summary
Introduced
In Committee
Crossed Over
Passed
Dead
Introduced Session
112th Congress
Bill Summary
NSP Termination Act - Rescinds and cancels permanently all unobligated balances remaining available, as of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, to the Secretary of Housing and Urban Development (HUD) for assistance to states and local governments for the redevelopment of abandoned and foreclosed homes and residential properties. (Thus, rescinds the third round of funding for the Neighborhood Stabilization Program [NSP].) Urges that all such rescinded and canceled amounts be retained in the Treasury General Fund for reducing the federal budget deficit. Subjects to possible rescission and permanent cancellation certain amounts allocated by the Secretary under the third round of funding for the NSP to specified states, including city, county, and municipal governments. Amends the Housing and Economic Recovery Act of 2008 to repeal emergency FY2008 appropriations for the Program. States that such appropriations, together with amounts made available for the Program in the HUD, Community Planning and Development, Community Development Fund under title XII of division A of the American Recovery and Reinvestment Act of 2009, shall continue to be governed by any provisions of law applicable to such amounts as in effect before the repeal. Requires the Secretary to terminate the Program upon the obligation of all such amounts and outlays to liquidate them. Requires the Secretary to publish on the HUD website a statement as to: (1) termination of the NSP; and (2) the availability of a Member of Congress and state, county, and local officials to provide assistance in mitigating the impacts of foreclosed properties on an individual's community. Requires the Comptroller General to study the economic impacts of: (1) round three NSP funding on states and communities that would occur if it were not rescinded and canceled but remained available, and (2) actual round one and round two NSP assistance on those states and communities.
AI Summary
This bill, known as the NSP Termination Act, aims to cancel and permanently end the third round of funding for the Neighborhood Stabilization Program (NSP), which was designed to help states and local governments redevelop abandoned and foreclosed homes. Any money allocated for this third round that hasn't been spent by the time this bill becomes law will be returned to the U.S. Treasury to help reduce the federal budget deficit. The bill also repeals certain sections of the Housing and Economic Recovery Act of 2008 that provided emergency funding for the NSP, but any remaining funds from earlier rounds of the program will still be managed under the original rules until they are fully spent. Once all available funds are obligated and spent, the Secretary of Housing and Urban Development (HUD) must officially end the NSP and publish a notice on the HUD website stating its termination and informing the public that Members of Congress and local officials are available to help address the impacts of foreclosed properties on communities. Additionally, the Comptroller General will study the economic effects of both the proposed cancellation of the third round of NSP funding and the actual impact of the first two rounds of NSP assistance.
Committee Categories
Business and Industry, Housing and Urban Affairs
Sponsors (5)
Last Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 03/17/2011)
Official Document
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