Housing and Economic Recovery Act of 2008

Housing and Economic Recovery Act of 2008 - Division A: Housing Finance Reform - Federal Housing Finance Regulatory Reform Act of 2008 - Title I: Reform of Regulation of Enterprises - Subtitle A: Improvement of Safety and Soundness Supervision - (Sec. 1101) Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to replace the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD) with the Federal Housing Finance Agency (Agency), headed by a Director with regulatory authority over: (1) the Office of Finance; (2) the Federal Home Loan Banks (FHLBs); (3) the Federal National Mortgage Association (Fannie Mae); and (4) the Federal Home Loan Mortgage Corporation (Freddie Mac). (Fannie Mae and Freddie Mac are referred to jointly as the enterprises.) Divides the Agency into Divisions of Enterprise Regulation, of Enterprise Regulation, and for Housing Mission and Goals, each headed by a Deputy Director. (Sec. 1103) Establishes the Federal Housing Finance Oversight Board to advise the Director. (Sec. 1104) Authorizes the Director to require such regulated entities to submit regular reports of condition, subject to specified administrative penalties for failure to do so.. (Sec. 1105) Establishes within the Agency an Office of Inspector General and an Office of the Ombudsman. (Sec. 1106) Requires the Director to establish: (1) assessments to collect from the regulated entities in order to provide for Agency expenses; (2) standards for management and operations of the regulated entities; (3) criteria to ensure that enterprise portfolio holdings are backed by sufficient capital and consistent with entity mission and safe and sound operations; and (4) risk-based capital and minimum capital requirements to support risks in entity operations and management. (Sec. 1111) Prescribes the minimum capital level for each FHLB. Authorizes the Director, in order to ensure safe and sound operations, to: (1) set higher minimum capital levels for the FHLBs and the other regulated entities; (2) increase the minimum capital level for a regulated entity on a temporary basis, and rescind increases; and (3) establish capital or reserve requirements for any products or activities. (Sec. 1112) Amends the Securities Exchange Act of 1934 to subject the regulated entities to its registration and reporting requirements. (Sec. 1113) Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 with respect to the prohibition against excessive executive compensation. Authorizes the Director to require an entity to withhold such compensation, or to place it in an escrow account, during the review of its reasonableness and comparability. (Sec. 1114) Authorizes the Director to prohibit or limit golden parachute and indemnification payments. (Sec. 1115) Directs the Director to require regulated entities to report the purchase or sale of fraudulent loans or financial instruments upon discovery or suspicion. (Sec. 1116) Requires each enterprise to establish an Office of Minority and Women Inclusion responsible for implementing diversity in management, employment, and business activities in accordance with criteria established by the Director. (Sec. 1117) Amends the Federal National Mortgage Association Charter Act, the Federal Home Loan Mortgage Corporation Act, and the Federal Home Loan Bank Act to grant the Secretary of the Treasury temporary authority to purchase obligations of Fannie Mae, Freddie Mac, and the FHLBs. (Sec. 1118) Requires the Director, before issuing any regulations about the exercise of additional authority regarding prudential management and operations standards, safe and sound operations of, and capital requirements and portfolio standards, to consider the views of the Chairman of the Board of Governors of the Federal Reserve System regarding risks posed to the financial system by the regulated entities. Subtitle B: Improvement of Mission Supervision - (Sec. 1122) Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to transfer to the Director specified HUD responsibilities, including: (1) public access to mortgage information; (2) denial of public access to proprietary information; and (3) monitoring and enforcement of compliance with housing goals. (Sec. 1123) Requires the Director to require each enterprise to obtain the Director's prior approval of enterprise products. (Sec. 1124) Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to set forth increased loan limitations for Fannie Mae and Freddie Mac. Expresses the sense of Congress that securitization of mortgages by Fannie Mae and Freddie Mac plays an important role in providing liquidity to domestic housing markets. Encourages Fannie Mae and Freddie Mac to securitize mortgages acquired under the increased conforming loan limits established under this Act. (Sec. 1125) Amends the Federal Housing Emterprises Financial Safety and Soundness Act of 1992 to instruct the Director to: (1) report annually to certain congressional committees on housing issues; and (2) conduct monthly surveys of mortgage markets. Requires the Director to establish and maintain a method of assessing the national average one-family house price for use in adjusting the conforming loan limitations of the enterprises. (Sec. 1127) Requires the Director to: (1) require public disclosure of certain information relating to single family mortgage data of the enterprises; and (2) establish annual single-family (including refinance) and multifamily special affordable housing goals for mortgage purchases by the regulated entities. (Sec. 1128) Authorizes the Director, upon petition by an enterprise, to reduce the level for a goal or subgoal, but only if certain conditions apply. (Sec. 1129) Requires each enterprise to provide leadership to the market in developing loan products and flexible underwriting guidelines to facilitate a secondary market for mortgages for very low-, low-, and moderate-income families with respect to underserved manufactured housing, affordable housing, and rural housing markets. (Sec. 1130) Subjects noncompliance with housing goals to cease and desist orders and civil money penalties, as well as submission of remedial housing plans. (Sec. 1131) Requires the enterprises to set aside specified funds allocations for affordable housing programs. Instructs the HUD Secretary to establish a Housing Trust Fund to provide grants to states to increase: (1) the supply of rental housing for extremely low- and very low-income families, including homeless families; and (2) homeownership for extremely low- and very low-income families. Creates the Capital Magnet Fund within the Community Development Financial Institutions Fund, to enable the Secretary of the Treasury to implement a competitive grant program to attract private capital for: (1) affordable housing for primarily extremely low-, very low-, and low-income families; and (2) economic development activities or community service facilities to implement a concerted strategy to stabilize or revitalize low-income or underserved rural areas. (Sec. 1132) Instructs the Secretary of the Treasury to make grants to eligible organizations to provide financial education and counseling services to prospective homebuyers, including up to five related pilot projects. Authorizes appropriations. Directs the Comptroller General to study and report to certain congressional committees on the effectiveness and impact of such grant program. (Sec. 1133) Transfers to the Agency certain HUD employees responsible for establishment and enforcement of specified housing goals. Subtitle C: Prompt Corrective Action - (Sec. 1141) Requires