H.R.5818 - Neighborhood Stabilization Act of 2008

To authorize the Secretary of Housing and Urban Development to make loans to States to acquire foreclosed housing and to make grants to States for related costs. view all titles (4)

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All Bill Titles

  • Short: Neighborhood Stabilization Act of 2008 as reported to house.
  • Short: Neighborhood Stabilization Act of 2008 as introduced.
  • Short: Neighborhood Stabilization Act of 2008 as passed house.
  • Official: To authorize the Secretary of Housing and Urban Development to make loans to States to acquire foreclosed housing and to make grants to States for related costs. as introduced.

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Bill's Views

  • Today: 14
  • Past Seven Days: 64
  • All-Time: 12,351
 
Introduced
 
House
Passed
 
Senate
Passes
 
President
Signs
 

 
04/15/08
 
05/08/08
 
 
 
 
 

Official Bill Text Comment on about 42 Pages
 

Latest Vote

Result: Passed - May 08, 2008

Roll call number 299 in the House

Question: On Passage: H R 5818 Neighborhood Stabilization Act of 2008

Required percentage of 'Aye' votes: 1/2 (50%)
Percentage of 'aye' votes: 55%
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Democrats Voting 'Aye'

Neil Abercrombie
Rep. Gary Ackerman [D, NY-5]
Thomas Allen
Rep. Jason Altmire [D, PA-4]
Rep. Robert Andrews [D, NJ-1]
Michael Arcuri
Rep. Joe Baca [D, CA-43]
Brian Baird
Rep. Tammy Baldwin [D, WI-2]
Rep. John Barrow [D, GA-12]
Melissa Bean
Rep. Xavier Becerra [D, CA-31]
Rep. Shelley Berkley [D, NV-1]
Rep. Howard Berman [D, CA-28]
Robert Berry
Rep. Timothy Bishop [D, NY-1]
Rep. Sanford Bishop [D, GA-2]
Rep. Earl Blumenauer [D, OR-3]
Rep. Dan Boren [D, OK-2]
Rep. Leonard Boswell [D, IA-3]
Frederick Boucher
Allen Boyd
Nancy Boyda
Rep. Robert Brady [D, PA-1]
Rep. Bruce Braley [D, IA-1]
Rep. Corrine Brown [D, FL-3]
Rep. George Butterfield [D, NC-1]
Rep. Lois Capps [D, CA-23]
Rep. Michael Capuano [D, MA-8]
Rep. Dennis Cardoza [D, CA-18]
Rep. Russ Carnahan [D, MO-3]
Christopher Carney
Rep. André Carson [D, IN-7]
Rep. Kathy Castor [D, FL-11]
Rep. Ben Chandler [D, KY-6]
Rep. Yvette Clarke [D, NY-11]
Rep. William Clay [D, MO-1]
Rep. Emanuel Cleaver [D, MO-5]
Rep. James Clyburn [D, SC-6]
Rep. John Conyers [D, MI-14]
Rep. Jim Cooper [D, TN-5]
