An amendment numbered 5 printed in House Report 110-621 to modify the purposes of the legislation to emphasize the increasing rates of vacant and abandoned properties, and change the state-to-local jurisdiction funding formula to ensure that up-to-date vacancy statistics are used to allocate the funds.

1. 1

   Change 1: Replaces “purchase and rehabilitate” with “preserve the equity and ensure the safety of the neighbors of homes made vacant by the pr…”

   ReplacesPage 2, line 13Printed page

   In H.R. 5818 · Reported in House

   The purposes of this Act are--

   (1) to establish a loan and grant program administered by the Department of Housing and Urban Development to help States, metropolitan cities, and urban counties [struck: purchase ][inserted: preserve the equity ]and [struck: rehabilitate ][inserted: ensure the safety of the neighbors of homes made vacant by the predatory lending and foreclosure crises, to prevent and reduce the incidence of such vacancies through various means, including purchasing and rehabilitating ]owner-vacated, foreclosed homes with the goal of stabilizing and occupying them as soon as possible, either through resale or rental to qualified families;

   (2) to distribute these loans and grants to areas with the highest levels of foreclosure and delinquent subprime mortgages;

   Original wording

   Page 2, line 13, strike “purchase and rehabilitate” and insert “preserve the equity and ensure the safety of the neighbors of homes made vacant by the predatory lending and foreclosure crises, to prevent and reduce the incidence of such vacancies through various means, including purchasing and rehabilitating”.

2. 2

   Change 2: Replaces “foreclosures” with “vacancies, according to the number of census tracts, as determined by the Secretary, to h…”

   ReplacesPage 4, line 17Printed page

   [struck: foreclosures][inserted: vacancies, according to the number of census tracts, as determined by the Secretary, to have large increases in the rate of vacancy during the past eight quarters and significant levels of loans determined to be at risk of foreclosure,]

   Original wording

   Page 4, line 17, strike “foreclosures” and insert “vacancies, according to the number of census tracts, as determined by the Secretary, to have large increases in the rate of vacancy during the past eight quarters and significant levels of loans determined to be at risk of foreclosure,”.

Read automatically from the Congressional Record. Check the original before relying on it.

As printed