1. Short title
This Act may be cited as the “National Expansion of Working-families Housing Options Using Small Enterprises Act of 2013” or the “NEW HOUSE Act of 2013”.
National Expansion of Working-families Housing Options Using Small Enterprises Act of 2013
A BILL
To amend the State Small Business Credit Initiative Act of 2010 to allow participating States to provide program funds to small businesses for development of affordable housing.
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—
in paragraph (3)—
by redesignating subparagraphs (C) and (D) as subparagraphs (D) and (E), respectively; and
by inserting after subparagraph (B) the following:
“(C) to provide funds to small businesses 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;”
in paragraph (6)—
in subparagraph (A), by striking “and” at the end;
in subparagraph (B), by striking the period and inserting “; and”; and
by adding at the end the following:
“(C) the term “small business” has the meaning given the term “small business concern” under section 3(a) of the Small Business Act.”
by adding at the end the following:
“(7) Use of funds for affordable housing purposes—With respect to a participating State, of amounts transferred under this section to the State that have not been obligated as of the date of the enactment of the Strengthening Economic Development Through Affordable Housing Act of 2013, the State shall use, at a minimum, the lesser of—
“(A) $2,500,000, and
“(B) 10 percent of such unobligated amount,”