Rep. Jim Costa [D, CA-20]
Rep. Jerry Costello [D, IL-12]
Rep. Joe Courtney [D, CT-2]
Robert Cramer
Rep. Joseph Crowley [D, NY-7]
Rep. Henry Cuellar [D, TX-28]
Rep. Elijah Cummings [D, MD-7]
Lincoln Davis
Rep. Danny Davis [D, IL-7]
Rep. Susan Davis [D, CA-53]
Artur Davis
Rep. Peter DeFazio [D, OR-4]
Rep. Diana DeGette [D, CO-1]
William Delahunt
Rep. Rosa DeLauro [D, CT-3]
Rep. Norman Dicks [D, WA-6]
Rep. John Dingell [D, MI-15]
Rep. Lloyd Doggett [D, TX-25]
Rep. Joe Donnelly [D, IN-2]
Rep. Michael Doyle [D, PA-14]
Thomas Edwards
Rep. Keith Ellison [D, MN-5]
Brad Ellsworth
Rahm Emanuel
Rep. Eliot Engel [D, NY-17]
Rep. Anna Eshoo [D, CA-14]
Bob Etheridge
Rep. Sam Farr [D, CA-17]
Rep. Chaka Fattah [D, PA-2]
Rep. Bob Filner [D, CA-51]
Bill Foster
Rep. Barney Frank [D, MA-4]
Rep. Gabrielle Giffords [D, AZ-8]
Rep. Charles Gonzalez [D, TX-20]
Barton Gordon
Rep. Raymond Green [D, TX-29]
Rep. Al Green [D, TX-9]
Rep. Raul Grijalva [D, AZ-7]
John Hall
Phil Hare
Rep. Jane Harman [D, CA-36]
Rep. Alcee Hastings [D, FL-23]
Stephanie Herseth Sandlin
Rep. Brian Higgins [D, NY-27]
Baron Hill
Rep. Maurice Hinchey [D, NY-22]
Rep. Rubén Hinojosa [D, TX-15]
Rep. Mazie Hirono [D, HI-2]
Paul Hodes
Rep. Tim Holden [D, PA-17]
Rep. Rush Holt [D, NJ-12]
Rep. Michael Honda [D, CA-15]
Darlene Hooley
Rep. Steny Hoyer [D, MD-5]
Rep. Jay Inslee [D, WA-1]
Rep. Steve Israel [D, NY-2]
Rep. Jesse Jackson [D, IL-2]
Rep. Sheila Jackson-Lee [D, TX-18]
William Jefferson
Rep. Eddie Johnson [D, TX-30]
Rep. Henry Johnson [D, GA-4]
Stephanie Jones
Steve Kagen
Paul Kanjorski
Rep. Marcy Kaptur [D, OH-9]
Patrick Kennedy
Rep. Dale Kildee [D, MI-5]
Carolyn Kilpatrick
Rep. Ronald Kind [D, WI-3]
Ron Klein
Rep. Dennis Kucinich [D, OH-10]
Nicholas Lampson
Rep. James Langevin [D, RI-2]
Rep. Rick Larsen [D, WA-2]
Rep. John Larson [D, CT-1]
Rep. Barbara Lee [D, CA-9]
Rep. Sander Levin [D, MI-12]
Rep. John Lewis [D, GA-5]
Rep. Daniel Lipinski [D, IL-3]
Rep. Zoe Lofgren [D, CA-16]
Rep. Nita Lowey [D, NY-18]
Rep. Stephen Lynch [D, MA-9]
Tim Mahoney
Rep. Carolyn Maloney [D, NY-14]
Rep. Edward Markey [D, MA-7]
James Marshall
Rep. Jim Matheson [D, UT-2]
Rep. Doris Matsui [D, CA-5]
Rep. Carolyn McCarthy [D, NY-4]
Rep. Betty McCollum [D, MN-4]
Rep. James McDermott [D, WA-7]
Rep. James McGovern [D, MA-3]
Rep. Mike McIntyre [D, NC-7]
Rep. Jerry McNerney [D, CA-11]
