S.Amdt. 1768

1. Replaces “$1,000,000,000, to remain available until September 30, 2016: Provided” with “$950,000,000, to remain available until September 30, 2016: Provided, That the Comptrolle…”

   ReplacesPage 101, line 2Printed page

   In S. 1243 · Placed on Calendar Senate

   home investment partnerships program

   For the HOME investment partnerships program, as authorized under title II of the Cranston-Gonzalez National Affordable Housing Act, as amended, [struck: $1,000,000,000][inserted: $950,000,000], to remain available until September 30, 2016: Provided, That [inserted: the Comptroller General of the United States shall conduct a study of the HOME investment partnerships program under title II of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12721 et seq.) to determine the adequacy and effectiveness of such program and that upon the completion of the study, the Comptroller General shall submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives setting forth the findings and conclusions of the study: Provided further, That ]notwithstanding the amount made available under this heading, the threshold reduction requirements in sections 216(10) and 217(b)(4) of such Act shall not apply to allocations of such amount: Provided further, That funds made available under this heading used for projects not completed within 4 years of the commitment date, as determined by a signature of each party to the agreement, shall be repaid:[struck: ][inserted: ]Provided further, That the Secretary may extend the deadline for 1 year if the Secretary determines that the failure to complete the project is beyond the control of the participating jurisdiction: Provided further, That no funds provided under this heading may be committed to any project included as part of a participating jurisdiction's plan under section 105(b), unless each participating jurisdiction certifies that it has conducted an underwriting review, assessed developer capacity and fiscal soundness, and examined neighborhood market conditions to ensure adequate need for each project:[struck: ][inserted: ]Provided further, That any homeownership units funded under this heading which cannot be sold to an eligible homeowner within 6 months of project completion shall be rented to an eligible tenant: Provided further, That no funds provided under this heading may be awarded for development activities to a community housing development organization that cannot demonstrate that it has staff with demonstrated development experience:[struck: ][inserted: ]Provided further, That funds provided in prior appropriations Acts for technical assistance, that were made available for Community Housing Development Organizations technical assistance, and that still remain available, may be used for HOME technical assistance notwithstanding the purposes for which such amounts were appropriated:[struck: ][inserted: ]Provided further, That the Department shall notify grantees of their formula allocation within 60 days of enactment of this Act.

   self-help and assisted homeownership opportunity program

   Original wording

   On page 101, line 2, strike “$1,000,000,000, to remain available until September 30, 2016: Provided” and insert “$950,000,000, to remain available until September 30, 2016: Provided, That the Comptroller General of the United States shall conduct a study of the HOME investment partnerships program under title II of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12721 et seq.) to determine the adequacy and effectiveness of such program and that upon the completion of the study, the Comptroller General shall submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives setting forth the findings and conclusions of the study: Provided further”.

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As printed