15 U.S.C. 9058d (U.S. Code, current edition)
Summary
The current-edition U.S. Code text of 15 U.S.C. 9058d, which establishes in the Department of the Treasury a Homeowner Assistance Fund and appropriates $9,961,000,000 for fiscal year 2021, to remain available until September 30, 2025. The Fund is to mitigate financial hardships by preventing homeowner mortgage delinquencies, defaults, foreclosures, loss of utilities or home energy services, and displacements. Each of the 50 States, the District of Columbia and Puerto Rico receives no less than $50,000,000, and $30,000,000 is reserved for Guam, American Samoa, the United States Virgin Islands and the Northern Mariana Islands. Treasury may keep up to $40,000,000 to run the Fund and its Inspector General $2,600,000. Not less than 60 percent of each entity's amounts must assist homeowners with incomes at or below 100 percent of area median income.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
Cite this document
“15 U.S.C. 9058d (U.S. Code, current edition).”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/15-u-s-c-9058d-u-s-code-current-edition-cfa460a2e5/
, SHA-256 bef652b4a559ab71cd53739914f65758558620df273029bc88693fa4032a3398.Full text
Page 2541 TITLE 15—COMMERCE AND TRADE § 9058d
in accordance with subsection (b) but not yet (4) Secretary
paid in accordance with subsection (c)(2) ac- The term ‘‘Secretary’’ means the Secretary
cording to a procedure established by the Sec- of the Treasury.
retary.
(5) Unit of local government
(2) Eligibility for reallocated funds
The term ‘‘unit of local government’’ has the
The Secretary shall require an eligible meaning given such term in section 9058a of
grantee to have obligated 50 percent of the this title.
total amount of funds allocated to such eligi-
ble grantee under subsection (b) to be eligible (g) Availability
to receive funds reallocated under paragraph Funds provided to an eligible grantee under a
(1) of this subsection. payment made under this section shall remain
(3) Payment of reallocated funds by the Sec- available through September 30, 2025.
retary (Pub. L. 117–2, title III, § 3201, Mar. 11, 2021, 135
The Secretary shall pay to each eligible Stat. 54.)
grantee eligible for a payment of reallocated
funds described in paragraph (2) of this sub- Editorial Notes
section the amount allocated to such eligible CODIFICATION
grantee in accordance with the procedure es-
Section was enacted as part of the American Rescue
tablished by the Secretary in accordance with Plan Act of 2021, and not as part of the CARES Act
paragraph (1) of this subsection. which in part comprises this chapter.
(4) Use of reallocated funds Section is comprised of section 3201 of Pub. L. 117–2.
Subsec. (h) of section 3201 of Pub. L. 117–2 amended sec-
Eligible grantees may use any funds received tion 9058a of this title.
in accordance with this subsection only for
purposes specified in paragraph (1) of sub- § 9058d. Homeowner Assistance Fund
section (d).
(a) Appropriation
(f) Definitions
In addition to amounts otherwise available,
In this section: there is appropriated to the Secretary of the
(1) Eligible grantee Treasury for the Homeowner Assistance Fund
The term ‘‘eligible grantee’’ means any of established under subsection (c) for fiscal year
the following: 2021, out of any money in the Treasury not oth-
(A) The 50 States of the United States and erwise appropriated, $9,961,000,000, to remain
the District of Columbia. available until September 30, 2025, for qualified
(B) A unit of local government (as defined expenses that meet the purposes specified under
in paragraph (5)). subsection (c) and expenses described in sub-
(C) The Commonwealth of Puerto Rico, the section (d)(1).
United States Virgin Islands, Guam, the (b) Definitions
Commonwealth of the Northern Mariana Is- In this section:
lands, and American Samoa.
(1) Conforming loan limit
(2) Eligible household
The term ‘‘conforming loan limit’’ means
The term ‘‘eligible household’’ means a the applicable limitation governing the max-
household of 1 or more individuals who are ob- imum original principal obligation of a mort-
ligated to pay rent on a residential dwelling gage secured by a single-family residence, a
and with respect to which the eligible grantee mortgage secured by a 2-family residence, a
involved determines that— mortgage secured by a 3-family residence, or a
(A) 1 or more individuals within the house- mortgage secured by a 4-family residence, as
hold has— determined and adjusted annually under sec-
(i) qualified for unemployment benefits; tion 1717(b)(2) of title 12 and section 1454(a)(2)
or of title 12.
(ii) experienced a reduction in household
(2) Dwelling
income, incurred significant costs, or expe-
rienced other financial hardship during or The term ‘‘dwelling’’ means any building,
due, directly or indirectly, to the structure, or portion thereof which is occupied
coronavirus pandemic; as, or designed or intended for occupancy as, a
residence by one or more individuals.
(B) 1 or more individuals within the house-
hold can demonstrate a risk of experiencing (3) Eligible entity
homelessness or housing instability; and The term ‘‘eligible entity’’ means—
(C) the household is a low-income family (A) a State; or
(as such term is defined in section 1437a(b) of (B) any entity eligible for payment under
title 42.2 subsection (f).