the Director to establish specified capital classification criteria for the FHLBs. Authorizes the Director to reclassify an enterprise in cases of: (1) rapidly depleting core or total capital; or (2) engagement in unsafe or unsound practices. (Sec. 1143) Prescribes regulatory actions for undercapitalized regulated entities, including: (1) mandatory monitoring; (2) restriction of asset growth; and (3) prior approval of acquisitions, including new products and activities. (Sec. 1144) Requires the Director to take specified management improvement actions with respect to a significantly undercapitalized regulated entity, including: (1) dismissal of directors or executive officers; (2) requiring the employment of qualified executive officers and (3) ordering the election of a new board. Prohibits any significantly undercapitalized enterprise, without the Director's prior approval, from paying an executive officer any: (1) bonus; or (2) compensation exceeding the officer's average rate for the previous 12 months (excluding bonuses, stock options, and profit sharing). (Sec. 1145) Revises the requirement that the Director appoint conservators for critically undercapitalized enterprises. Authorizes the Director to appoint the Agency as conservator or receiver of a regulated entity to reorganize or rehabilitate it or wind up its affairs if certain conditions exist short of but including critical undercapitalization. Requires the Director to appoint the Agency as receiver for a regulated entity if: (1) its assets for 60 consecutive calendar days have been less than its obligations to creditors and others; or (2) it has not for 60 consecutive calendar days been generally paying its debts as they become due. Authorizes a regulated entity to seek judicial review of the Agency's appointment as conservator or receiver. Delineates the Agency's powers as conservator or receiver, including authority, as receiver, to organize a limited-life regulated entity with respect to an FHLB or an enterprise. Subtitle D: Enforcement Actions - (Sec. 1151) Revises the Director's authority to issue charges against adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized enterprises. Replaces the current grounds for charges with grounds consisting of unsafe or unsound practices or violations of law engaged in by either a regulated entity or an affiliate. Authorizes the Director to deem a regulated entity to be engaging in an unsafe or unsound practice if it receives a less-than-satisfactory rating in its most recent examination. (Sec. 1152) Grants the Director enforcement authority regarding unsafe or unsound practices and violations of law, including: (1) imposition of temporary cease and desist orders; (2) suspension or removal of officers and directors (including those of affiliated parties);and imposition of civil money penalties on affiliated parties. (Sec. 1156) Establishes criminal penalties for participation in the affairs of a regulated entity without the Director's prior written approval. (Sec. 1157) Extends from two to six years after separation the statue of limitations for any notice to or proceeding against an entity-affiliated party. (Sec. 1158) Revises subpoena authority to authorize the Director to apply to the U.S. District Court for the District of Columbia, or the U.S. district court for the judicial district of the United States in any territory in which such proceeding is being conducted, or where the witness resides or carries on business, for enforcement of any subpoena or subpoena duces tecum. (Currently, the Director may only request the Attorney General to bring a subpoena enforcement action.) Subtitle E: General Provisions - Sets forth conforming and technical amendments. (Sec. 1162) Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to revise requirements governing the boards of the regulated entities. Changes the number of board members for Fannie Mae and Freddie Mac from 18 to 13, or any other number the Director determines appropriate. Eliminates presidential appointments of board members. Title II: Federal Home Loan Banks - (Sec. 1201) Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to require the Director, before promulgating regulations or taking any action relating to the FHLBs, to consider differences between the FHLBs and the regulated entities with respect to: (1) cooperative ownership structure; (2) the mission of providing liquidity to members; (3) affordable housing and community development mission; (4) capital structure; and (5) joint and several liability. (Sec. 1202) Amends the Federal Home Loan Bank Act to: (1) revise requirements governing membership, terms, and compensation of the board of directors; and (2) place the FHLBs under Agency oversight. (Sec. 1205) Instructs the Director to establish housing goals regarding mortgage purchases by the FHLBs. (Sec. 1206) Makes community development financial institutions eligible to join the FHLB system. (Sec. 1207) Requires the Director to share information with FHLBs regarding the condition of another FHLB. (Sec. 1208) Amends the Federal Home Loan Bank Act to exempt the FHLBs from compliance with certain SEC regulations, including: (1) transactions in FHLB capital stock; (2) the transfer of FHLB securities; and (3) certain reporting requirements. (Sec. 1209) Authorizes voluntary mergers among the FHLBs. (Sec. 1210) Permits the reduction of FHLB districts as a result of voluntary FHLB mergers. (Sec. 1211) Increases from $500 million to $1 billion the total asset prerequisite for a community financial institution member. Authorizes the use of FHLB advances for community development activities. (Sec. 1212) Requires the Director to: (1) report annually to certain congressional committees on collateral pledged to FHLBs, including an analysis of collateral by type and by district; and (2) establish a public use database that incorporates census tract level data for mortgages purchased. (Sec. 1214) Requires the Director to provide 30 days advance notice before liquidating or reorganizing an FHLB. Permits an FHLB to contest that determination in a hearing before the Director. (Sec. 1215) Instructs the Director to study and report to Congress on: (1) securitization of home mortgage loans purchased from member financial institutions under the Acquired Member Assets programs; and (2) the extent to which loans and securities used as collateral to support FHLB advances are consistent with interagency guidance on nontraditional mortgage products. (Sec. 1218) Grants the Director refinancing authority for specified FHLB residential mortgage loans. Title III: Transfer of Functions, Personnel, and Property of OFHEO and the Federal Housing Finance Board - Subtitle A: OFHEO - (Sec. 1301) Abolishes the HUD Office of Federal Housing Enterprise Oversight (OFHEO). Transfers OFHEO employees, property and facilities to the Agency. Subtitle B: Federal Housing Finance Board - (Sec. 1311) Abolishes the Federal Housing Finance Board. Transfers its employees, property and facilities to the Agency. Title IV: HOPE for Homeowners - HOPE for Homeowners Act of 2008 - (Sec. 1402) Amends the National Housing Act (NHA) to establish the HOPE for Homeowners Program in the Federal Housing Administration (FHA). Authorizes the Secretary of Housing and Urban Development (HUD) under the Program to insure eligible mortgages that have been refinanced in accordance with specified requirements. Instructs the Board of Directors of the Program to study and report to Congress on the need for an auction or bulk refinancing mechanism to facilitate refinancing existing residential