Congressman Frank Files TARP for Main Street Bill - July 6, 2009

Congressman Frank filed The TARP for Main Street bill (HR 3068) the last week in June, which calls for funding for NSP 3, among other things.  A brief summary is below:

TARP for Main Street Bill

Housing Trust Fund – Sec. 2

Capitalizes the National Affordable Housing Trust Fund to fund the construction, rehabilitation, and preservation of affordable housing.



Neighborhood Stabilization Program (NSP) - Sec. 3

Provides additional funding for NSP which enables states and local governments to purchase and rehabilitate foreclosed properties.

Emergency Mortgage Relief - Sec. 4

Provides funding for emergency loans and assistance to homeowners behind on their mortgage payments because they lost their jobs and who have a reasonable prospect that they will be able resume full mortgage payments.

Assistance for Troubled Multifamily Properties – Sec. 5

Funds efforts to stabilize mortgages for multifamily properties which are in default or foreclosure, or have recently been foreclosed.

Please click here for further detail on the Bill.