Page:United States Statutes at Large Volume 124.djvu/2235

 124 STAT. 2209 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(d) COVERAGE OF EXISTING PROGRAMS.—The Secretary shall allow funds to be administered by a State that has an existing program that is determined by the Secretary to provide substan- tially similar assistance to homeowners. After such determination is made such State shall not be required to modify such program to comply with the provisions of this title.’’; (6) in section 109 (12 U.S.C. 2708)— (A) in the section heading, by striking ‘‘AUTHORIZATION AND’’; (B) by striking subsection (a); (C) by striking ‘‘(b)’’; and (D) by striking ‘‘1977’’ and inserting ‘‘2011’’; (7) by striking sections 110, 111, and 113 (12 U.S.C. 2709, 2710, 2712); and (8) by redesignating section 112 (12 U.S.C. 2711) as section 110. SEC. 1497. ADDITIONAL ASSISTANCE FOR NEIGHBORHOOD STABILIZA - TION PROGRAM. (a) IN GENERAL.—Ef fective October 1, 2010, out of funds in the Treasury not otherwise appropriated, there is hereby made available to the Secretary of Housing and Urban Development $1,000,000,000, and the Secretary of Housing and Urban Develop- ment shall use such amounts for assistance to States and units of general local government for the redevelopment of abandoned and foreclosed homes, in accordance with the same provisions applicable under the second undesignated paragraph under the heading ‘‘Community Planning and Development—Community Development Fund’’ in title XII of division A of the American Recovery and Reinvestment Act of 2009 (Public Law 111–5; 123 Stat. 217) to amounts made available under such second undesig- nated paragraph, except as follows: (1) Notwithstanding the matter of such second undesig- nated paragraph that precedes the first proviso, amounts made available by this section shall remain available until expended. (2) The 3rd, 4th, 5th, 6th, 7th, and 15th provisos of such second undesignated paragraph shall not apply to amounts made available by this section. (3) Amounts made available by this section shall be allo- cated based on a funding formula for such amounts established by the Secretary in accordance with section 2301(b) of the Housing and Economic Recovery Act of 2008 (42 U.S.C. 5301 note), except that— (A) notwithstanding paragraph (2) of such section 2301(b), the formula shall be established not later than 30 days after the date of the enactment of this Act; (B) notwithstanding such section 2301(b), each State shall receive, at a minimum, not less than 0.5 percent of funds made available under this section; (C) the Secretary may establish a minimum grant amount for direct allocations to units of general local government located within a State, which shall not exceed $1,000,000; (D) each State and local government receiving grant amounts shall establish procedures to create preferences Procedures. Deadline. Effective date. State and local governments. 42 USC 5301 note. Determination.