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.