Page:United States Statutes at Large Volume 122.djvu/2736

 12 2 STA T . 2 7 1 3PUBLIC LA W 11 0– 2 89—J UL Y 30, 2008 ‘ ‘ (B)toincreas e h o m eo w nershi pf ore x treme ly low - an dv ery low-income families . ‘‘( 2 ) FED E RAL A S S I S T A NC E. — For p u rposes of the application of Federal civil ri g hts laws , all assistance provided from the H ousing T rust Fund shall b e considered Federal financial assistance. ‘‘(b) A LL O CATIONS F ORH OPE BOND PA YM ENTS.— ‘‘( 1 ) I N G ENERAL.— N otwithstanding subsection (c), to help address the mortgage crisis, of the amounts allocated pursuant to clauses (i) and (ii) of section 1 3 3 7 (a)(1)(B) and clauses (i) and (ii) of section 1337(a)(2)(B) in excess of amounts described in section 1337(e)— ‘‘(A) 1 0 0 percent of such excess shall be used to reimburse the Treasury for payments made pursuant to section 2 5 7(w)(1)( C ) of the National Housing Act in cal- endar year 200 9; ‘‘(B) 50 percent of such excess shall be used to reimburse the Treasury for such payments in calendar year 2010; and ‘‘(C) 25 percent of such excess shall be used to reimburse the Treasury for such payments in calendar year 2011. ‘‘(2) E X CESS F U NDS.—At the termination of the HOPE for Homeowners Program established under section 257 of the National Housing Act, if amounts used to reimburse the Treasury under paragraph (1) exceed the total net cost to the G overnment of the HOPE for Homeowners Program, such amounts shall be used for their original purpose, as described in paragraphs (1)(B) and (2)(B) of section 1337(a). ‘‘(3) TREASURY FUND.—The amounts referred to in subpara- graphs (A) through (C) of paragraph (1) shall be deposited into a fund established in the Treasury of the U nited S tates by the Secretary of the Treasury for such purpose. ‘‘(c) ALLOCATION FOR HOUSING TRUST FUND IN FISCAL Y EAR 2010 AND SU B SE Q UENT YEARS.— ‘‘(1) IN GENERAL.—Except as provided in subsection (b), the Secretary shall distribute the amounts allocated for the Housing Trust Fund under this section to provide affordable housing as described in this subsection. ‘‘(2) PERMISSIBLE DESIGNEES.—A State receiving grant amounts under this subsection may designate a State housing finance agency, housing and community development entity, tribally designated housing entity (as such term is defined in section 4 of the Native American Housing Assistance and Self- D etermination Act of 1997 (25 U.S.C. 4103)), or any other q ualified instrumentality of the State to receive such grant amounts. ‘‘(3) DISTRIBUTION TO STATES BY NEEDS-BASED FORMULA.— ‘‘(A) IN GENERAL.—The Secretary shall, by regulation, establish a formula within 12 months of the date of enact- ment of the Federal Housing Finance R egulatory Reform Act of 200 8, to distribute amounts made available under this subsection to each State to provide affordable housing to extremely low- and very low-income households. ‘‘(B) BASIS FOR FORMULA.—The formula required under subparagraph (A) shall include the following
 * Regulations.D

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