,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #fef  ,,9 ,,! ,,h\se ,,(            
,,repres5tatives  ,febru>y #ac1 #bjac   
,mr4 ,joyce 7= himself1 ,ms4 ,fudge1 &  
,ms4 ,kaptur7 introduc$ ! foll[+ bill2  
:i* 0 ref]r$ to ! ,committee on ,ways & 
,means1 & 9 addition to ! ,committee on 
,f9ancial ,s]vices1 = a p]iod to be     
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to provide         
#d1jjj1jjj1jjj 9 new fund+ ?r\gh bond+  
to emp[] ,/ates to und]take significant 
resid5tial & comm]cial /ructure         
demolition projects 9 urban & o!r t>get$
 areas1 & = o!r purposes4  #a4 ,%ort    
title ,?is ,act may be cit$ z ! ,re/ore 
our ,neighborhoods ,act ( #bjac4  #b4   
,cr$it to hold]s ( qualifi$ urban       
demolition bonds  7a7 ,9 g5]al ,subp>t  
,i ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( 
! ,int]nal ,rev5ue ,code ( #aihf is     
am5d$ by add+ at ! end ! foll[+ new     
section3  #ed;,g4 ,qualifi$ urban       

demolition bonds  7a7 ,qualifi$ urban   
demolition bond ,= purposes ( ?is       
sub*apt]1 ! t]m qualifi$ urban          
demolition bond means any bond issu$ z  
"p ( an issue if--  7#a7 #ajj p]c5t ( ! 
available project proce$s ( su* issue   
are to be us$ = exp5ditures incurr$ aft]
 ! date ( ! enactm5t ( ?is section = #a 
or m qualifi$ projects pursuant to an   
allocation ( su* proce$s to su* project 
or projects by a qualifi$ issu]1  7#b7 !
 bond is issu$ by a qualifi$ issu] & is 
9 regi/]$ =m 7)9 ! mean+ ( section      
#adi7;a771  7#c7 ! qualifi$ issu]       
designates su* bond = purposes ( ?is    
section1  7#d7 ! t]m ( ea* bond :i* is  
"p ( su* issue does n exce$ #cj ye>s1   
7#e7 su* bond is issu$ dur+ ! #e-ye>    
p]iod beg9n+ on ! date ( ! enactm5t (   
?is section1 &  7#f7 ! issue meets !    
requirem5ts ( subsection 7e74  7b7      
,limitation on am\nt ( bonds designat$  
7#a7 ,9 g5]al ,! maximum aggregate face 
am\nt ( bonds :i* may be designat$ "u   
subsection 7a7 by a ,/ate %all n exce$ !

 qualifi$ urban demolition bond         
limitation am\nt allocat$ to su* ,/ate  
"u p>agraph 7#c74  7#b7 ,national       
qualifi$ urban demolition bond          
limitation am\nt ,!re is a national     
qualifi$ urban demolition bond          
limitation am\nt ( #d1jjj1jjj1jjj4  7#c7
 ,allocation to ,/ates  7,a7 ,9 g5]al ,!
 national qualifi$ urban demolition bond
 limitation %all be allocat$ by !       
,secret>y among ! ,/ates on ! foll[+    
basis & 9 su* mann] s z to ensure t all 
( su* limitation am\nt is allocat$ be=e 
! date :i* is #c mon?s aft] ! date ( !  
enactm5t ( ?is section3  7i7            
#b1jjj1jjj1jjj to be allocat$ among !   
qualifi$ ,/ates 9 accordance )          
subp>agraph 7,b71 &  7ii7 #b1jjj1jjj1jjj
 to be equally allocat$ among all       
,/ates4  7,b7 ,=mula = allocation among 
qualifi$ ,/ates  7i7 ,9 g5]al ,! am\nt  
allocat$ to a ,/ate "u subp>agraph      
7,a77i7 %all be an am\nt equal to !     
am\nt specifi$ 9 subp>agraph 7,a77i7    
multipli$ by ! ratio t ! nonseasonal    

vacant prop]ties 9 ! ,/ate be>s to !    
total nonseasonal vacant prop]ties ( all
 qualifi$ ,/ates4  7ii7 ,nonseasonal    
vacant prop]ties ,= purposes ( clause   
7i71 nonseasonal vacant prop]ties %all  
be det]m9$ by ! ,secret>y on ! basis (  
#bjaj dec5nial c5sus4  7#d7 ,allocation 
( limitation am\nt by ,/ates ,!         
limitation am\nt allocat$ to a ,/ate "u 
p>agraph 7#c7 %all be allocat$ by !     
,/ate to qualifi$ issu]s )9 su* ,/ate4  
7#e7 ,reallocation ( unus$ issuance     
limitation ,if at ! end ( ! #b-ye> p]iod
 beg9n+ on ! date ( ! enactm5t ( ?is    
section1 ! national qualifi$ urban      
demolition bond limitation am\nt "u     
p>agraph 7#b7 exce$s ! total am\nt (    
qualifi$ urban demolition bonds issu$   
dur+ su* p]iod1 su* excess %all be      
reallocat$ among ! qualifi$ ,/ates 9 su*
 mann] z ! ,secret>y det]m9es           
appropriate s z to ensure to ! ext5t    
possible t all ( su* limitation am\nt is
 issu$ 9 ! =m ( qualifi$ urban          
demolition bonds be=e ! end ( ! #e-ye>  