mortgages at risk for foreclosure into mortgages that are insured under this Act. Establishes in the FHA the Home Ownership Preservation Entity Fund (HOPE) to implement mortgage insurance obligations. Limits the aggregate original principal obligation of all mortgages insured under this Act to $300 billion. Requires HUD to ensure that securities based upon and backed by a trust or pool of mortgages insured under this Act are available to be guaranteed by the Government National Mortgage Association (GNMA) for timely payment of principal and interest. Authorizes GNMA to make such guarantees. Terminates HUD's authority to insure such refinanced mortgages as of September 30, 2011. Instructs the Secretary of the Treasury to issue HOPE Bonds to pay for the net federal Program costs. (Sec. 1403) Amends the Truth in Lending Act to impose a fiduciary duty upon servicers of pooled residential mortgages. Declares that a servicer of pooled residential mortgages: (1) owes any duty to maximize the net present value of the pooled mortgages in an investment to all investors and parties having a direct or indirect interest in such investment, not to any individual party or group of parties; and (2) shall be deemed to act in the best interests of all such investors and parties if the servicer agrees to or implements a modification or workout plan, including any modification or refinancing undertaken pursuant to the HOPE for Homeowners Act of 2008, for a residential mortgage or a class of residential mortgages that constitute a part or all of the pooled mortgages in such investment, provided that any mortgage so modified meets specified criteria. (Sec. 1404) Amends the National Housing Act (NHA) to require FHA appraisers to: (1) be certified by the state in which the property to be appraised is located, or by a nationally recognized professional appraisal organization; and (2) have demonstrated verifiable education in FHA appraisal requirements. Title V: S.A.F.E. Mortgage Licensing Act - Secure and Fair Enforcement for Mortgage Licensing Act of 2008 or S.A.F.E. Mortgage Licensing Act of 2008 - (Sec. 1501) Encourages the states, through the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, to establish a Nationwide Mortgage Licensing System and Registry for the residential mortgage industry in order to increase uniformity, reduce regulatory burdens, enhance consumer protection, and reduce fraud. (Sec. 1504) Sets forth general registration and state-licensing requirements, including one for a unique identifier, for engaging in loan origination transactions. (Sec. 1505) Prescribes requirements for state licensing and registration applications and issuance, including testing. (Sec. 1506) Prescribes minimum standards for license renewal for state-licensed loan originators, including continuing education (Sec. 1507) Requires federal banking agencies jointly, through the Federal Financial Institutions Examination Council, to develop and maintain a system for registering with the Nationwide Mortgage Licensing System and Registry (Registry) as registered loan originators any employees of a depository institution, a subsidiary owned and controlled by a depository institution and regulated by a federal banking agency, or an institution regulated by the Farm Credit Administration. (Sec. 1508) Directs the HUD Secretary to establish and maintain a backup licensing and registration system for loan originators operating in a state that either: (1) does not, after a certain period of time, have a licensing and registering system for loan originators that meets the requirements of this Act; or (2) does not participate in the Registry. (Sec. 1509) Requires the HUD Secretary to establish and maintain a nationwide mortgage licensing and registry system upon determining that the Registry is not in compliance with this Act. (Sec. 1510) Authorizes the federal banking agencies, the Farm Credit Administration, the HUD Secretary, and the Registry to charge fees to cover the costs of maintaining and providing access to information from the Registry. (Sec. 1511) Directs the Attorney General to provide state officials responsible for regulating state-licensed loan originators access to all criminal history information to the extent criminal history background checks are required under the laws of the requesting state. (Sec. 1514) Grants the HUD Secretary enforcement powers under its backup licensing system. (Sec. 1515) Grants state licensing agencies authority to investigate and examine loan originators. (Sec. 1517) Instructs the HUD Secretary to study and report to Congress on the root causes of home loan defaults and foreclosures. Title VI: Miscellaneous - (Sec. 1601) Requires the Director to study and report to Congress on: (1) mortgage guarantee fees charged by the regulated entities; and (2) possible improvements to the overall default risk evaluation used for residential mortgage loans. (Sec. 1603) Authorizes the HUD Secretary, upon request of an owner of certain large multifamily housing projects subject to a contract for section 8 project-based rental assistance and a Rental Assistance Payment contract, to convert such contracts to a contract for project-based rental assistance under section 8 of the United States Housing Act of 1937 [sic]. (Sec. 1604) Amends the Federal Deposit Insurance Act to rename new banks as new depository institutions and bridge banks as bridge depository institutions. (Sec. 1605) Expresses the sense of the Senate that, in implementing this Act, the Senate supports a policy of noninterference regarding local government requirements that the holder of a foreclosed property maintain that property. Division B: Foreclosure Prevention - Foreclosure Prevention Act of 2008 - Designates all provisions of this Division as emergency requirements necessary to meet emergency needs pursuant to FY2008 budget resolution. Title I: FHA Modernization Act of 2008 - FHA Modernization Act of 2008 - Subtitle A: Building American Homeownership - Building American Homeownership Act of 2008 - (Sec. 2112) Amends the National Housing Act to modify requirements for the maximum principal loan obligation: (1) changing one element in the formula from 95% to 100% of the median one-family house price in the area; and (2) increasing other percentages in the formula. Limits the principal loan obligation to 100% of the appraised value of the property. Prohibits any increase in the maximum amount of a mortgage by the amount of the mortgage insurance premium paid at the time the mortgage is insured. (Sec. 2113) Amends the National Housing Act to revise eligibility criteria for cash down payment for Federal Housing Administration (FHA) mortgage insurance. Increases such payment from the current 3% to 3.5% of the appraised value of the property. Repeals the authority of corporations or other persons to pay the down payment for: (1) individuals at age 60 or older at the time the mortgage was endorsed for insurance or if the mortgage met the requirement for single-family housing in outlying areas; or (2) covering a single-family home being purchased under the low-income housing demonstration project or a housing unit in connection with a homeownership program under the Homeownership and Opportunity Through HOPE Act. Requires the Secretary of Housing and Urban Development (HUD), with respect to cash down payments, to consider as cash or its equivalent any amounts borrowed from (currently, gifted by) a family member, provided such funds are paid back (as under current law). Provides that the principal obligation of the mortgage and the obligation secured