SEC-338 -- REPORT REGARDING FORECLOSED PROPERTIES. 

 
 (a) In General.-Before the expiration of the 60-day period beginning
on the date of the enactment of this Act, the Secretary of Housing and
Urban Development shall submit to the Congress a report containing a
description of the strategy and action plan developed to assist in the
disposition of foreclosed properties in the stock of the Department of
Housing and Urban Development, paying particular attention to any
properties that have been in the Department inventory for more than 12
months. The Secretary shall solicit recommendations from State and local
governments, nonprofit organizations, housing finance authorities, and
community housing development organizations in preparing the report.
 
 (b) Contents.-
 
 (1) The report shall include information on the efforts of local
governments, nonprofit organizations, housing finance authorities, and
community housing development organizations to work with eligible
families to purchase these homes and suggestions for mechanisms to
facilitate the efforts. The report shall also include recommendations
for (A) evaluating the rehabilitation costs of the properties necessary
to achieve the minimum standards, (B) developing innovative approaches
for involving non-Federal entities in the sale and rehabilitation of the
properties and (C) providing the means to make the older stock habitable
and available.
 
 (2) The report shall also include proposals directed toward very-low
income, low-income and moderate-income first-time homebuyers and the
assistance that may be provided to such homebuyers to foster purchase.