Michael McNulty
Kendrick Meek
Rep. Gregory Meeks [D, NY-6]
Charles Melancon
Rep. Michael Michaud [D, ME-2]
Rep. George Miller [D, CA-7]
Rep. Bradley Miller [D, NC-13]
Harry Mitchell
Alan Mollohan
Rep. Gwen Moore [D, WI-4]
Dennis Moore
Rep. James Moran [D, VA-8]
Rep. Christopher Murphy [D, CT-5]
Patrick Murphy
John Murtha
Rep. Jerrold Nadler [D, NY-8]
Rep. Grace Napolitano [D, CA-38]
Rep. Richard Neal [D, MA-2]
James Oberstar
David Obey
Rep. John Olver [D, MA-1]
Solomon Ortiz
Rep. Frank Pallone [D, NJ-6]
Rep. William Pascrell [D, NJ-8]
Rep. Edward Pastor [D, AZ-4]
Rep. Donald Payne [D, NJ-10]
Rep. Ed Perlmutter [D, CO-7]
Rep. Collin Peterson [D, MN-7]
Earl Pomeroy
Rep. David Price [D, NC-4]
Rep. Nick Rahall [D, WV-3]
Rep. Charles Rangel [D, NY-15]
Rep. Silvestre Reyes [D, TX-16]
Ciro Rodriguez
Rep. Mike Ross [D, AR-4]
Rep. Steven Rothman [D, NJ-9]
Rep. Lucille Roybal-Allard [D, CA-34]
Rep. Dutch Ruppersberger [D, MD-2]
Rep. Timothy Ryan [D, OH-17]
John Salazar
Rep. Loretta Sanchez [D, CA-47]
Rep. Linda Sánchez [D, CA-39]
Rep. John Sarbanes [D, MD-3]
Rep. Janice Schakowsky [D, IL-9]
Rep. Adam Schiff [D, CA-29]
Rep. Allyson Schwartz [D, PA-13]
Rep. David Scott [D, GA-13]
Rep. Robert Scott [D, VA-3]
Rep. José Serrano [D, NY-16]
Joe Sestak
Carol Shea-Porter
Rep. Brad Sherman [D, CA-27]
Rep. Heath Shuler [D, NC-11]
Rep. Albio Sires [D, NJ-13]
Ike Skelton
Rep. Louise Slaughter [D, NY-28]
Rep. Adam Smith [D, WA-9]
Victor Snyder
Hilda Solis
Zachary Space
Rep. Jackie Speier [D, CA-12]
John Spratt
Rep. Fortney Stark [D, CA-13]
Bart Stupak
Rep. Betty Sutton [D, OH-13]
John Tanner
Ellen Tauscher
Gene Taylor
Rep. Michael Thompson [D, CA-1]
Rep. Bennie Thompson [D, MS-2]
Rep. John Tierney [D, MA-6]
Rep. Edolphus Towns [D, NY-10]
Rep. Niki Tsongas [D, MA-5]
Sen. Tom Udall [D, NM]
Sen. Mark Udall [D, CO]
Rep. Christopher Van Hollen [D, MD-8]
Rep. Nydia Velázquez [D, NY-12]
Rep. Peter Visclosky [D, IN-1]
Rep. Timothy Walz [D, MN-1]
Rep. Debbie Wasserman Schultz [D, FL-20]
Rep. Maxine Waters [D, CA-35]
Diane Watson
Rep. Melvin Watt [D, NC-12]
Rep. Henry Waxman [D, CA-30]
Rep. Anthony Weiner [D, NY-9]
Rep. Peter Welch [D, VT-0]
Robert Wexler
Charles Wilson
Rep. Lynn Woolsey [D, CA-6]
Rep. David Wu [D, OR-1]
Albert Wynn
Rep. John Yarmuth [D, KY-3]
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Others Voting 'Aye'