by such lien may not exceed 100% of the appraised value of the property plus specified related charges and fees (as under current law). Repeals the inclusion of any initial service charges, appraisal, inspection and other fees in connection with the mortgage. Prohibits cash down payments from consisting, in whole or in part, of funds provided before, during, or after closing of the property sale by: (1) the seller or any other person or entity that financially benefits from the transaction; or (2) any third party or entity that is reimbursed, directly or indirectly, by such parties. (Sec. 2114) Releases from HUD upfront mortgage insurance premium requirements: (1) certain mortgages secured by one- to four-family dwellings that are obligations of the General Insurance Fund (GIF); (2) insured rehabilitation loans for one- to four-family structures; and (3) condominium mortgages. Increases from: (1) 2.25% to 3% the maximum upfront mortgage insurance premium HUD may collect on mortgages secured by a one- to four-family dwelling that is an obligation of the Mutual Mortgage Insurance (MMI) Fund; and (2) 2% to 2.75% such premium if, as under current law, the mortgagor is a first-time homebuyer who completes a HUD approved program of counseling with respect to the responsibilities and financial management involved in homeownership. (Sec. 2115) Replaces the GIF with the MMI Fund with respect to funds received and disbursements made in connection with rehabilitation loans for one- to four-family structures. (Sec. 2116) Requires the HUD Secretary to notify the Secretary of Agriculture (among others) whenever any discretionary action has been taken to suspend or revoke the approval of any mortgagee to participate in any mortgage insurance program. (Sec. 2117) Permits the Secretary to insure any mortgage covering a one-family unit in a condominium if, in addition to other specified requirements, the project of which it is part has a certain HUD-insured blanket mortgage. Includes among insurable one-family units (condominiums) in multifamily projects those in which the dwelling units are manufactured housing units, semidetached or detached. (Sec. 2118) Revises requirements for the MMI Fund, specifying operating goals among other things. Requires an annual independent actuarial study of the Fund, on the basis of which the Secretary may make either: (1) programmatic adjustments to reduce any risk to the Fund; or (2) appropriate premium adjustments. Makes insured mortgages used in conjunction with the Homeownership Voucher program, as well as reverse mortgages, obligations of the MMI Fund. (Sec. 2119) Makes insurance of a Native Hawaiian or Indian reservation mortgage the obligation of the MMI Fund (instead of the GIF). (Sec. 2121) Redefines "home mortgage" and "mortgage" to include subordinate mortgage, with respect to FHA insurance of cooperative housing projects. (Sec. 2122) Revises insurance eligibility requirements for mortgagees and mortgagors with respect to home equity conversion mortgages (HECMs, or reverse mortgages) for elderly homeowners insured under the National Housing Act. Requires the HUD Secretary to establish qualification standards and counseling protocols for mortgagor counselors. Repeals the prohibition against up-front premiums for mortgages to fund long-term care insurance, together with the related authority to refinance existing mortgage and finance closing costs. Revises funding requirements for the mortgagor counseling program to allow use of a portion of collected mortgage insurance premiums to adequately fund required counseling and disclosure activities, including counseling for those homeowners who elect not to take out a home equity conversion mortgage, provided that the use of such funds is based upon accepted actuarial principles. Authorizes the Secretary to insure an HECM to: (1) enable an elderly mortgagor to purchase a one- to four-family dwelling unit, one unit of which the mortgagor will occupy as a primary residence; and (2) provide for any future payments to the mortgagor, based on available equity. Establishes a single national loan limit for HECMs equivalent to the limit for a one-family residence under the Federal Home Loan Mortgage Corporation Act. Directs: (1) the Secretary to establish specified limits on the origination fee that may be charged to an HECM mortgagor, including a maximum fee of $6,000, adjustable for inflation; and (2) the Comptroller General to study and report to Congress on the costs and availability of credit under the HECMs for elderly homeowners program. (Sec. 2123) Amends the Energy Policy Act of 1992 to raise the cap on the price of the cost-effective energy efficiency improvements under the energy efficiency mortgages program. (Sec. 2124) Amends the National Housing Act to require the Secretary to carry out a pilot program to establish, and make available to mortgagees, an automated process for providing alternative credit rating information for mortgagors and prospective mortgagors (under mortgages on one- to four-family residences) without sufficient credit history, for determining their creditworthiness. Allows such alternative credit rating information to include among other information, rent, utilities, and insurance payment histories. Requires the Comptroller General to identify to Congress: (1) the number of additional mortgagors served using the automatic process; and (2) the impact of such process and the insurance of mortgages pursuant to it on the safety and soundness of FHA mortgage insurance funds of which such mortgages are obligations. (Sec. 2125) Requires the Secretary and the FHA Commissioner to develop, implement, and report to specified congressional committees a plan to improve the FHA loss mitigation process. (Sec. 2126) Authorizes appropriations to the Secretary for FY2008-FY2012 from the negative credit subsidy for FHA mortgage insurance programs to increase funding for: (1) technology; (2) processes; (3) program performance; (4) fraud elimination; and (5) appropriate staffing in connection with such programs. Conditions such authorization for any fiscal year upon certification by the Secretary that mortgage insurance premiums charged during it: (1) are established at the minimum amount sufficient to comply with the requirements for the MMI capital ratio; and (2) ensure the safety and soundness of the other FHA mortgage insurance funds. Requires any such negative credit subsidy to ensure adequately the efficient delivery and availability of FHA mortgage insurance programs. Requires the Secretary to study and report to Congress on how best to update and upgrade FHA mortgage insurance program processes and technologies so that: (1) the procedures for originating, insuring, and servicing of mortgages conform with those customarily used by secondary market purchasers of residential mortgage loans; and (2) such processes and technology provide appropriate staffing for such programs. (Sec. 2127) Amends the Housing and Urban Development Act of 1968 to revise post-purchase housing counseling eligibility requirements for homeowners who are, or are expected to be, unable to make payments, correct a home loan delinquency within a reasonable time, or resume full home loan payments due to a reduction in the homeowner's income. Extends eligibility to such a homeowner that has a significant: (1) reduction in household income due to divorce or death; or (2) increase in his or her basic expenses or those of an immediate family member (including the spouse, child, or parent for whom the homeowner provides substantial care or financial