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HUD makes $1 billion in grants available

National Mortgage Professional
May 06, 2008

House to consider Neighborhood Stabilization Act of 2008 MortgagePress.comHR 5818, Rep. Maxine Waters, Neighborhood Stabilization Act of 2008 This weel, the U.S. House of Representatives is slated to consider HR 5818, the Neighborhood Stabilization Act of 2008, this week. The bill, sponsored by Rep. Maxine Waters (D-CA), requires the Secretary of Housing and Urban Development to make grants and loans to qualified states, in accordance with HUD-approved plans, to carry out eligible housing stimulus activities. The legislation allows states, local government, and nonprofit organizations to use the loans. The Act imposes the following limitations on the proposed HUD loans: Limits the use of such loans to: (1) Purchasing or financing the purchase of qualified foreclosed housing for resale as housing for homeownership to families having incomes of up to 140 percent of the median income for the area in which the housing is located; (2) rental of such housing only by families whose incomes do not exceed 100% of such median income in the area; and (3) rehabilitation of such property for the purpose of reselling it within three months at a price as close as possible to its acquisition price. Limits the use of grants to: (1) Property holding and operating costs; (2) property-related acquisition costs; and (3) state-related administrative and planning costs. Requires the Secretary, by regulation, to prohibit the use of such grants or loans for: (1) Political activities; (2) advocacy; (3) lobbying, whether directly or through other parties; (4) counseling services; (5) travel expenses; and (6) preparing or providing advice on tax returns. Requires the use of such grants to provide housing only for families with: (1) Very low-income; and (2) extremely low-income. Prohibits a loan or grant recipient from discriminating against a prospective tenant because the individual holds a voucher or certificate of eligibility under section 8 (public housing rental assistance) of the United States Housing Act of 1937. Conditions the use of such loans or grants on a shared appreciation agreement between the federal government and the owner of such housing regarding the federal share of proceeds from its sale or disposition. Directs the Secretary to require a state to reimburse the Treasury for amounts of any misused funds. The Act is listed on the House schedule for consideration as early as May 7, 2008. For a copy of HR 5818, click here.
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