GovTrack’s Bill Summary
We don’t have a summary available yet.
The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.
We don’t have a summary available yet.
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
This summary can be found at http://www.gop.gov/bill/112/1/hr861.
The Neighborhood Stabilization Program (NSP) provides taxpayer dollars to state and local governments to purchase, renovate, rebuild, and resell abandoned and foreclosed property. Democrats funded the NSP with $4 billion in the Housing and Economic Recovery Act of 2008 (the GSE bailout bill), followed by another $1.93 billion in funding through the 2009 Obama stimulus plan, and another $1 billion in the 2010 Dodd-Frank Act. The program has been plagued with problems since its inception. The Inspector General for the Department of Housing and Urban Development (HUD) has identified multiple cases of misused NSP funds, and GAO has detailed HUD’s inadequate tracking of NSP funds.
The legislation would rescind and permanently cancel all unobligated balances made available by section 1497(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, to the Secretary of Housing and Urban Development (HUD) for assistance to states and local governments for the redevelopment of abandoned and foreclosed homes and residential properties—the third round of funding for the Neighborhood Stabilization Program.
Additionally, this legislation would repeal emergency FY2008 appropriations for the program made available by the Housing and Economic Recovery Act of 2008.
The legislation would direct that any remaining funds made available for the program by the American Recovery and Reinvestment Act (“Stimulus”) of 2009, shall continue to be governed by any provisions of law applicable to such amounts as in effect before the date of enactment of this Act.
Lastly, the legislation would direct the Secretary of Housing and Urban Development to terminate the program upon the obligation of all such amounts referenced above and outlays to liquidate them.
The Congressional Budget Office (CBO) estimates that the legislation would not affect direct spending, based on an assumption of enactment in summer 2011. A footnote in the CBO's report states: "If the bill was enacted sooner, or if the pace of obligations was slower than anticipated, some unobligated balances may remain at the time of enactment. In that case, the budget authority of the NSP would be reduced by the amount of unobligated balances, resulting in a corresponding decrease in direct spending."
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.
The bill contains the following citations to other parts of U.S. law:
Slip laws refer to enacted bills and joint resolutions in their original form as enacted by Congress, that is, before other laws amend them. Slip laws are cited as “Public Law XXX-YYY”, where XXX is the number of the Congress in which the bill or resolution was introduced.
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The United States Statutes at Large is the compilation of all laws enacted by Congress.