S.Amdt. 5011

SA 5011. Mr. BOND 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:

Insert the following at the appropriate place:

SEC. . PROHIBITION OF SELLER-FUNDED DOWNPAYMENT ASSISTANCE.

(a) In General.--Paragraph (9) of section 203(b) of the National Housing Act (12 U.S.C. 1709(b)(9)) is amended by adding at the end the following: “In no case shall the funds required by this paragraph consist, in whole or in part, of funds provided by any of the following parties before, during, or after closing of the property sale: (A) the seller or any other person or entity that financially benefits from the transaction; or (B) any third party or entity that is reimbursed, directly or indirectly by any of the parties described in subparagraph (A) of this paragraph.”;

(b) Sanctions.--Section 1014 of title 18, United States Code, is amended in the first sentence--(1) by inserting “the Federal Housing Administration,” before “the Farm Credit Administration”; and

(2) by striking “commitment, or loan” and inserting “commitment, loan, insurance agreement or application for insurance or a guarantee”.