p]iod beg9n+ on ! date ( ! enactm5t (   
?is section4  7c7 ,qualifi$ project ,=  
purposes ( ?is section1 ! t]m qualifi$  
project means ! direct & indirect       
demolition co/s prop]ly attributable to 
any project propos$ & approv$ by a      
qualifi$ issu]1 b does n include co/s ( 
op]ation or ma9t5ance ) respect to su*  
project4  7d7 ,applicable cr$it rate ,9 
lieu ( section #ed;,a7b77#c71 = purposes
 ( section #ed;,a7b77#b71 ! applicable  
cr$it rate ) respect to an issue "u ?is 
section is ! rate equal to an av]age    
m>ket yield 7z ( ! day be=e ! date (    
sale ( ! issue7 on out/&+ long-t]m      
corporate debt obligations 7det]m9$ 9   
su* mann] z ! ,secret>y prescribes74    
7e7 ,special rules relat+ to exp5ditures
 ,9 lieu ( subp>agraphs 7,a7 & 7,b7 (   
section #ed;,a7d7--  7#a7 ,9 g5]al ,an  
issue %all be treat$ z meet+ !          
requirem5ts ( ?is subsection if1 z ( !  
date ( issuance1 ! qualifi$ issu]       
reasonably expects--  7,a7 at lea/ #ajj 
p]c5t ( ! available project proce$s (   

su* issue are to be sp5t = #a or m      
qualifi$ projects )9 ! #e-ye> exp5diture
 p]iod beg9n+ on su* date1 &  7,b7 to   
incur a b9d+ commitm5t ) a ?ird p>ty to 
sp5d at lea/ #aj p]c5t ( ! proce$s ( su*
 issue ) respect to su* projects )9 !   
#ab-mon? p]iod beg9n+ on su* date4  7#b7
 ,rules reg>d+ cont9u+ compliance aft]  
#e-ye> det]m9ation ,to ! ext5t t less   
?an #ajj p]c5t ( ! available project    
proce$s ( su* issue are exp5d$ by !     
close ( ! #e-ye> exp5diture p]iod beg9n+
 on ! date ( issuance1 ! qualifi$ issu] 
%all r$eem all ( ! nonqualifi$ bonds )9 
#ij days aft] ! end ( su* p]iod4 ,=     
purposes ( ?is p>agraph1 ! am\nt ( !    
nonqualifi$ bonds requir$ to be r$eem$  
%all be det]m9$ 9 ! same mann] z "u     
section #adb4  7f7 ,recapture ( portion 
( cr$it :]e cessation ( compliance ,if  
any bond :i* :5 issu$ purport$ to be a  
qualifi$ urban demolition bond ceases to
 be su* a bond1 ! qualifi$ issu] %all   
pay to ! ,unit$ ,/ates 7at ! "t requir$ 
by ! ,secret>y7 an am\nt equal to ! sum 

(--  7#a7 ! aggregate ( ! cr$its        
all[able "u section #ed;,a ) respect to 
su* bond 7det]m9$ )\t reg>d to section  
#ed;,a7c77 = taxable ye>s end+ dur+ !   
cal5d> ye> 9 :i* su* cessation occurs & 
ea* succe$+ cal5d> ye> end+ ) ! cal5d>  
ye> 9 :i* su* bond is r$eem$ by ! l&    
bank1 &  7#b7 int]e/ at ! und]paym5t    
rate "u section #ffba on ! am\nt det]m9$
 "u p>agraph 7#a7 = ea* cal5d> ye> = !  
p]iod beg9n+ on ! fir/ day ( su* cal5d> 
ye>4  7g7 ,o!r def9itions & special     
rules ,= purposes ( ?is section--  7#a7 
,qualifi$ issu] ,! t]m qualifi$ issu]   
means--  7,a7 a ,/ate-au?oriz$ l& bank1 
or  7,b7 ) respect a ,/ate t does n h "o
 or m ,/ate-au?oriz$ l& banks1 ! ,/ate  
or any political subdivision or         
in/rum5tality !re(4  7#b7 ,/ate-au?oriz$
 l& bank ,! t]m ,/ate-au?oriz$ l& bank  
means a special unit ( gov]nm5t or      
public purpose corporation--  7,a7      
expressly *>g$ "u ,/ate law ) !         
reclamation1 repurpos+ & r$evelopm5t (  
vacant & ab&on$ l&1  7,b7 enabl$ "u     

