123STA T . 31 08PUBLIC LA W 111 – 11 7—DE C.1 6, 200 9theN e ig h bor hoo dR ei nv e s t m ent C or p or a tion Ac t (42U.S .C. 810 1 – 810 7),$ 1 3 3,000,000, o fw hich $ 5 ,000,000 sha l lbeforam u lti - famil y rental housing program
- Provide
d, T hat section 6 05(a) of the Neighborhood Reinvestment Corporation Act (42 U.S.C. 8104) is amended by adding at the end of the first sentence, prior to the period, ‘ ‘,e x cept that the board-appointed officers may be paid salary at a rate not to exceed level I Iofthe E xecutive Schedule ’ ’: Provided fu r th er, That in addition, $35,000,000 shall be made avail- able until expended for capital grants to rehabilitate or finance the rehabilitation of affordable housing units, including necessary administrative expenses: Provided further, That in addition, $65,000,000 shall be made available until expended to the Neighbor- hood Reinvestment Corporation for mortgage foreclosure mitigation activities, under the following terms and conditions: (1) The Neighborhood Reinvestment Corporation (‘‘NRC’’), shall ma k e grants to counseling intermediaries approved by the D epartment of H ousing and Urban Development (HUD) (with match to be determined by the NRC based on affordability and the economic conditions of an area
a match also may be waived by the NRC based on the aforementioned conditions) to provide mortgage foreclosure mitigation assistance primarily to States and areas with high rates of defaults and foreclosures to help eliminate the default and foreclosure of mortgages of owner-occupied single-family homes that are at risk of such foreclosure. O ther than areas with high rates of defaults and foreclosures, grants may also be provided to approved coun- seling intermediaries based on a geographic analysis of the Nation by the NRC which determines where there is a preva- lence of mortgages that are risky and likely to fail, including any trends for mortgages that are likely to default and face foreclosure. A State Housing F inance Agency may also be eligible where the State Housing Finance Agency meets all the re q uirements under this paragraph. A HUD-approved coun- seling intermediary shall meet certain mortgage foreclosure mitigation assistance counseling requirements, as determined by the NRC, and shall be approved by HUD or the NRC as meeting these requirements. (2) M ortgage foreclosure mitigation assistance shall only be made available to homeowners of owner-occupied homes with mortgages in default or in danger of default. These mort- gages shall likely be sub j ect to a foreclosure action and home- owners will be provided such assistance that shall consist of activities that are likely to prevent foreclosures and result in the long-term affordability of the mortgage retained pursuant to such activity or another positive outcome for the homeowner. No funds made available under this paragraph may be provided directly to lenders or homeowners to discharge outstanding mortgage balances or for any other direct debt reduction pay- ments. (3) The use of Mortgage Foreclosure Mitigation Assistance by approved counseling intermediaries and State Housing Finance Agencies shall involve a reasonable analysis of the borrower’s financial situation, an evaluation of the current value of the property that is subject to the mortgage, counseling regarding the assumption of the mortgage by another non- Federal party, counseling regarding the possible purchase of the mortgage by a non-Federal third party, counseling and Requir e m e nts.G r a nts. W ai v er aut ho rit y . F ore cl osures. 42USC810 4.
