,i  #aae? ,,congress  #b;d ,session  ,h4
 ,r4 #ebjj  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,m>* #g1 #bjah,ms4    
,cl>ke ( ,new ,york 7= h]self1 ,mr4     
,s]rano1 ,mr4 ,meeks1 ,mr4 ,espaillat1 &
 ,mr4 ,cr[ley7 introduc$ ! foll[+ bill2 
:i* 0 ref]r$ to ! ,committee on         
,f9ancial ,s]vices  ,a ,,bill  ,to      
provide additional fund+ = ! public h\s+
 ,capital ,fund = l>ge public h\s+      
ag5cies1 = mortgage =eclosure mitigation
 assi/ance1 & = increm5tal r5tal        
assi/ance v\*]s1 & = o!r purposes4  #a4 
,%ort title ,?is ,act may be cit$ z !   
,h>de/ ,hit ,h\s+ ,act ( #bjah4  #b4    
,capital ,fund am\nts = l>ge public h\s+
 ag5cies  7a7 ,au?orization (           
appropriations ,9 addition to any am\nts
 au?oriz$ to be appropriat$ = =mula     
grants to public h\s+ ag5cies f !       
,capital ,fund pursuant to section      
#i7;d77#b7 ( ! ,unit$ ,/ates ,h\s+ ,act 
( #aicg 7#db ,u4,s4,c4 #adcg;g7d77#b771 
!re is au?oriz$ to be appropriat$       
#d1jjj1jjj1jjj = ea* ( fiscal ye>s #bjah

 ?r\gh #bjbb = ! ,public ,h\s+ ,capital 
,fund ,program "u section #i7;d7 ( !    
,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db   
,u4,s4,c4 #adcg;g7b774  7b7 ,eligible   
public h\s+ ag5cies ,any am\nts         
appropriat$ pursuant to ?is section %all
 be us$ by ! ,secret>y ( ,h\s+ & ,urban 
,developm5t only = grants to public h\s+
 ag5cies t own or adm9i/] m ?an #aj1jjj 
public h\s+ dwell+ units4  7c7 ,eligible
 uses ,funds f grants made ) am\nts     
appropriat$ pursuant to ?is section may 
be us$ only = eligible capital          
activities "u section #i7;d77#a7 ( !    
,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db   
,u4,s4,c4 #adcg;g7d77#a774 ,section     
#i7;g77#c7 ( su* ,act %all n apply to   
any su* grant funds4  #c4 ,assi/ance to 
,neighbor,works = mortgage =eclosure    
mitigation activities ,!re is au?oriz$  
to be appropriat$ #e1jjj1jjj1 = ea* (   
fiscal ye>s #bjah ?r\gh #bjbb =         
assi/ance to ! ,neighborhood ,re9ve/m5t 
,corporation = mortgage =eclosure       
mitigation activities1 "u ! foll[+ t]ms 

& conditions3  7#a7 ,mortgage =eclosure 
mitigation c\nsel+  7,a7 ,!             
,neighborhood ,re9ve/m5t ,corporation 79
 ?is section ref]r$ to z ! ,,nrc7 may   
make grants "u ?is p>agraph to c\nsel+  
int]m$i>ies approv$ by ! ,dep>tm5t (    
,h\s+ & ,urban ,developm5t 79 ?is       
section ref]r$ to z ,,hud7 7) mat* to be
 det]m9$ by ,,nrc bas$ on af=dability & 
! economic conditions ( an area2 a mat* 
also may be waiv$ by ,,nrc bas$ on !    
a=em5tion$ conditions7 to provide       
mortgage =eclosure mitigation assi/ance 
to ! #ae ,/ates ) highe/ rates ( home   
mortgage defaults & =eclosures1 z (     
,janu>y #a1 #bjah1 to help elim9ate !   
default & =eclosure ( mortgages (       
own]-occupi$ s+le-family homes t are at 
risk ( su* =eclosure & locat$ 9         
metropolitan /ati/ical areas hav+ !     
greate/ su* ne$4 ,o!r ?an areas ) high  
rates ( defaults & =eclosures1 grants   
may also be provid$ to approv$ c\nsel+  
int]m$i>ies bas$ on a geographic        
analysis ( ! ,nation by ,,nrc :i*       

det]m9es :]e !re is a preval5ce (       
mortgages t are risky & likely to fail1 
includ+ any tr5ds = mortgages t are     
likely to default & face =eclosure4 ,a  
,/ate ,h\s+ ,f9ance ,ag5cy may also be  
eligible :]e ! ,/ate ,h\s+ ,f9ance      
,ag5cy meets all ! requirem5ts "u ?is   
p>agraph4 ,a ,,hud-approv$ c\nsel+      
int]m$i>y %all meet c]ta9 mortgage      
=eclosure mitigation assi/ance c\nsel+  
requirem5ts1 z det]m9$ by ,,nrc1 & %all 
be approv$ by ,,hud or ,,nrc z meet+ ^! 
requirem5ts4  7,b7 ,mortgage =eclosure  
mitigation assi/ance %all only be made  
available to home[n]s ( own]-occupi$    
homes ) mortgages 9 default or 9 dang] (
 default4 ,^! mortgages %all likely be  
subject to a =eclosure action & home[n]s
 w be provid$ su* assi/ance t %all      
consi/ ( activities t are likely to     
prev5t =eclosures & result 9 ! long-t]m 
af=dability ( ! mortgage reta9$ pursuant
 to su* activity or ano!r positive      
outcome = ! home[n]4 ,no funds made     
available pursuant to ?is p>agraph may  

