S.Amdt. 4481

SA 4481. Mr. BAUCUS (for himself, Ms. Snowe, and Mr. Whitehouse) 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:

On page 51, strike line 5 and all that follows through page 52, line 13, and insert the following:

(b) Allocation of Appropriated Amounts.--

(1) Minimum amount.--Each State shall be allocated not less than 0.50 percent of the total amount appropriated or otherwise made available under this section.

(2) Remaining amounts.--Upon the distribution of amounts pursuant to paragraph (1), all remaining amounts appropriated or otherwise made available under this section shall be allocated based on a funding formula established by the Secretary of Housing and Urban Development (in this title referred to as the “Secretary)”.

(3) Formula to be devised swiftly.--The funding formula required under paragraph (2) shall be established not later than 60 days after the date of enactment of this section.

(4) Criteria.--The funding formula required under paragraph (2) shall ensure that any amounts appropriated or otherwise made available under this section are allocated to States and units of general local government with the greatest need, as such need is determined in the discretion of the Secretary based on--

(A) the number and percentage of home foreclosures in each State or unit of general local government;

(B) the number and percentage of homes financed by a subprime mortgage related loan in each State or unit of general local government; and

(C) the number and percentage of homes in default or delinquency in each State or unit of general local government.

(5) Distribution.--Amounts appropriated or otherwise made available under this section shall be distributed according to the funding formula established under paragraph (2) not later than 30 days after the establishment of such formula.