H. R. 861
IN THE SENATE OF THE UNITED STATES
March 17, 2011
Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs
To rescind the third round of funding for the Neighborhood Stabilization Program and to terminate the program.
This Act may be cited as the
Rescission of $1 billion funding for 3rd round of Neighborhood Stabilization Program
Effective on the date of the enactment of this Act, there are rescinded and permanently canceled all unobligated balances remaining available as of such date of enactment of the amounts made available by section 1497(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203; 124 Stat. 2209; 42 U.S.C. 5301 note). All such unobligated balances so rescinded and permanently canceled should be retained in the General Fund of the Treasury for reducing the budget deficit of the Federal Government.
Identification of amounts subject to possible rescission
The Secretary of Housing and Urban Development has allocated funding to the States, including city, county, and municipal governments, under the 3rd round of funding for the Neighborhood Stabilization Program, as set forth in paragraph (2). Amounts from the allocations set forth in paragraph (2) of this subsection will be subject to possible rescission and cancellation, to the extent provided in subsection (a).
The allocations set forth in this paragraph for the following States are the following amounts:
District of Columbia: $5,000,000.
North Carolina: $5,000,000.
North Dakota: $5,000,000.
New Hampshire: $5,000,000.
New Jersey: $11,641,549.
New Mexico: $5,000,000.
New York: $19,834,940.
Puerto Rico: $5,000,000.
Rhode Island: $6,309,231.
South Carolina: $5,615,020.
South Dakota: $5,000,000.
West Virginia: $5,000,000.
Termination of Neighborhood Stabilization Program
Sections 2301 through 2303 of the Housing and Economic Recovery Act of 2008 (Public Law 110–289; 122 Stat. 2850; 42 U.S.C. 5301 note) are hereby repealed.
Treatment of remaining funds
Notwithstanding the repeal under subsection (a), any amounts made available under the provisions specified in paragraph (2) of this subsection shall continue to be governed by any provisions of law applicable to such amounts as in effect immediately before such repeal.
The provisions specified in this paragraph are as follows:
Section 2301(a) of the Housing and Economic Recovery Act of 2008 (Public Law 110–289; 122 Stat. 2850; 42 U.S.C. 5301 note).
undesignated paragraph under the heading
Department of Housing and Urban
Development, Community Planning and Development, Community Development
Fund in title XII of division A of the American Recovery and
Reinvestment Act of 2009 (Public Law 111–5, 123 Stat.
Upon the obligation of all amounts made available under the provisions specified in subsection (b)(2), and outlays to liquidate all such amounts, the Secretary of Housing and Urban Development shall terminate the Neighborhood Stabilization Program authorized under the provisions specified in subsections (a) and (b)(2).
Publication of member availability for assistance
Not later than 5 days after the date of the
enactment of this Act, the Secretary of Housing and Urban Development shall
publish to its Website on the World Wide Web in a prominent location, large
point font, and boldface type the following statement:
Stabilization Program (NSP) has been terminated. If you are concerned about the
impact of foreclosed properties on your community, please contact your Member
of Congress, State, county, and local officials for assistance in mitigating
the impacts of foreclosed properties on your community..
GAO study of economic impacts of Round 3 NSP funding
The Comptroller General of the United States shall conduct a study to determine the economic impacts that providing assistance under the Neighborhood Stabilization Program, using the funding identified in section 2, would have on States and communities in the United States, if such funding were not rescinded and canceled under such section, but remained available and was used in accordance with the provisions of law applicable to such amounts as in effect immediately before the repeal under section 3(a). Not later than the expiration of the 90-day period beginning on the date of the enactment of this Act, the Comptroller General shall submit to the Congress a report setting forth the results and conclusions of the study under this section.
GAO study of economic impacts of Rounds 1 and 2 NSP funding
The Comptroller General of the United States shall conduct a study to determine the economic impacts that providing assistance under the Neighborhood Stabilization Program has had on States and communities in the United States. The study shall identify such impacts resulting from the funding under the each of the provisions of law specified in subparagraphs (A) and (B) of section 3(b)(2). Not later than the expiration of the 90-day period beginning on the date of the enactment of this Act, the Comptroller General shall submit to the Congress a report setting forth the results and conclusions of the study under this section.
Passed the House of Representatives March 16, 2011.
Karen L. Haas,