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Code · BILL · 115th Congress · H.R. 7262 (Introduced in House) — To make housing more affordable, and for other purposes. · Sec. 202

Sec. 202. Formula grant program for communities that have not recovered from the financial crisis

113 words·~1 min read·/bill/115/hr/7262/ih/section-202

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The Secretary of Housing and Urban Development shall establish a formula grant program to provide funding to States to assist borrowers with negative equity in their primary residence through— loan modifications or loan refinancing programs that provide principal reduction; programs to purchase or rehabilitate vacant land and foreclosed homes to enhance neighborhood property values; and loan programs to help underwater borrowers rehabilitate or conduct maintenance on their homes.
The Secretary of Housing and Urban Development shall distribute amounts under this section based on the number of borrowers in the State with a primary residence with negative equity. There is authorized to be appropriated to carry out this section $2,000,000,000 for fiscal year 2019.
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