(3) Inspector general (4) Mortgage
The term ‘‘Inspector General’’ means the In- The term ‘‘mortgage’’ means any credit
spector General of the Department of the transaction—
Treasury. (A) that is secured by a mortgage, deed of
trust, or other consensual security interest
2 So in original. A closing parenthesis probably should precede on a principal residence of a borrower that is
the period. (i) a 1- to 4-unit dwelling, or (ii) residential
§ 9058d TITLE 15—COMMERCE AND TRADE Page 2542
real property that includes a 1- to 4-unit venting mortgage delinquency, default, fore-
dwelling; and closure, post-foreclosure eviction of a home-
(B) the unpaid principal balance of which owner, or the loss of utility or home energy
was, at the time of origination, not more services, as determined by the Secretary.
than the conforming loan limit. (2) Targeting
(5) Fund Not less than 60 percent of amounts made to
The term ‘‘Fund’’ means the Homeowner As- each eligible entity allocated amounts under
sistance Fund established under subsection subsection (d) or (f) shall be used for qualified
(c). expenses that assist homeowners having in-
(6) Secretary comes equal to or less than 100 percent of the
The term ‘‘Secretary’’ means the Secretary area median income for their household size or
of the Treasury. equal to or less than 100 percent of the median
income for the United States, as determined
(7) State
by the Secretary of Housing and Urban Devel-
The term ‘‘State’’ means any State of the opment, whichever is greater. The eligible en-
United States, the District of Columbia, the tity shall prioritize remaining funds to so-
Commonwealth of Puerto Rico, Guam, Amer- cially disadvantaged individuals.
ican Samoa, the United States Virgin Islands, (d) Allocation of Funds
and the Commonwealth of the Northern Mar-
iana Islands. (1) Administration
(c) Establishment of Fund Of any amounts made available under this
(1) Establishment; qualified expenses section, the Secretary shall reserve—
(A) to the Department of the Treasury, an
There is established in the Department of amount not to exceed $40,000,000 to admin-
the Treasury a Homeowner Assistance Fund to ister and oversee the Fund, and to provide
mitigate financial hardships associated with technical assistance to eligible entities for
the coronavirus pandemic by providing such the creation and implementation of State
funds as are appropriated by subsection (a) to and tribal programs to administer assistance
eligible entities for the purpose of preventing from the Fund; and
homeowner mortgage delinquencies, defaults, (B) to the Inspector General of the Depart-
foreclosures, loss of utilities or home energy ment of the Treasury, an amount to not ex-
services, and displacements of homeowners ex- ceed $2,600,000 for oversight of the program
periencing financial hardship after January 21, under this section.
2020, through qualified expenses related to
(2) For States
mortgages and housing, which include—
(A) mortgage payment assistance; After the application of paragraphs (1), (4),
(B) financial assistance to allow a home- and (5) of this subsection and subject to para-
owner to reinstate a mortgage or to pay graph (3) of this subsection, the Secretary
other housing related costs related to a pe- shall allocate the remaining funds available
riod of forbearance, delinquency, or default; within the Homeowner Assistance Fund to
(C) principal reduction; each State of the United States, the District
(D) facilitating interest rate reductions; of Columbia, and the Commonwealth of Puerto
(E) payment assistance for— Rico based on homeowner need, for such State
(i) utilities, including electric, gas, home relative to all States of the United States, the
energy, and water; District of Columbia, and the Commonwealth
(ii) internet service, including broadband of Puerto Rico, as of March 11, 2021, which is
internet access service, as defined in sec- determined by reference to—
tion 8.1(b) of title 47, Code of Federal Reg- (A) the average number of unemployed in-
ulations (or any successor regulation); dividuals measured over a period of time not
(iii) homeowner’s insurance, flood insur- fewer than 3 months and not more than 12
ance, and mortgage insurance; and months; and
(iv) homeowner’s association, condo- (B) the total number of mortgagors with—
minium association fees, or common (i) mortgage payments that are more
charges; than 30 days past due; or
(ii) mortgages in foreclosure.
(F) reimbursement of funds expended by a
State, local government, or designated enti- (3) Small State minimum
ty under subsection (f) during the period be- (A) In general
ginning on January 21, 2020, and ending on Each State of the United States, the Dis-
the date that the first funds are disbursed by trict of Columbia, and the Commonwealth of
the eligible entity under the Homeowner As- Puerto Rico shall receive no less than
sistance Fund, for the purpose of providing $50,000,000 for the purposes established in
housing or utility payment assistance to (c) 1.
homeowners or otherwise providing funds to
(B) Pro rata adjustments
prevent foreclosure or post-foreclosure evic-
tion of a homeowner or prevent mortgage The Secretary shall adjust on a pro rata
delinquency or loss of housing or utilities as basis the amount of the payments for each
a response to the coronavirus disease State of the United States, the District of
(COVID) pandemic; and Columbia, and the Commonwealth of Puerto
(G) any other assistance to promote hous-
ing stability for homeowners, including pre- 1 So in original. Probably should be preceded by ‘‘subsection’’.