assistance) due to an unexpected or significant increase in medical expenses, a divorce, unexpected and significant damage to the property, the repair of which will not be covered by private or public insurance, or a large property-tax increase. Adds as an alternative criterion that the annual income of the homeowner is no longer greater than the annual low- or moderate-income. Repeals the automatic counseling eligibility of first-time home buyers whose mortgage: (1) principal obligation exceeds 97% of the property's appraised value; and (2) will be insured. (Sec. 2128) Requires the Secretary to establish a demonstration program to test the effectiveness of alternative forms of pre-purchase homeownership counseling for up to 3,000 first-time homebuyers approved for a home loan with a loan-to-value (LTV) ratio between 97% and 98.5% (eligible homebuyers). Specifies such alternative forms as: (1) telephone counseling; (2) individual in-person counseling; (3) web-based counseling; (4) counseling classes; or (5) any other appropriate form or type of counseling. Authorizes the Secretary to provide incentives to eligible homebuyers to participate in the demonstration program, including reduction of any FHA insurance premium charges owed. (Sec. 2129) Amends the federal criminal code to subject an individual to a fine of up to $1 million and imprisonment for up to 30 years, or both, for certain fraudulent actions intended to influence FHA action in any way, including with respect to an insurance agreement or application for insurance or a guarantee. (Sec. 2130) Prohibits the Secretary, through FY2009, from increasing premiums for the FHA multifamily insurance program above the FY2006 premiums, unless without such increase, insurance of additional mortgages under the program would require the appropriation of new budget authority to cover the costs of such insurance. Requires the Secretary, at least 30 days before such an increase takes effect, to: (1) notify specified congressional committees of the increase; and (2) publish notice of it in the Federal Register. Authorizes the Secretary to waive the 30-day notice requirement if waiting 30 days before increasing premiums would cause substantial damage to the solvency of multifamily housing programs. (Sec. 2133) Prohibits the Secretary, for 12 months beginning on October 1, 2008, from taking any action to implement or carry out risk-based premiums designed for mortgage lenders to offer borrowers an FHA-insured product that provides a range of mortgage insurance premium pricing, based on the risk the insurance contract represents. Prohibits the Secretary, during the same period, from taking any action to implement or carry out any other risk-based premium product related to the insurance of any mortgage on a single family residence under title II of the National Housing Act, where the premium price for such new product is based in whole or in part on a borrower's Decision Credit Score or any successor score. Subtitle B: Manufactured Housing Loan Modernization - FHA Manufactured Housing Loan Modernization Act of 2008 - (Sec. 2143) Amends the National Housing Act with respect to FHA housing loan insurance for manufactured homes (or lots for such homes). Exempts such loans from certain financial institution portfolio limits, increasing an allowable claim for loss from 10% to 90% of an institution's total amount of such loans, credit advances, and purchases. (Sec. 2144) Makes any new contract of insurance for such loans, credit advances, or purchases conclusive evidence of an institution's insurance eligibility. (Thus requires each loan to be insured individually instead of as part of a bundle of such loans.) (Sec. 2145) Increases loan limits, requiring annual indexing. (Sec. 2146) Prescribes requirements for payment by a borrower of premium charges for credit insurance, including an upfront premium of up to 2.25% and an annual premium of up to 1%. (Sec. 2147) Revises requirements for the handling and disposal of any real or personal property conveyed to or acquired by the Secretary, and the pursuit of all claims against mortgagors assigned to the Secretary by mortgagees. (Sec. 2148) Directs the Secretary to: (1) establish underwriting criteria for loans and credit in connection with a manufactured home, or a lot for one, that will ensure the manufactured housing program's financial soundness; and (2) revise within six months existing criteria to accord with those established under this Act. (Sec. 2149) Amends the National Housing Act to apply the prohibition against kickbacks and unearned fees in the Real Estate Settlement Procedures Act of 1974 (RESPA) to each sale of a manufactured homes financed with an FHA-insured loan or extension of credit and related services. Authorizes the Secretary to: (1) determine the manner and extent to which such RESPA prohibition against kickbacks and unearned fees may reasonably be applied to such sale; and (2) grant necessary exemptions to achieve such purpose. Requires the Secretary, in connection with the purchase of a manufactured home financed with a FHA loan or extension of credit, to prohibit acts or practices in connection with loans or extensions of credit that the Secretary finds to be unfair, deceptive, or otherwise not in the interests of the borrower. (Sec. 2150) Prescribes certain lease requirements as prerequisites for HUD insurance of a financial institution with respect to a mortgage loan to finance a manufactured home intended to be leased in a manufactured home community. Title II: Mortgage Foreclosure Protections for Servicemembers - (Sec. 2201) Sets forth a temporary increase in the maximum loan guaranty for certain housing loans guaranteed by the Secretary of Veterans Affairs. (Sec. 2202) Instructs the Secretary of Defense to develop and implement a program to advise members of the Armed Forces returning from active duty abroad on actions to prevent or forestall mortgage foreclosures. (Sec. 2203) Amends the Servicemembers Civil Relief Act to lengthen from 90 days to nine months after a servicemember's military service the protection and stay-of-proceedings periods with respect to the sale, foreclosure, or seizure of property for a breach of a mortgage obligation. Title III: Emergency Assistance for the Redevelopment of Abandoned and Foreclosed Homes - (Sec. 2301) Authorizes FY2008 appropriations for emergency assistance to states and local governments for the redevelopment of abandoned and foreclosed homes and residential properties. (Sec. 2302) Requires each state to receive at least 0.5% of funds made available under this title. (Sec. 2303) Prohibits: (1) the use of such funds for any project that seeks to use the power of eminent domain, unless it is employed only for a public use; or (2) distribution of such funds to individuals or organizations indicted for violations of federal law. (Sec. 2305) Makes appropriations. Earmarks specified appropriations for counseling organizations that target services regarding loss mitigation to minority and low-income homeowners or provide such services in neighborhoods with high concentrations of minority and low-income homeowners Earmarks other appropriations for the Neighborhood Reinvestment Corporation (NRC) to make grants to HUD-approved counseling intermediaries or to hire attorneys to assist homeowners with legal issues directly related to the homeowner's foreclosure, delinquency or short sale. Prohibits use of such funds to provide, obtain, or arrange on behalf of a homeowner any legal representation involving or for the purposes of civil litigation. Title IV: