HR 3068 · 111th Congress · Housing and Community Development

TARP for Main Street Act of 2009

Introduced 2009-06-26· Sponsored by Rep. Frank, Barney [D-MA-4]· House

Bill Progress

Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Committee Hearings Held.(2009-07-09)

Plain Language Summary

[AI summary unavailable — showing source text] TARP for Main Street Act of 2009 - Directs the Secretary of the Treasury to transfer specified funds, from dividends paid by financial institution recipients of financial assistance under the Troubled Asset Relief Program (TARP) of the Emergency Economic Stabilization Act of 2008 (EESA), to the Housing Trust Fund and to the Secretary of Housing and Urban Development (HUD). Requires the use of such funds for assistance to: (1) states and local governmental units to redevelop abandoned and foreclosed homes; (2) the Emergency Homeowners' Relief Fund (which the Secretary shall establish under the Emergency Housing Act of 1975) for emergency mortgage assistance; and (3) the Multifamily Mortgage Resolution Program to stabilize multifamily properties that are in default or foreclosure, or have recently been foreclosed. Amends the Emergency Housing Act of 1975 to: (1) increase the maximum aggregate amount of insured emergency mortgage loans and advances; and (2) extend through FY2011 the program for insured loans and emergency mortgage relief payments made under the Act. Directs the HUD Secretary to develop a program to ensure the protection of current and future tenants of at-risk multifa…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (9)

9 Democrats