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Code · BILL · 116th Congress · S. 787 (Introduced in Senate) — 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

188 words·~1 min read·/bill/116/s/787/is/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— measures that provide funds to borrowers to— pay down arrears on an otherwise affordable loan; pay down arrears or principal on a loan in order to qualify for a loan modification that will allow the borrower to keep their home; pay off the entire or pay down part of a second mortgage or home equity line of credit; pay off a small-dollar mortgage; pay delinquent taxes and tax liens; pay off delinquent water or sewer bills and liens; and pay for home repairs or maintenance or for modifications to bring the home into compliance with any applicable codes; and programs to purchase or rehabilitate vacant land and foreclosed homes to enhance neighborhood property values.
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 2020.
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