Housing Counseling Resources - (Sec. 2401) Authorizes appropriations for FY2008 to the NRC for foreclosure mitigation activities. (Sec. 2402) Requires entities approved by the NRC or the Secretary and state housing finance entities receiving funds under this Act. To work to identify and coordinate with non-profit organizations operating national or statewide toll-free foreclosure prevention hotlines. Title V: Mortgage Disclosure Improvement Act - Mortgage Disclosure Improvement Act of 2008 - (Sec. 2502) Amends the Truth in Lending Act to set forth additional disclosure requirements governing any extensions of credit (not only home mortgages) secured by the dwelling of a consumer. Increases the actual damages for which a creditor is liable for noncompliance with such Act in the case of an individual action relating to a credit transaction not under an open end credit plan that is secured by real property or a dwelling. Replaces the current range of damages from $200 to $2,000 with one from $400 to $4,000. Title VI: Veterans Housing Matters - (Sec. 2601) Amends veterans' benefits law to authorize home improvements and structural alterations for veterans with a total service-connected disability before discharge or release from the Armed Forces, if the member is likely to be discharged or released for such disability. (Sec. 2602) Authorizes the Secretary of Veterans Affairs (Secretary in this title) to provide assistance for specially adapted housing to any veterans with service-connected disabilities, including: (1) individuals residing outside the United States, and (2) individuals with severe burn injuries. (Sec. 2604) Extends through December 31, 2011, the authority to provide assistance for specially adapted housing to individuals with permanent and total service-connected disabilities who are residing temporarily in housing owned by a family member. (Sec. 2605) Increases the maximum assistance for specially adapted housing benefits for disabled veterans: (1) from $10,000 to $12,000 for adaptations to a residence, including housing owned by a family member where an individual will reside temporarily; and (2) from $50,000 to $60,000 for acquisition of housing with special features. Requires annual adjustments to such maximums according to increases in a cost-of-construction index which the Secretary shall establish. (Sec. 2606) Requires the Secretary to report to certain congressional committees on: (1) the adequacy of the authorities available to assist eligible disabled individuals in acquiring special features for specially adapted housing; and (2) specially adapted housing assistance for individuals who reside on a permanent basis in housing owned by a family member. (Sec. 2608) Amends the United States Housing Act of 1937 regarding eligibility for section 8 rental assistance and other low-income housing programs to exclude from consideration as income certain deferred disability benefits received from the Department of Veterans Affairs. (Sec. 2609) Entitles to payment for transportation of baggage and household effects any members of the armed forces who relocate due to foreclosure of leased or rental housing. Title VII: Small Public Housing Authorities Paperwork Reduction Act - Small Public Housing Authorities Paperwork Reduction Act - (Sec. 2702) Amends the United States Housing Act of 1937 to exempt a qualified public housing agency (PHA) from the requirement to prepare an annual public agency plan if the agency: (1) administers 500 or fewer public housing dwelling units, or section 8 vouchers; and (2) is not designated as a troubled agency. Requires an agency to: (1) continue to make an annual civil rights certification and establish, and consult with, one or more resident advisory boards; and (2) conduct a public hearing to discuss changes to agency goals and policies and make the information available to the public at the agency's principal office. Title VIII: Housing Preservation - Subtitle A: Preservation Under Federal Housing Program - (Sec. 2801) States that the Deficit Reduction Act of 2005 governing FHA asset disposition does not apply to transactions of multifamily real property for which: (1) the HUD Secretary has received written expressions of interest in purchasing the property, before the date of the enactment of such Act, from both a city government and its housing commission; (2) the HUD Secretary acquires title to the property at a foreclosure sale after receipt of such expression of interest; and (3) the city government and housing commission have resolved a previous disagreement regarding property disposition. (Sec. 2802) Considers the Heritage Apartments in Malden, Massachusetts, eligible low-income housing for purposes of resident eligibility for certain enhanced voucher assistance. Requires that such residents receive enhanced rental housing vouchers upon the prepayment of the mortgage loan for the property. Directs the Secretary to approve such prepayment and subsequent transfer of the property without any further condition; but limits occupancy of the property, until the original maturity date of the prepaid mortgage loan, to families with incomes not exceeding 80% of the adjusted median income for the area in which the property is located. (Sec. 2803) Instructs the HUD Secretary, upon owner request, to transfer certain rental assistance contracts on housing owned or managed by: (1) Community Properties of Ohio Management Services LLC or an affiliate of Ohio Capital Corporation for Housing located in Franklin County, Ohio, to other properties in such County; and (2) The Model Group, Inc., located in Hamilton County, Ohio, to other properties located in Hamilton County, Ohio. (Sec. 2804) Amends the United States Housing Act of 1937 to repeal: (1) the authorization for any PHA receiving income from nonrental sources to retain and use such amounts without any decrease in the amounts received from the Capital or Operating Fund; and (2) the requirement that any retained nonrental amounts be used only for low-income housing or to benefit the residents assisted by the PHA. (Sec. 2805) Deems unassisted low and moderate-income residents of Nihonmachi Terrace (San Francisco, California) eligible for Section 8 voucher assistance following refinancing of the existing federally insured mortgage upon such property. Subtitle B: Coordination of Federal Housing Programs and Tax Incentives for Housing - Housing Tax Credit Coordination Act of 2008 - (Sec. 2832) Directs the Secretary of Housing and Urban Development (HUD) to implement administrative and procedural changes to expedite approval of multifamily housing projects under HUD jurisdiction that meet HUD requirements, including: (1) projects for which assistance is provided by HUD in conjunction with low-income housing tax credits or tax-exempt housing bonds; and (2) existing public and assisted housing projects for which HUD approval is necessary for transactions involving project preservation or rehabilitation. Requires the Secretary to: (1) consult with the Commissioner of the Internal Revenue Service (IRS) in coordinating multifamily housing projects rules with the low-income housing tax credit and tax-exempt bond financing; (2) seek recommendations regarding rule changes from project owners and other interested parties; and (3) report to the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs on changes in the multifamily housing project program. (Sec. 2833) Amends the Housing Act of 1949 to direct the Secretary to facilitate, for rehabilitation or preservation purposes, timely approval of requests to transfer ownership