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Code · BILL · 118th Congress · S. 4824 (Introduced in Senate) — To make housing more affordable, and for other purposes. · Sec. 202

Sec. 202. Formula grant program for communities with an appraisal gap

275 words·~1 min read·/bill/118/s/4824/is/section-202

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In this section— the term neighborhood with an appraisal gap means a census tract in which the median sales price of a dwelling unit is lower than the median cost to acquire and rehabilitate, or build, a new dwelling unit; the term Secretary means the Secretary of Housing and Urban Development; and the term State has the meaning given the term in section 3(b)(7) of the United States Housing Act of 1937 ( 42 U.S.C. 1437a(b)(7) ). The Secretary shall establish a formula grant program to provide funding to States to support neighborhoods with an appraisal gap, including borrowers with negative equity in their primary residence in those neighborhoods, 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 the home; pay off, 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 or distressed properties to enhance neighborhood property values.
The Secretary shall distribute amounts under this section to States based on— the number of borrowers with a primary residence with negative equity in each State; and the share of neighborhoods with an appraisal gap in each State. There is authorized to be appropriated to carry out this section $5,000,000,000 for fiscal year 2025.
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Sec. 202
Formula grant program for communities with an appraisal gap
U.S.C.§ 1437a
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