S.Amdt. 4990

SA 4990. Mr. VITTER submitted an amendment intended to be proposed to
amendment SA 4983 proposed by Mr. Reid (for Mr. Dodd (for himself and
Mr. Shelby)) 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 of Division B, insert the following:

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

SEC. 2701. 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 3021(b) of this Act.
(3) Any tax credit related to first-time homebuyers
allowable under section 36 of the Internal Revenue Code of
1986, as added by section 3011 of this Act.
(4) Any assistance, loan, loan guarantee, housing, housing
assistance, or other housing related program administered, in
whole or in part, by the Secretary of Housing and Urban
Development, the Secretary of Veterans Affairs, or any other
Federal agency.
(b) Limitation.--Housing assistance may 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.
(c) Required Documentation.--In order to prove to the head
of a Federal agency administering any housing assistance that
a homeowner has not violated the prohibitions described in
subsection (b), such a homeowner shall provide documentation
sufficient to the satisfaction of such agency head that
demonstrates that the homeowner did not make any--
(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.
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