S.Amdt. 4465

SA 4465. Mr. VITTER (for himself and Mr. Inhofe) submitted an amendment intended to be proposed by him to the bill H.R. 3221, moving the United States toward greater energy independence and security, developing innovative new technologies, reducing carbon emissions, creating green jobs, protecting consumers, increasing clean renewable energy production, and modernizing our energy infrastructure, and to amend the Internal Revenue Code of 1986 to provide tax incentives for the production of renewable energy and energy conservation; which was ordered to lie on the table; as follows:

At the end, add the following:

TITLE VIII--ENSURING ASSISTANCE IS PROVIDED ONLY TO DESERVING HOMEOWNERS

SEC. 801. LIMITATION ON USE OF FUNDS.

(a) Definition.--For purposes of this section, the term “housing assistance” means the following:

(1) Any amounts appropriated, authorized to be appropriated, or otherwise made available under this Act, or any amendment made by this Act.

(2) Any qualified mortgage bond issued by a State or political subdivision or any other entity or organization pursuant to section 143(k)(12) of the Internal Revenue Code, as added by section 602 of this Act.

(3) Any tax credit related to certain home purchases allowable under section 25E of the Internal Revenue Code of 1986, as added by section 603 of this Act.

(b) Limitation.--Housing assistance shall not be provided or distributed to, or used by, any homeowner that made--

(1) any material misstatement or misrepresentation on his or her original mortgage application; or

(2) any false statements on his or her original mortgage application to qualify for the home loan.