,/ate law to conduct l>ge scale         
demolition projects1  7,c7 organiz$ 9 a 
,/ate :i* has enact$ legislation all[+ =
 ! exp$it$ tax =eclosure ( vacant1      
ab&on$1 & tax del9qu5t prop]ty1 &  7,d7 
:i* may include a jo9t v5ture among #b  
or m ,/ate-au?oriz$ l& banks or among   
o!r entities ) :om su* special unit (   
gov]nm5t or public purpose corporation  
is au?oriz$ to ent] into a jo9t v5ture4 
7#c7 ,qualifi$ /ate ,! t]m qualifi$     
,/ate means a ,/ate--  7,a7 9 :i* at    
lea/ #di p]c5t ( ! ,/ate's total h\s+   
units 9 ! ,/ate 7 built be=e #aihj1     
accord+ to ! #bjaj c5sus1 &  7,b7 :i*   
meets #c ( ! foll[+ #d requirem5ts3  7i7
 ,! ,/ate ranks 9 ! top #bj among all   
,/ates 9 p]c5tage *ange 9 nonseasonal   
vacancies 9 ! "t p]iod betwe5 ! #bjjj   
dec5nial c5sus & ! #bjaj dec5nial c5sus4
  7ii7 ,! ,/ate ranks 9 ! top #be among 
all ,/ates 9 unemploym5t rate           
7seasonally adju/$7 = ! mo/ rec5t       
,janu>y ?r\gh ,novemb] p]iod beg9n+ be=e
 ! issuance ( ! qualifi$ urban          

demolition bond4  7iii7 ,! ,/ate ranks 9
 ! top #be among all ,/ates 9 p]c5tages 
( mortgages 9 =eclosure = ! #crd qu>t] (
 #bjab4  7iv7 ,! ,/ate ranks 9 ! top #bj
 among all ,/ates 9 ! l[e/ p]c5tage     
*ange 9 population gr[? 9 ! "t p]iod    
betwe5 ! #bjjj dec5nial c5sus & ! #bjaj 
dec5nial c5sus4  7#d7 ,cr$its may be    
transf]r$ ,not)/&+ 9 any law or rule (  
law %all be con/ru$ to limit !          
transf]ability ( ! cr$it or bond all[$  
by ?is section ?r\gh sale & repur*ase   
agreem5ts4  4  7b7 ,con=m+ am5dm5ts     
7#a7 ,p>agraph 7#a7 ( section #ed;,a7d7 
( su* ,code is am5d$ by /rik+ or at !   
end ( subp>agraph 7,d71 by ins]t+ or at 
! end ( subp>agraph 7,e71 & by ins]t+   
aft] subp>agraph 7,e7 ! foll[+ new      
subp>agraph3  7,e7 a qualifi$ urban     
demolition bond1  4  7#b7 ,subp>agraph  
7,c7 ( section #ed;,a7d77#b7 is am5d$ by
 /rik+ & at ! end ( clause 7iv71 by     
/rik+ ! p]iod at ! end ( clause 7v7 &   
ins]t+ 1 &1 & by add+ at ! end ! foll[+ 
new clause3  7vi7 9 ! case ( a qualifi$ 

urban demolition bond1 a purpose        
specifi$ 9 section #ed;,g7a77#a74  4    
7#c7 ,! table ( sections = subp>t ,i (  
"p ,,iv ( sub*apt] ,a ( *apt] #a ( su*  
,code is am5d$ by add+ at ! end ! foll[+
 new item3  ,sec4 #ed;,g4 ,qualifi$     
urban demolition bonds4  4  7c7         
,effective date ,! am5dm5ts made by ?is 
section %all apply to bonds issu$ aft] !
 date ( ! enactm5t ( ?is ,act4  #c4 ,use
 ( ,h>de/ ,hit ,fund am\nts = demolition
 activities  7a7 ,au?ority ,not)/&+ any 
provision ( title ,i ( ! ,em]g5cy       
,economic ,/abilization ,act ( #bjjh    
7#ab ,u4,s4,c4 #ebaa et seq471 any      
regulation1 guidance1 ord]1 or o!r      
directive ( ! ,secret>y ( ! ,treasury1  
or any agreem5t 7or am5dm5t !reto7 ent]$
 into "u ! ,h>de/ ,hit ,fund program ( !
 ,secret>y "u su* title ,i1 any am\nts (
 assi/ance t h be51 or are1 allocat$ =  
or provid$ to a ,/ate or ,/ate ag5cy    
?r\gh ! ,h>de/ ,hit ,fund program may be
 us$1 )\t limitation1 to demoli% blight$
 /ructures4  7b7 ,failure ,to use ,,hhf 

am\nts ,if1 ^u ! expiration ( ! #bd-mon?
 p]iod beg9n+ on ! date ( ! enactm5t (  
?is ,act1 any ,/ate or ,/ate ag5cy is   
hold+ any am\nts ( assi/ance describ$ 9 
subsection 7a7 or any am\nts ( su*      
assi/ance allocat$ = su* ,/ate or ,/ate 
ag5cy h n be5 disburs$ to su* ,/ate or  
ag5cy1 ! ,secret>y %all remit to !      
,treasury an am\nt equal to #be p]c5t ( 
! aggregate am\nt1 z ( su* date1 ( su*  
held & undisburs$ funds4 ,! ,secret>y   
%all recapture f su* ,/ate or ,/ate     
ag5cy any am\nts ( su* held funds       
necess>y to c>ry out ?is subsection4