To provide $2,000,000,000 from the HOME program for investment in the low income housing tax credit projects.

SA 161. Mr. BOND (for himself, Mr. Dodd, Mr. Kohl, Mrs. Murray, and
Mr. Reed) submitted an amendment intended to be proposed by him to the
bill H.R. 1, making supplemental appropriations for job preservation
and creation, infrastructure investment, energy efficiency and science,
assistance to the unemployed, and State and local fiscal stabilization,
for fiscal year ending September 30, 2009, and for other purposes;
which was ordered to lie on the table; as follows:

GAP FUNDING FOR LOW INCOME TAX CREDIT PROJECT

On page 253, line 1, strike ``$2,250,000,000'' and insert
in lieu thereof ``$250,000,000'', and insert the following
account after line 13 on page 257:
``For an additional amount for capital investments in low
income housing tax credit projects, $2,000,000,000, to remain
available until September 30, 2011: Provided, That the funds
shall be allocated to States under the HOME program under
this Heading shall be made available to State housing finance
agencies in an amount totaling $2,000,000,000, subject to any
changes made to a State allocation for the benefit of a State
by the Secretary of Housing and Urban Development for areas
that have suffered from disproportionate job loss and
foreclosure: Provided further, That the Secretary, in
consultation with the States, shall determine the amount of
funds each State shall have available under HOME: Provided
further, That the State housing finance agencies (including
for purposes throughout this heading any entity that is
responsible for distributing low income housing tax credits)
or as appropriate as an entity as a gap financer, shall
distribute these funds competitively under this heading to
housing developers for projects eligible for funding (such
terms including those who may have received funding) under
the low income housing tax credit program as provided under
section 42 of the I.R.C. of 1986, with a review of both the
decisionmaking and process for the award by the Secretary of
Housing and Urban Development: Provided further, That funds
under this heading must be awarded by State housing finance
agencies within 120 days of enactment of the Act and
obligated by the developer of the low income housing tax
credit project within one year of the date of enactment of
this Act, shall expend 75 percent of the funds within two
years of the date on which the funds become available, and
shall expend 100 percent of the funds within 3 years of such
date: Provided further, That failure by a developer to expend
funds within the parameters required within the previous
proviso shall result in a redistribution of these funds by a
State housing finance agency or by the Secretary if there is
a more deserving project in another jurisdiction: Provided
further, That projects awarded tax credits within 3 years
prior to the date of enactment of this Act shall be eligible
for funding under this heading: Provided further, That, as
part of the review, the Secretary shall ensure equitable
distribution of funds and an appropriate balance in
addressing the needs of urban and rural communities with a
special priority on areas that have suffered from excessive
job loss and foreclosures: Provided further, That State
housing finance agencies shall give priority to projects that
require an additional share of Federal funds in order to
complete an overall funding package, and to projects that are
expected to be completed within 3 years of enactment:
Provided further, That any assistance provided to an eligible
low income housing tax credit project under this heading
shall be made in the same manner and be subject to the same
limitations (including rent, income, and use restrictions) as
an allocation of the housing credit amount allocated by the
State housing finance agency under section 42 of the I.R.C.
of 1986, except that such assistance shall not be limited by,
or otherwise affect (except as provided in subsection
(h)(3)(J) of such section), the State housing finance agency
applicable to such agency: Provided further, That the State
housing finance agency shall perform asset management
functions to ensure compliance with section 42 of the I.R.C.
of 1986, and the long term viability of buildings funded by
assistance under this heading: Provided further, That the
term basis (as such term is defined in such section 42) of a
qualified low-income housing tax credit building receiving
assistance under this heading shall not be reduced by the
amount of any grant described under this heading: Provided
further, That the Secretary shall collect all information
related to the award of Federal funds from state housing
finance agencies and establish an internet site that shall
identify all projects selected for an award, including the
amount of the award as well as the process and all
information that was used to make the award decision.''.
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