or control of certain multifamily farm housing projects assisted by the Secretary of Agriculture in conjunction with low-income housing tax credits or tax-exempt housing bonds. (Sec. 2834) Amends the Department of Housing and Urban Development Reform Act of 1989 to exclude mortgage insurance from certain limits on HUD assistance to housing projects. Amends the National Housing Act to exempt from builders' costs certification requirements certain housing projects assisted with low-income housing tax credits. Sets forth rules for the treatment of mortgages executed in connection with the construction, rehabilitation, purchase, or refinancing of a multifamily housing project for which equity is provided through any low-income housing tax credit. (Sec. 2835) Amends specified housing laws with respect to: (1) the term for PHA project-based housing assistance payment contracts; (2) housing assistance contracts for dwelling units in cooperative housing and high-rise elevator buildings; (3) waiver of subsidy layering and environmental reviews for housing assistance payments contracts for existing structures; (4) treatment of tax credit projects under voucher program rent reasonableness requirements; (5) delegation to state or local housing agencies of processing authority for capital advances in connection with housing for the elderly; (6) contract renewals in connection with a shelter for the homeless; and (7) collection of information on tenants in tax credit projects. Authorizes appropriations for FY2009-FY2013 for collection of such information. Title IX: Miscellaneous - (Sec. 2901) Amends the McKinney-Vento Homeless Assistance Act to increase funding for homeless assistance and provide for emergency assistance under such Act. (Sec. 2902) Directs the HUD Secretary, in conjunction with the Secretary of Energy and the Administrator of the Environmental Protection Agency (EPA), to: (1) consult with the residential mortgage industry and states to develop recommendations to eliminate barriers to increasing the availability, use, and purchase of energy efficient mortgages; and (2) report on such recommendations to Congress. Authorizes appropriations. Division C: Tax-Related Provisions - Housing Assistance Tax Act of 2008 - Amends Internal Revenue Code provisions relating to the low-income housing tax credit and tax-exempt bond rules for financing low-income housing projects. Title I: Housing Tax Incentives - Subtitle A: Multi-Family Housing - Part I: Low-Income Housing Tax Credit - (Sec. 3001) Increases in 2008 and 2009 the per capita amount of the low-income housing tax credit allocable by each state. (Sec. 3002) Modifies rules for the low-income housing tax credit to: (1) eliminate the distinction between new and existing buildings for purposes of such credit; (2) establish a minimum credit rate for nonfederally subsidized buildings; (3) set forth criteria for designating a building as federally subsidized and for considering federal assistance in calculating such credit; and (4) revise basis rules for certain state buildings and community service facilities. (Sec. 3004) Repeals: (1) the prohibition against providing low-income housing tax credits to properties receiving moderate rehabilitation assistance under the Housing Act of 1937; and (2) bond posting requirements relating to the disposition of buildings for which a low-income housing tax credit was claimed. Requires the Comptroller General, not later than December 31, 2012, to submit to Congress a report on amendments to the low-income housing tax credit made by this Act. Requires states to consider the energy efficiency of a low-income housing project and its historical nature in allocating credit amounts among such projects. Extends eligibility for the low-income housing tax credit to students who receive foster care assistance under title IV (Grants to States for Aid and Services to Needy Families with Children and for Child-Welfare Services) of the Social Security Act. (Sec. 3005) Exempts basic military housing allowances from the income test for programs financed by tax-exempt housing bonds. Part II: Modifications to Tax-Exempt Housing Bond Rules - (Sec. 3007) Modifies rules pertaining to tax-exempt housing bonds to: (1) permit treatment of certain residential rental project bonds as refunding bonds, regardless of any change in the obligors of such bonds; and (2) allow continued eligibility for low-income housing tax benefits with respect to new tenants, students, and single-room occupancies. Part III: Reforms Related to the Low-Income Housing Credit and Tax-exempt Housing Bonds - (Sec. 3009) Requires that median gross income levels established for calendar years after 2008 for determining eligibility for low-income housing tax benefits remain at the same level as preceding calendar years. (Sec. 3010) Waives annual income verification requirements for residents of low-income rental projects whose incomes do not exceed applicable limits. Subtitle B: Single Family Housing - (Sec. 3011) Allows first-time homebuyers a tax credit for 10% of the purchase price of a principal residence. Limits the dollar amount of such credit to $7,500. Reduces the amount of such credit for taxpayers with adjusted gross incomes over $75,000 ($150,000 for married taxpayers filing jointly). Requires repayment of such credit over a 15-year period, without interest. (Sec. 3012) Allows individual taxpayers who claim the standard deduction an additional deduction from gross income for state and local real property taxes. Subtitle C: General Provisions - (Sec. 3021) Authorizes in 2008 an increase in the volume cap for issuing tax-qualified bonds for certain residential rental projects. Allows, until December 31, 2010, the use of mortgage bond proceeds to refinance certain subprime residential mortgage loans made between 2002 and 2008. (Sec. 3022) Exempts from the alternative minimum tax (AMT) tax-exempt interest on certain housing bonds. Allows low-income housing and rehabilitation tax credit amounts to offset AMT liability. (Sec. 3023) Allows certain municipal bonds that are guaranteed by federal home loan banks to qualify as tax-exempt bonds. (Sec. 3024) Sets forth an alternative procedure for furnishing a nonforeign affidavit in connection with the sale of a U.S. real property interest (USRPI) and the exemption from withholding of tax requirements. Allow a transferor of a USRPI to furnish a nonforeign affidavit to a qualified substitute (i.e., a person responsible for closing the transaction involving a USRPI or the transferee's agent). Denies an exemption from withholding of tax requirements if the qualified substitute or a transferee has actual knowledge that the nonforeign affidavit is false. (Sec. 3025) Increases from 35 to 50 the percentage of property that may be leased to a tax-exempt entity without affecting such property's allowable rehabilitation tax credit. (Sec. 3026) Extends until January 1, 2010, rules relating to mortgage revenue bonds for residences located in presidentially declared disaster areas. (Sec. 3027) Authorizes the Secretary of the Treasury to transfer funds for the payment of 2008 recovery rebates. Title II: Reforms Related to Real Estate Investment Trusts - Subtitle A: Foreign Currency and Other Qualified Activities - (Sec. 3031) Amends the Internal Revenue Code relating to real estate investment trusts (REITs) to treat passive foreign exchange gains attributable to overseas real estate investment as qualifying REIT income. Revises income and asset tests for such REITs for purposes of determining REIT qualifying income. Subtitle B: Taxable