12 2 STA T . 2 850PUBLIC LA W 110 – 28 9—J UL Y3 0 , 2008 ‘ ‘ (2)OBLIGAT I ON O R LIABILIT Y.—Thet e rm ‘ obliga tio n or liabilit y’ in c l ud e s an obligation or liability consisting o f a mort - gage , trust deed, or other security in the nature of a mortgage.’’. (c) EF F EC TI V E D ATE
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N S ET.— ( 1 ) EFFECTIVE D ATE.—The amendment made by subsection (a) shall ta k e effect on the date of enactment of this A ct. (2) SUNSET.—The amendments made by subsection (a) shall e xp ire on December 3 1,2 0 10. Effecti v e J anuary 1, 2011, the provisions of subsections (b) and (c) of section 303 of the Servicemembers C ivil R elief Act, as in effect on the day before the date of the enactment of this Act, are hereby revived. TI T LE III — E M E RG E NCYAS SISTANCE FO RT H ERE D E V ELO P MENT OF A B AN - DONED AND FORECLOSED HOMES SEC.2301 .E M E RG E N C YA SS I S T ANCE FO RT H ERE D E V E L O P MENT OF A B ANDONED AND FORECLOSED HOMES. (a) DIRECT A P PROPRIATIONS.—There are appropriated out of any money in the Treasury not other w ise appropriated for the fiscal year 200 8 , $4 ,000,000,000, to remain available until expended, for assistance to States and units of general local government (as such terms are defined in section 102 of the H ousing and Community Development Act of 1 97 4 (42 U .S.C. 5 302)) for the redevelopment of abandoned and foreclosed upon homes and resi- dential properties. (b) ALLOCATION OF APPROPRIATED A M OUNTS.— (1) I N GENERAL.—The amounts appropriated or otherwise made available to States and units of general local government under this section shall be allocated based on a funding formula established by the Secretary of Housing and Urban Develop- ment (in this title referred to as the ‘‘Secretary’’). (2) F ORMULA TO BE DEVISED S W IFTLY.—The funding formula re q uired under paragraph (1) shall be established not later than 6 0 days after the date of enactment of this section. (3) CRITERIA.—The funding formula required under para- graph (1) shall ensure that any amounts appropriated or other- wise made available under this section are allocated to States and units of general local government with the greatest need, as such need is determined in the discretion of the Secretary based on— (A) the number and percentage of home foreclosures in each State or unit of general local government; ( B ) the number and percentage of homes financed by a subprime mortgage related loan in each State or unit of general local government; and (C) the number and percentage of homes in default or delinquency in each State or unit of general local govern- ment. (4) DISTRIBUTION.—Amounts appropriated or otherwise made available under this section shall be distributed according to the funding formula established by the Secretary under paragraph (1) not later than 30 days after the establishment of such formula. (c) USE OF FUNDS.— Deadlin e . Deadline. St ate and l oc al g o v e r n m ent s . 42U S C5301 note. 50USCa p p. 533 note.
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