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S. 811 (108th): American Dream Downpayment Act

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The text of the bill below is as of Apr 8, 2003 (Introduced).

S 811 IS

108th CONGRESS

1st Session

S. 811

To support certain housing proposals in the fiscal year 2003 budget for the Federal Government, including the downpayment assistance initiative under the HOME Investment Partnership Act, and for other purposes.

IN THE SENATE OF THE UNITED STATES

April 8, 2003

Mr. ALLARD (for himself and Mr. SESSIONS) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To support certain housing proposals in the fiscal year 2003 budget for the Federal Government, including the downpayment assistance initiative under the HOME Investment Partnership Act, 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.

    This Act may be cited as the ‘American Dream Downpayment Act’.

SEC. 2. DOWNPAYMENT ASSISTANCE INITIATIVE UNDER HOME PROGRAM.

    (a) DOWNPAYMENT ASSISTANCE INITIATIVE- Subtitle E of title II of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12821) is amended to read as follows:

‘Subtitle E--Other Assistance

‘SEC. 271. DOWNPAYMENT ASSISTANCE INITIATIVE.

    ‘(a) GRANT AUTHORITY- The Secretary may make grants to participating jurisdictions to assist low-income families to achieve homeownership, in accordance with this section.

    ‘(b) Eligible Activities-

      ‘(1) IN GENERAL- Grants made under this section may be used only for downpayment assistance toward the purchase of single family housing by low-income families who are first-time home-buyers.

      ‘(2) DEFINITION- For purposes of this subtitle, the term ‘downpayment assistance’ means assistance to help a family acquire a principal residence.

    ‘(c) HOUSING STRATEGY- To be eligible to receive a grant under this section for a fiscal year, a participating jurisdiction shall include in its comprehensive housing affordability strategy submitted under section 105 for such year, a description of the use of the grant amounts.

    ‘(d) FORMULA ALLOCATION-

      ‘(1) IN GENERAL- For each fiscal year, the Secretary shall allocate any amounts made available for assistance under this section for the fiscal year in accordance with a formula, established by the Secretary, that considers a participating jurisdiction’s need for and prior commitment to assistance to homebuyers.

      ‘(2) ALLOCATION AMOUNTS- The formula referred to in paragraph (1) may include minimum and maximum allocation amounts.

    ‘(e) REALLOCATION-

      ‘(1) IN GENERAL- Except as provided in paragraph (2), if any amounts allocated to a participating jurisdiction under this section become available for reallocation, the amounts shall be reallocated to other participating jurisdictions in accordance with the formula established pursuant to subsection (d).

      ‘(2) EXCEPTION- If a local participating jurisdiction failed to receive amounts allocated under this section and is located in a State that is a participating jurisdiction, the funds shall be reallocated to the State.

    ‘(f) Applicability of Other Provisions-

      ‘(1) IN GENERAL- Except as otherwise provided in this section, grants made under this section shall not be subject to the provisions of this title.

      ‘(2) APPLICABLE PROVISIONS- In addition to the requirements of this section, grants made under this section shall be subject to the provisions of title I, sections 215(b), 218, 219, 221, 223, 224, and 226(a) of subtitle A of this title, and subtitle F of this title.

      ‘(3) REFERENCES- In applying the requirements of subtitle A referred to in paragraph (2)--

        ‘(A) any references to funds under subtitle A shall be considered to refer to amounts made available for assistance under this section; and

        ‘(B) any references to funds allocated or reallocated under section 217 or 217(d) shall be considered to refer to amounts allocated or reallocated under subsection (d) or (e) of this section, respectively.

    ‘(g) ADMINISTRATIVE COSTS- Notwithstanding section 212(c), a participating jurisdiction may use funds under subtitle A for administrative and planning costs of the jurisdiction in carrying out this section, and the limitation in section 212(c) shall be based on the total amount of funds available under subtitle A and this section.

    ‘(h) FUNDING-

      ‘(1) FISCAL YEAR 2002- This section constitutes the subsequent legislation authorizing the Downpayment Assistance Initiative referred to in the item relating to the ‘HOME Investment Partnerships Program’ in title II of the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 2002 (Public Law 107-73; 115 Stat. 666).

      ‘(2) SUBSEQUENT FISCAL YEARS- There is authorized to be appropriated to carry out this section $200,000,000 for each of fiscal years 2003 through 2006.’.

    (b) RELOCATION ASSISTANCE AND DOWNPAYMENT ASSISTANCE- Subtitle F of title II of the Cranston-Gonzalez National Affordable Housing Act is amended by inserting after section 290 (42 U.S.C. 12840) the following:

‘SEC. 291. RELOCATION ASSISTANCE AND DOWNPAYMENT ASSISTANCE.

    ‘The Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 (84 Stat. 1894) shall not apply to downpayment assistance under this title.’.