S.2455 - Community Foreclosure Assistance Act of 2007110th Congress (2007-2008)
|Sponsor:||Sen. Coleman, Norm [R-MN] (Introduced 12/12/2007)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 12/12/2007 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.2455 — 110th Congress (2007-2008)All Information (Except Text)
Introduced in Senate (12/12/2007)
Community Foreclosure Assistance Act of 2007 - Makes appropriations for additional emergency Community Development Block Grant (CDBG) assistance to states, metropolitan cities, and urban counties to carry out CDBG programs under the Housing and Urban Development Act of 1974: (1) for necessary expenses related to the impact of housing foreclosures, and other related economic and community development activities; and (2) to provide foreclosure-based rental assistance for individual renters in the form of relocation assistance.
Prohibits the direct or indirect provision of such funds, except for certified housing counseling services, to an individual homeowner for foreclosure prevention purposes, including refinancing assistance, loans, or any other form of financial assistance.
Increases from 15% to 25% the maximum amount of CDBG funds a local government may use for public services under the Housing and Urban Development Act of 1974, including those concerned with employment, crime prevention, child care, health, drug abuse, education, energy conservation, welfare or recreation needs.
Requires at least 50% of CDBG funds appropriated or otherwise made available under this Act to benefit primarily persons of low- and moderate-income.