be provid$ directly to l5d]s or home[n]s
 to dis*>ge out/&+ mortgage balances or 
= any o!r direct debt r$uction paym5ts4 
7,c7 ,! use ( mortgage =eclosure        
mitigation assi/ance by approv$ c\nsel+ 
int]m$i>ies & ,/ate ,h\s+ ,f9ance       
,ag5cies %all involve a reasonable      
analysis ( ! borr[]'s f9ancial          
situation1 an evaluation ( ! curr5t     
value ( ! prop]ty t is subject to !     
mortgage1 c\nsel+ reg>d+ ! assumption ( 
! mortgage by ano!r non-,f$]al p>ty1    
c\nsel+ reg>d+ ! possible pur*ase ( !   
mortgage by a non-,f$]al ?ird p>ty1     
c\nsel+ & advice ( all likely re/ructur+
 & ref9anc+ /rategies or ! approval ( a 
"w-out /rategy by all int]e/$ p>ties4   
7,d7 ,,nrc may provide up to #ae p]c5t (
 ! total funds made available pursuant  
to ?is p>agraph to its own *>t] memb]s )
 exp]tise 9 =eclosure prev5tion c\nsel+1
 subject to a c]tification by ,,nrc t ! 
proc$ures = selection d n consi/ ( any  
proc$ures or activities t c\ld be       
con/ru$ z a conflict ( int]e/ or h !    

appe>ance ( impropriety4  7,e7          
,,hud-approv$ c\nsel+ entities & ,/ate  
,h\s+ ,f9ance ,ag5cies receiv+ funds    
made available pursuant to ?is p>agraph 
%all h demon/rat$ exp]i5ce 9            
successfully work+ ) f9ancial           
in/itutions z well z borr[]s fac+       
default1 del9qu5cy1 & =eclosure z well z
 docum5t$ c\nsel+ capacity1 outrea*     
capacity1 pa/ successful p]=mance &     
positive outcomes ) docum5t$ c\nsel+    
plans 7includ+ po/-mortgage =eclosure   
mitigation c\nsel+71 loan work\t        
agreem5ts1 & loan modification          
agreem5ts4 ,,nrc may use o!r crit]ia to 
demon/rate capacity 9 und]s]v$ areas4   
7,f7 ,( ! total am\nt made available    
pursuant to ?is p>agraph1 up to #bej1jjj
 may be made available to build !       
mortgage =eclosure & default mitigation 
c\nsel+ capacity ( c\nsel+ int]m$i>ies  
?r\gh ,,nrc tra9+ c\rses ) ,,hud-approv$
 c\nsel+ int]m$i>ies & _! p>tn]s1 except
 t private f9ancial in/itutions t       
p>ticipate 9 ,,nrc tra9+ %all pay m>ket 

rates = su* tra9+4  7,g7 ,( ! total     
am\nt made available pursuant to ?is    
p>agraph1 up to #e p]c5t may be us$ =   
associat$ adm9i/rative exp5ses = ,,nrc  
to c>ry out activities provid$ "u ?is   
p>agraph4  7,h7 ,mortgage =eclosure     
mitigation assi/ance grants may include 
a budget = outrea* & adv]tis+1 & tra9+1 
z det]m9$ by ,,nrc4  7,i7 ,,nrc %all    
report bi-annually to ! ,h\se & ,s5ate  
,committees on ,appropriations z well z 
! ,s5ate ,bank+ ,committee & ,h\se      
,f9ancial ,s]vices ,committee on its    
ef=ts to mitigate mortgage default4     
7#b7 ,legal assi/ance  7,a7 ,!          
,neighborhood ,re9ve/m5t ,corporation   
may make grants to c\nsel+ int]m$i>ies  
approv$ by ,,hud or ! ,,nrc to hire     
attorneys to assi/ home[n]s :o h legal  
issues directly relat$ to ! home[n]'s   
=eclosure1 del9qu5cy1 or %ort sale4     
7,b7 ,su* attorneys %all be capable (   
assi/+ home[n]s ( own]-occupi$ homes )  
mortgages 9 default1 9 dang] ( default1 
or subject to or at risk ( =eclosure &  

:o h legal issues t _c be h&l$ by       
c\nselors already employ$ by su*        
int]m$i>ies4  7,c7 ,grants "u ?is       
p>agraph may only be made to c\nsel+    
int]m$i>ies & legal organizations t 7i7 
provide legal assi/ance 9 ! #ae ,/ates )
 ! highe/ rates ( home mortgage defaults
 & =eclosures1 z ( ,janu>y #a1 #bjah1 & 
7ii7 h ! capacity to beg9 us+ ! f9ancial
 assi/ance )9 #ij days aft] receipt ( ! 
assi/ance4  7,d7 ,no funds made         
available pursuant to ?is p>agraph %all 
be us$ to provide1 obta91 or arrange on 
behalf ( a home[n]1 legal repres5tation 
involv+ or = ! purposes ( civil         
litigation4  #d4 ,increm5tal h\s+ *oice 
v\*] assi/ance  7a7 ,au?orization (     
appropriations ,!re is au?oriz$ to be   
appropriat$ = ea* ( fiscal ye>s #bjah   
?r\gh #bjbb su* sums z may be necess>y  
to provide 9 ea* su* fiscal ye> #bj1jjj 
increm5tal v\*]s = r5tal assi/ance "u   
section #h7o7 ( ! ,unit$ ,/ates ,h\s+   
,act ( #aicg 7#db ,u4,s4,c4 #adcg;f7o774
  7b7 ,eligible public h\s+ ag5cies ,any

 am\nts appropriat$ pursuant to ?is     
section %all be us$ by ! ,secret>y (    
,h\s+ & ,urban ,developm5t only to      
provide additional am\nts = r5tal       
assi/ance v\*]s = public h\s+ ag5cies t 
adm9i/] #aj1jjj or m v\*]s = r5tal      
assi/ance "u su* section #h7o74