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Republicans Voting 'Abstain'

Rep. John Campbell [R, CA-48]
Close

Others Voting 'Abstain'

 

Official Summary

5/8/2008--Passed House amended. Neighborhood Stabilization Act of 2008 - (Sec. 3) Directs the Secretary of Housing and Urban Development (HUD) to make grants and loans to qualified states, metropolitan cities, and urban counties, in accordance with HUD-approved plans, to carry out eligible
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Official Summary

5/8/2008--Passed House amended. Neighborhood Stabilization Act of 2008 -

(Sec. 3)

Directs the Secretary of Housing and Urban Development (HUD) to make grants and loans to qualified states, metropolitan cities, and urban counties, in accordance with HUD-approved plans, to carry out eligible housing stimulus activities. Requires such program to be administered through HUD's Office of Community Planning and Development (or any successor office responsible for administering the community development block grant program under the Housing and Community Development Act of 1974).

(Sec. 4)

Specifies the contents of a grant or loan applicant's plan, which must be submitted for the Secretary's approval. Requires a plan, among other things, to give priority emphasis and consideration to metropolitan areas, metropolitan cities, urban areas, rural areas, low- and moderate-income areas, census tracts and other areas having the greatest need.

(Sec. 5)

Prescribes formulas for distribution of foreclosure grant amounts and foreclosure loan authority amounts to a qualified state, metropolitan city, or urban county (allocation recipient), based on ratios reflecting the number of foreclosures on mortgages for single family housing and subprime mortgage loans for such housing over 90 days delinquent which have occurred in the state during the most recently completed four calendar quarters for which such information is available. Requires the Secretary to establish or select an index to account for differences between qualified states in the medium price of single family housing in such states.

(Sec. 6)

Authorizes the use of such loans by the allocation recipient, a local government or its entity, or any other entity, as provided in the allocation recipient's HUD-approved plan. States that, upon the Secretary's entering a binding commitment to make a loan for use in the recipient's area, the loan authority allocated to each recipient shall be decreased by the principal amount of such a loan, but be increased again by such amount upon repayment of the loan. Requires such loans:
(1) to bear no interest;
(2) be non-recourse;
(3) have a maturity of three years if a loan made to purchase (or finance the purchase of) qualified foreclosed housing for homeownership, and of five years if a loan to purchase (or finance the purchase of) such housing for rental property;
(4) not provide for amortization of the principal obligation; and
(5) require payment of the original principal obligation only. Requires an allocation recipient to repay 90% or more under all previous loans before being eligible to reborrow. Authorizes the Secretary to waive such requirement upon allocation recipient request, if the borrower has demonstrated satisfactory progress in utilizing outstanding loans and sufficient capacity to utilize additional loan amounts effectively. Sunsets this program for new loans after 48 months.

(Sec. 7)

Authorizes the use of grant amounts for eligible housing stimulus activities by the allocation recipient, a local government or its entity, or a nonprofit organization.

(Sec. 8)

Limits the use of such loans to homeownership housing, rental housing, and housing rehabilitation, subject to specified requirements. Allows the use of such a loan for purchasing, or financing the purchase of, qualified foreclosed housing for resale as housing for homeownership to families having incomes of up to 140% of the median income for the area in which the housing is located. Allows the use of such a loan also for rental, lease-purchase, or rent-to-own housing, but only for families whose incomes do not exceed 100% of the area median income. Prohibits rents from exceeding market rents for comparable dwelling units located in the area. Requires such rents to accord with any requirements of the Secretary intended to ensure that rents are established in a fair, objective, and arms-length manner. Allows the use of such a loan also for rehabilitation of qualified foreclosed property as necessary to:
(1) comply with applicable laws, codes, and other requirements relating to housing safety, quality, and habitability; or
(2) make improvements to increase the housing's energy efficiency or its conservation, or to provide a renewable energy source (or sources) for it 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;
(3) allocation recipient-related administrative costs;
(4) certain state planning costs;
(5) housing rehabilitation activities; and
(6) demolition costs, but only if the Secretary determines that the neighborhood or other area in which the housing is located has a high incidence of vacant and abandoned housing (or other vacant and abandoned structures), and is experiencing a significant decline in population. Prohibits the use of grant amounts to provide assistance of any kind (including grants, loans, and closing cost financing) for downpayments for any homebuyers of single family housing. Requires the Secretary, by regulation, to prohibit the use of such grants or loans for:
(1) political activities;
(2) advocacy;
(3) direct or indirect lobbying;
(4) counseling services;
(5) travel expenses; or
(6) preparing or providing advice on tax returns. Requires the use of:
(1) 50% of such grants to provide housing only for very low-income families (whose incomes do not exceed 50% of the median income in the area); and
(2) 50% of such grants to provide housing only for extremely low-income families (whose income does not exceed 30% of such median income). Authorizes the Secretary, with respect to families with extremely low incomes, to allow an eligibility ceiling greater than 30%, but less than 50%, in specified circumstances if the higher ceiling will not result in an overall loss of housing affordable to families whose income does not exceed 30% of the area median income. Requires an allocation recipient that includes rural areas to use a portion of its grant or loan amount for eligible activities located in rural areas proportionate to the identified need for such activities there. Requires a qualified state, or at its election, a qualified metropolitan city or qualified urban county, to record a lien in the Secretary's name on any qualified foreclosed housing purchased or financed with a loan under this Act. Declares that this Act may not be construed to prevent the resale of qualified foreclosed housing to a prior owner or occupant who meets income requirements. 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. Subjects the owner (and any successor in interest) to the lease and to the housing assistance payments contract for the occupied unit, in the case of any qualified foreclosed housing:
(1) for which funds made available under this Act are used; and
(2) in which a recipient of section 8 rental assistance resides at the time of acquisition or financing of such property. Subjects any successor in interest in any foreclosed property (such as a subsequent purchaser) to:
(1) the requirement of delivering a 90-day notice to vacate to any bona fide tenant; and
(2) the tenant's rights. Prohibits the use of such grant or loan amounts to demolish any public housing.

