Strengthening Economic Development Through Affordable Housing Act of 2012 - Amends the State Small Business Credit Initiative Act of 2010 to allow states participating in the state small business credit initiative to provide funds to community housing development organizations to be used: (1) to develop, acquire, rehabilitate, maintain, operate, or manage housing projects for low- or moderate-income households; (2) to cover any matching, non-federal contribution required in connection with any other federal grant or assistance program providing such housing; or (3) to purchase foreclosed properties and property being sold by a state or local government in order to provide such housing.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4144 Introduced in House (IH)]
112th CONGRESS
2d Session
H. R. 4144
To amend the State Small Business Credit Initiative Act of 2010 to
allow participating States to provide program funds to community
development housing organizations for development of affordable
housing.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 6, 2012
Mr. Baca introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To amend the State Small Business Credit Initiative Act of 2010 to
allow participating States to provide program funds to community
development housing organizations for development of affordable
housing.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Strengthening Economic Development
Through Affordable Housing Act of 2012''.
SEC. 2. SUPPORT FOR AFFORDABLE HOUSING PROJECTS.
Section 3003(c) of the State Small Business Credit Initiative Act
of 2010 (12 U.S.C. 5702(c)) is amended--
(1) in paragraph (3)--
(A) by redesignating subparagraphs (C) and (D) as
subparagraphs (D) and (E), respectively; and
(B) by inserting after subparagraph (B) the
following:
``(C) to provide funds to community housing
development organizations to be used--
``(i) to develop, acquire, construct,
rehabilitate, maintain, operate, or manage
housing projects that provide housing that is
affordable for low- or moderate-income
households, as determined by the Secretary, in
consultation with the Secretary of Housing and
Urban Development;
``(ii) notwithstanding section 220 of the
Cranston-Gonzalez National Affordable Housing
Act (42 U.S.C. 12750) or any other provision of
law, to cover any contribution required under
such section or any matching amount,
contribution amount, or non-Federal share
required in connection with any other Federal
grant or assistance program to provide housing
that is affordable for low- or moderate-income
households; or
``(iii) for purchasing foreclosed
properties and property being sold by a State
or local government, but only for the use of
such properties for the purposes specified in
clause (i) of this subparagraph;''; and
(2) in paragraph (6)--
(A) in subparagraph (A), by striking ``and'' at the
end;
(B) in subparagraph (B), by striking the period and
inserting ``; and''; and
(C) by adding at the end the following:
``(C) the term `community housing development
organization' has the meaning given such term in
section 104 of the Cranston-Gonzalez National
Affordable Housing Act (42 U.S.C. 12704).''.
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Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Referred to the Subcommittee on Insurance, Housing and Community Opportunity.
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