Sec. 402. Coal community benefits
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In this subsection: The term covered loan means a loan made under the Program. The term disability has the meaning given the term in section 3 of the Americans with Disabilities Act of 1990 ( 42 U.S.C. 12102 ). The term eligible entity means a State, a unit of general local government, or an Indian tribe. The term eligible household means a household located in a community that is located not more 50 miles from a closed power plant of a coal mine. The term grantee means an eligible entity that is awarded a Program grant.
The term household means any individual or group of individuals who are living together as 1 economic unit. The term Program means the Coal Community Homebuying Program established by the Secretary under paragraph (2)(A). The term Program grant means a grant awarded under the Program. The term Secretary means the Secretary of Housing and Urban Development. Not later than 6 months after the date of enactment of this Act, the Secretary shall establish a program— that shall be known as the Coal Community Homebuying Program; and under which the Secretary shall award grants to eligible entities that the eligible entities shall use to make loans to eligible households to purchase homes.
An eligible entity desiring a Program grant shall submit to the Secretary an application at such time, in such manner, and containing such information as the Secretary may require. In awarding Program grants, the Secretary shall give priority to eligible entities that will make loans to low-income eligible households, eligible households with an individual with a disability, and eligible households with children. A grantee shall use funds awarded under a Program grant to make loans to eligible households.
A loan made using funds awarded under a Program grant may not require a down payment. A loan made using funds awarded under a Program grant may be made at an interest rate of not more than 4 percent. A grantee may use not more than 5 percent of the amount of funds received under a Program grant for administrative costs relating to making loans to eligible homeowners using funds awarded under the Program grant. Each grantee shall, not later than 6 months after the date on which the grantee is awarded a Program grant, and every 6 months thereafter in which the grantee makes loans using funds awarded under the Program grant, submit to the Secretary a report on the loans made using funds awarded under the Program grant.
Not later than 1 year after the date on which the Secretary establishes the Program, and not less frequently than annually thereafter, the Secretary 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 on the activities carried out, grants awarded, and loans made under the Program. Not later than 6 months after the date of enactment of this Act, the Secretary shall promulgate regulations to carry out the Program.
There are authorized to be appropriated to the Secretary for the period of fiscal years 2020 through 2025 $5,000,000,000 to carry out the Program. In this section: The term employment loss means a discharge from employment other than a discharge for cause, voluntary departure, or retirement. The term impacted individual means an individual who has suffered an employment loss at a coal power plant or coal mine, or the son or daughter of an individual who has suffered an employment loss at a coal power plant or coal mine.
The term institution of higher education has the meaning given the term in section 102 of the Higher Education Act of 1965 ( 20 U.S.C. 1002 ). The term Secretary means the Secretary of Education. From amounts made available to carry out this subsection, the Secretary shall carry out a program of providing funds to impacted individuals to pay for the costs of tuition and fees for the impacted individuals to earn an associate degree or baccalaureate degree, or to complete a career or technical education program, at a public institution of higher education.
An impacted individual desiring funds under this subsection shall submit an application to the Secretary at such time, in such manner, and containing such information and assurances as the Secretary may require. There are authorized to be appropriated to carry out this subsection $1,000,000,000 for each of fiscal years 2020 through 2025.
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