 12704) is amended--
(A) in paragraph (6)(B)--
(i) by striking ``significant''; and
(ii) by striking ``and otherwise'' and
inserting ``or as otherwise determined
acceptable by the Secretary''; and
(B) by adding at the end the following:
``(26) The term `community land trust' means a nonprofit
entity or a State or local government or instrumentality
thereof that--
``(A) is not sponsored by a for-profit
organization;
``(B) has as a primary purpose the provision and
maintenance of housing that provides long-term
affordability for low- and moderate-income persons;
``(C) provides housing described in subparagraph
(B) using a ground lease, deed covenant, or other
similar legally enforceable measure, as determined by
the Secretary, that--
``(i) keeps the housing affordable to low-
and moderate-income persons for not less than
30 years; and
``(ii) enables low- and moderate-income
persons to purchase the housing for
homeownership; and
``(D) maintains preemptive purchase options to
purchase the property so the housing remains affordable
to low-and moderate-income persons.''.
(2) Elimination of existing definition of community land
trust.--Section 233 of the Cranston-Gonzalez National
Affordable Housing Act (42 U.S.C. 12773) is amended by striking
subsection (f).
(b) Set-Aside for Community Housing Development Organizations.--
Section 231 of the Cranston-Gonzalez national Affordable Housing Act
(42 U.S.C. 12771) is amended--
(1) in subsection (a), by striking ``to be developed,
sponsored, or owned by community housing development
organizations'' and inserting ``when a community housing
development organization materially participates in the
ownership or development of such housing, as determined by the
Secretary'';
(2) by striking subsection (b) and inserting the following:
``(b) Recapture and Reuse.--If any funds reserved under subsection
(a) remain uninvested for a period of 24 months, then the Secretary
shall make such funds available to the participating jurisdiction for
any eligible activities under this title without regard to whether a
community housing development organization materially participates in
the use of the funds.''; and
(3) by striking subsection (c).
TITLE IV--TECHNICAL CORRECTIONS
SEC. 401. TECHNICAL CORRECTIONS.
The Cranston-Gonzalez National Affordable Housing Act (42 U.S.C.
12701 et seq.) is amended--
(1) in section 104 (42 U.S.C. 12704)--
(A) by redesignating paragraph (23) (relating to
the definition of the term ``to demonstrate to the
Secretary'') as paragraph (22); and
(B) by redesignating paragraph (24) (relating to
the definition of the term ``insular area'', as added
by section 2(2) of Public Law 102-230) as paragraph
(23);
(2) in section 105(b) (42 U.S.C. 12705(b))--
(A) in paragraph (7), by striking ``Stewart B.
McKinney Homeless Assistance Act'' and inserting
``McKinney-Vento Homeless Assistance Act''; and
(B) in paragraph (8), by striking ``subparagraphs''
and inserting ``paragraphs'';
(3) in section 106 (42 U.S.C. 12706), by striking ``Stewart
B. McKinney Homeless Assistance Act'' and inserting ``McKinney-
Vento Homeless Assistance Act'';
(4) in section 108(a)(1) (42 U.S.C. 12708(a)(1)), by
striking ``section 105(b)(15)'' and inserting ``section
105(b)(18)'';
(5) in section 212 (42 U.S.C. 12742)--
(A) in subsection (a)--
(i) in paragraph (3)(A)(ii), by inserting
``United States'' before ``Housing Act''; and
(ii) by redesignating paragraph (5) as
paragraph (4);
(B) in subsection (d)(5), by inserting ``United
States'' before ``Housing Act''; and
(C) in subsection (e)(1)--
(i) by striking ``section 221(d)(3)(ii)''
and inserting ``section 221(d)(4)''; and
(ii) by striking ``not to exceed 140
percent'' and inserting ``as determined by the
Secretary'';
(6) in section 215(a)(6)(B) (42 U.S.C. 20 12745(a)(6)(B)),
by striking ``grand children'' and inserting ``grandchildren'';
(7) in section 217 (42 U.S.C. 12747)--
(A) in subsection (a)--
(i) in paragraph (1), by striking ``(3)''
and inserting ``(2)'';
(ii) by striking paragraph (3), as added by
section 211(a)(2)(D) of the Housing and
Community Development Act of 1992 (Public Law
102-550; 106 Stat. 3756); and
(iii) by redesignating the remaining
paragraph (3), as added by the matter under the
heading ``home investment partnerships
program'' under the heading ``Housing
Programs'' in title II of the Departments of
Veterans Affairs and Housing and Urban
Development, and Independent Agencies
Appropriations Act, 1993 (Public Law 102-389;
106 Stat. 1581), as paragraph (2); and
(B) in subsection (b)--
(i) in paragraph (1)--
(I) in the first sentence of
subparagraph (A)--
(aa) by striking ``in
regulation'' and inserting ``,
by regulation,''; and
(bb) by striking ``eligible
jurisdiction'' and inserting
``eligible jurisdictions''; and
(II) in subparagraph (F)--
(aa) in the first
sentence--
(AA) in clause (i),
by striking
``Subcommittee on
Housing and Urban
Affairs'' and inserting
``Subcommittee on
Housing,
Transportation, and
Community
Development''; and
(BB) in clause
(ii), by striking
``Subcommittee on
Housing and Community
Development of the
Committee on Banking,
Finance and Urban
Affairs'' and inserting
``Subcommittee on
Housing and Insurance
of the Committee on
Financial Services'';
and
(bb) in the second
sentence, by striking ``the
Committee on Banking, Finance
and Urban Affairs of the House
of Representatives'' and
inserting ``the Committee on
Financial Services of the House
of Representatives'';
(ii) in paragraph (2)(B), by striking
``$500,000'' each place that term appears and
inserting ``$750,000'';
(iii) in paragraph (3)--
(I) by striking ``$500,000'' each
place that term appears and inserting
``$750,000''; and
(II) by striking ``, except as
provided in paragraph (4)''; and
(iv) by striking paragraph (4);
(8) in section 220(c) (42 U.S.C. 12750(c))--
(A) in paragraph (3), by striking ``Secretary'' and
all that follows and inserting ``Secretary;'';
(B) in paragraph (4), by striking ``under this
title'' and all that follows and inserting ``under this
title;''; and
(C) by redesignating paragraphs (6), (7), and (8)
as paragraphs (5), (6), and (7), respectively;
(9) in section 225(d)(4)(B) (42 U.S.C. 12755(d)(4)(B)), by
striking ``for'' the first place that term appears; and
(10) in section 283 (42 U.S.C. 12833)--
(A) in subsection (a), by striking ``Banking,
Finance and Urban Affairs'' and inserting ``Financial
Services''; and
(B) in subsection (b), by striking ``General
Accounting Office'' each place that term appears and
inserting ``Government Accountability Office''.
<all>