(Sec. 9)

Prohibits the use of such grant or loan amounts for any qualified foreclosed housing unless binding agreements are entered into that ensure that the federal government, upon any sale or disposition of the property by the owner acquiring the housing pursuant to assistance under this Act, shall receive at least 20% or, in the case of a for-profit owner, 50% of the difference between the net proceeds from its sale or disposition and the cost of its acquisition, after deductions for certain expenditures.

(Sec. 10)

Establishes deadlines by which an allocation recipient must obligate and spend grant and loan authority amounts.

(Sec. 11)

Requires the servicer of a federally related mortgage loan to:
(1) notify the local government in which the property securing the mortgage is located upon becoming responsible for a qualified foreclosed property; and
(2) provide it with the name and 24-hour contact information of a representative authorized to negotiate purchases.

(Sec. 12)

Sets forth reporting and contingent reimbursement requirements for allocation recipients.

(Sec. 14)

Authorizes appropriations.

(Sec. 15)

Declares that nothing in this Act shall affect the right to bear arms under the Second Amendment of the Constitution.

(Sec. 16)

Makes illegal aliens ineligible for financial assistance under this Act.

...Read the Rest

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Recent News Coverage

View All (16)  |  View Top Rated

05/19/08
Council votes on housing

One bill, HR 5818, would establish a $15-billion program run by the government's Housing and Urban Development agency. This proposal would encourage state ...

Source: San Bernardino Sun, CA
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05/11/08
Ron Paul: Big Government Responsible for Housing Bubble

HR 5818 the Neighborhood Stabilization Act, would provide $15 billion in loans and grants to localities to purchase and renovate foreclosed homes with the ...

Source: Press Media Wire (Press Release), VA
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05/10/08
Area Votes in Congress

Voting 239-188, the House sent the Senate a bill (HR 5818) providing $15 billion in grants and loans through 2013 for a program to help communities and ...

Source: Philadelphia Inquirer, PA
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Recent Blog Coverage

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12/30/08
Real Estate Blog - Soddy Daisy Cheerleaders National Champs at the ...

... hr 3915 (1), hr 5818 (1), hr 5830 (1), hr 6694 (4), hud (3), hud changes flipping policy (1), hud foreclosure (1), hunter museum (2), hunter sculpture garden (1), hussey (1), hyundai (1), imax (1), increasing home ownership (1) ...

Source: Richard's Real Estate Thoughts
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12/29/08
Real Estate Blog - GMAC to receive TARP funds - announcement made ...

... hr 3915 (1), hr 5818 (1), hr 5830 (1), hr 6694 (4), hud (3), hud changes flipping policy (1), hud foreclosure (1), hunter museum (2), hunter sculpture garden (1), hussey (1), hyundai (1), imax (1), increasing home ownership (1) ...

Source: Richard's Real Estate Thoughts
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12/27/08
Real Estate Blog - FHA refinance guideline changes

... hr 3915 (1), hr 5818 (1), hr 5830 (1), hr 6694 (4), hud (3), hud changes flipping policy (1), hud foreclosure (1), hunter museum (2), hunter sculpture garden (1), hussey (1), hyundai (1), imax (1), increasing home ownership (1) ...

Source: Richard's Real Estate Thoughts
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