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HR 5144 114th Congress House Commerce Appropriations Business investment and capital Credit and credit markets Government lending and loan guarantees Housing and community development funding Housing finance and home ownership Housing supply and affordability Low- and moderate-income housing Manufacturing Residential rehabilitation and home repair Small business State and local finance

Jumpstart HOUSE Act of 2016

Introduced: April 29, 2016 Introduced by: Beatty, Joyce Democratic · Ohio See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 29, 2016
Referred to the House Committee on Financial Services.
Apr 29, 2016
Sponsor introductory remarks on measure. (CR E633)
Apr 29, 2016
Introduced in House
 Plain-English summary Congressional Research Service

Jumpstart Housing Opportunities Utilizing Small Enterprises Act of 2016 or the Jumpstart HOUSE Act of 2016

This bill amends the State Small Business Credit Initiative Act of 2010 to extend for an additional eight fiscal years the State Small Business Credit Initiative to assist participating states to give collateral support and other innovative credit access and guarantee initiatives for small businesses and manufacturers.

The bill also prescribes allocations of federal funds to participating states.

The Department of the Treasury may award, on a competitive basis, up to a total of $1 billion in two tranches, according to specified criteria, to participating states and consortiums of participating states for use: (1) for making federal contributions to, or for the account of, an approved state program; or (2) as collateral for a qualifying loan or swap funding facility.

Small businesses receiving funds from a participating state may use them to:
  • develop, acquire, construct, rehabilitate, maintain, operate, or manage projects for affordable housing for low- or moderate-income households;
  • cover any contribution, matching amount, or non-federal share required in connection with any other federal grant or assistance program to provide such housing; or
  • purchase foreclosed properties and property being sold by a state or local government, but only for the use of such properties for such housing.
What's happening now April 29, 2016

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1