Page 2543 TITLE 15—COMMERCE AND TRADE § 9059
Rico determined under this subsection with- (2) Allocation and payment
out regard to this subparagraph to the ex- The Secretary shall allocate the funds set
tent necessary to comply with the require- aside under paragraph (1) using the allocation
ments of subparagraph (A). formulas described in clauses (i) and (ii) of sec-
(4) Territory set-aside tion 9058a(b)(2)(A) of this title, and shall make
Notwithstanding any other provision of this payments of such amounts beginning no later
section, of the amounts appropriated under than 45 days after March 11, 2021, to entities
subsection (a), the Secretary shall reserve eligible for payment under clauses (i) and (ii)
$30,000,000 to be disbursed to Guam, American of section 9058a(b)(2)(A) of this title that no-
Samoa, the United States Virgin Islands, and tify the Secretary that they request to receive
the Commonwealth of the Northern Mariana payments allocated from the Fund by the Sec-
Islands based on each such territory’s share of retary for purposes described under subsection
the combined total population of all such ter- (c) and will use such payments in compliance
ritories, as determined by the Secretary. For with this section.
the purposes of this paragraph, population (3) Adjustment
shall be determined based on the most recent Allocations provided under this subsection
year for which data are available from the may be further adjusted as provided by section
United States Census Bureau. 9058a(b)(2)(B) of this title.
(5) Tribal set-aside (Pub. L. 117–2, title III, § 3206, Mar. 11, 2021, 135
The Secretary shall allocate funds to any el- Stat. 63.)
igible entity designated under subsection (f)
pursuant to the requirements of that sub- Editorial Notes
section. CODIFICATION
(e) Distribution of funds to States Section was enacted as part of the American Rescue
(1) In general Plan Act of 2021, and not as part of the CARES Act
which in part comprises this chapter.
The Secretary shall make payments, begin-
ning not later than 45 days after March 11, § 9059. Protection of collective bargaining agree-
2021, from amounts allocated under subsection ment
(d) to eligible entities that have notified the
Secretary that they request to receive pay- (a) In general
ment from the Fund and that the eligible enti- Neither the Secretary, nor any other actor, de-
ty will use such payments in compliance with partment, or agency of the Federal Government,
this section. shall condition the issuance of a loan or loan
(2) If a State does not request allocated guarantee under paragraph (1), (2), or (3) of sec-
funds by the 45th day after March 11, 2021, such tion 9042(b) of this title on an air carrier’s or eli-
State shall not be eligible for a payment from gible business’s implementation of measures to
the Secretary pursuant to this section, and enter into negotiations with the certified bar-
the Secretary shall, by the 180th day after gaining representative of a craft or class of em-
March 11, 2021, reallocate any funds that were ployees of the air carrier or eligible business
not requested by such State among the States under the Railway Labor Act (45 U.S.C. 151 et
that have requested funds by the 45th day seq.) or the National Labor Relations Act (29
after March 11, 2021. For any such reallocation U.S.C. 151 et seq.), regarding pay or other terms
of funds, the Secretary shall adhere to the re- and conditions of employment.
quirements of subsection (d), except for para- (b) Period of effect
graph (1), to the greatest extent possible, pro-
vided that the Secretary shall also take into With respect to an air carrier or eligible busi-
consideration in determining such realloca- ness to which the loan or loan guarantee is pro-
tion a State’s remaining need and a State’s vided under this part, this section shall be in ef-
record of using payments from the Fund to fect with respect to the air carrier or eligible
serve homeowners at disproportionate risk of business beginning on the date on which the air
mortgage default, foreclosure, or displace- carrier or eligible business is first issued such
ment, including homeowners having incomes loan or loan guarantee and ending on the date
equal to or less than 100 percent of the area that is 1 year after the loan or loan guarantee is
median income for their household size or 100 no longer outstanding.
percent of the median income for the United (Pub. L. 116–136, div. A, title IV, § 4025, Mar. 27,
States, as determined by the Secretary of 2020, 134 Stat. 494.)
Housing and Urban Development, whichever is
greater, and minority homeowners. Editorial Notes
(f) Tribal set-aside REFERENCES IN TEXT
(1) Set-aside The Railway Labor Act, referred to in subsec. (a), is
Notwithstanding any other provision of this act May 20, 1926, ch. 347, 44 Stat. 577, which is classified
section, of the amounts appropriated under principally to chapter 8 (§ 151 et seq.) of Title 45, Rail-
roads. For complete classification of this Act to the
subsection (a), the Secretary shall use 5 per- Code, see section 151 of Title 45 and Tables.
cent to make payments to entities that are el- The National Labor Relations Act, referred to in sub-
igible for payments under clauses (i) and (ii) of sec. (a), is act July 5, 1935, ch. 372, 49 Stat. 449, which
section 9058a(b)(2)(A) of this title for the pur- is classified generally to subchapter II (§ 151 et seq.) of
poses described in subsection (c). chapter 7 of Title 29, Labor. For complete classification
File and source
- File
- USCODE-mostrecent-title15-sec9058d.pdf
- Size
- 140,795 bytes
- SHA-256
- bef652b4a559ab71cd53739914f65758558620df273029bc88693fa4032a3398
- Original
- www.govinfo.gov