REIT Subsidiaries - (Sec. 3041) Increases from 20 to 25% the the maximum value of a REIT's total assets that may be represented by securities of one or more taxable REIT subsidiaries. Subtitle C: Dealer Sales - (Sec. 3051) Reduces from four to two years the holding period for certain assets exempted from prohibited transaction rules for REITs. (Sec. 3052) Revises criteria for imposing an excise tax penalty for prohibited transactions for sales by REITs. Subtitle D: Health Care REITS - (Sec. 3061) Allows the treatment of rental payments by a health care facility to a taxable REIT subsidiary to be treated as qualifying REIT rental income. Subtitle E: Effective Dates - (Sec. 3071) Sets forth the effective dates for provisions of this subtitle. Title III: Revenue Provisions - Subtitle A: General Provisions - (Sec. 3081) Allows corporate taxpayers to elect an increase in credit amounts allowed against the alternative minimum tax (AMT) and for research expenses in lieu of certain bonus depreciation allowances. (Sec. 3082) Allows taxpayers who claimed a casualty loss deduction for damage to a personal residence caused by Hurricanes Katrina, Rita, or Wilma and who subsequently received a grant as compensation for such damage to file an amended tax return to disallow the casualty loss deduction without payment of any tax penalty. Waives deadlines for starting construction for property in the Gulf Opportunity (GO) Zone eligible for bonus depreciation. Includes Colbert and Dallas Counties in Alabama within the GO Zone for purposes of tax-exempt bond financing. (Sec. 3083) Increases the statutory limit on the public debt (to $10.615 trillion). Subtitle B: Revenue Offsets - (Sec. 3091) Requires payment settlement entities (e.g., banks and third party settlement organizations) to report identifying information and the gross amount of reportable payment transactions (i.e., payment card and third party network transactions) to the Internal Revenue Service (IRS). (Sec. 3092) Limits the exclusion from gross income of gain from the sale of a principal residence by denying an exclusion of the gain that is allocable to a nonqualified use of such residence (i.e., use other than as a principal residence). (Sec. 3093) Delays until 2011 the application of special rules for the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit. (Sec. 3094) Amends the Tax Increase Prevention and Reconciliation Act of 2005 to: (1) repeal the adjustment to the estimated tax liability of corporations with at least $1 billion in assets for the third quarter of 2012; and (2) increase the estimated tax payments of such corporations in the third quarter of 2013 by 16.75%.

American Housing Rescue and Foreclosure Prevention Act of 2008 - Title I: FHA Housing Stabilization and Homeownership Retention - FHA Housing Stabilization and Homeownership Retention Act of 2008 - Subtitle A: Homeownership Retention - (Sec. 112) Amends the National Housing Act (NHA) to create the Refinance Program Oversight Board, which shall establish and oversee a program for insuring homeownership retention mortgages. Instructs the Secretary of Housing and Urban Development (HUD) to insure any homeownership retention mortgage covering a one- to four-family residence made to pay or prepay outstanding obligations under an existing mortgage on the residence. Sets forth mortgagor eligibility criteria, including mortgagor certification that: (1) the residence is the only residence in which the mortgagor has any present ownership interest; (2) the mortgagor has not intentionally defaulted on the existing mortgage, nor knowingly, willfully, and with actual knowledge furnished material information known to be false for the purpose of obtaining the existing mortgage. Requires waiver or forgiveness of all: (1) prepayment penalties; and (2) fees and penalties related to default or delinquency on existing mortgages. Sets forth terms for required: (1) reduction of indebtedness under an existing senior mortgage; (2) extinguishment of debt by refinancing; and (3) treatment of multiple mortgage liens. Requires debt service payments due under a mortgage insured under this Act to be substantially reduced from the debt service payments due under the existing mortgage or mortgages. Requires the mortgage to provide that the HUD Secretary retain a lien on the residence which shall: (1) be subordinate to the mortgage insured under this Act, but senior to all other existing mortgages on it; and (2) secure the repayment. Instructs the Oversight Board to prohibit borrowers from granting a new second lien on the mortgaged property during the first five years the mortgage is insured under this Act. Requires the mortgagee to document and verify mortgagor income. Requires a mortgage insured under this Act to: (1) bear interest at a single fixed rate for the entire mortgage term; and (2) involve a principal obligation that does not exceed the limitation that would be allowable for a mortgage insured pursuant to the Economic Stimulus Act of 2008. Requires the Oversight Board to establish specified underwriting standards for mortgages insured under this Act, including a limitation on origination fees. Sets forth criteria for appraisal independence. Subjects violations of such criteria to civil monetary penalties. Prohibits the aggregate original principal obligation of all mortgages insured under this Act from exceeding $300 billion. Directs: (1) the Oversight Board and the HUD Secretary to monitor independent quality reviews of designated underwriters; and (2) the Inspector General of HUD to conduct an annual compliance audit of the mortgage insurance program under this Act. Requires the HUD Secretary to ensure that securities based on and backed by a pool or trust composed of mortgages insured under this Act are available to be guaranteed by the Government National Mortgage Association (GNMA) for timely payment of principal and interest. Makes the insurance of each mortgage under this Act the obligation of the Special Risk Insurance Fund established by this Act. Sets forth a sunset date of two years after enactment of this Act for commitments to insure under it. Authorizes appropriations for FY2008-FY2009, including specified funds earmarked for: (1) counseling for veterans recently returning from active duty in the Armed Forces; and (2) the Neighborhood Reinvestment Corporation (NRC). Repeals the limitation on the aggregate number of home equity conversion mortgages for elderly homeowners insured under this Act. (Sec. 113) Directs the Board of Governors of the Federal Reserve System to study and report to specified congressional committees on the need for an auction or bulk refinancing mechanism to facilitate refinancing of existing residential mortgages that are at risk for foreclosure into mortgages insured under the NHA. (Sec. 114) Establishes a temporary increase in the maximum loan guaranty amount for certain housing loans guaranteed by the Secretary of Veterans Affairs. (Sec. 115) Requires the Securities and Exchange Commission (SEC) to study and report to Congress on: (1) fair value accounting standards applicable to financial institutions with respect to residential mortgages at risk of foreclosure and mortgage-backed securities involving such mortgages; (2) the effects of such accounting standards upon such institutions' balance sheets and capacity to provide refinancing to residential mortgagors at risk of foreclosure, including residential mortgagors during periods of market value declines and increased foreclosures; and (3) the advisability and feasibility of modifications of such standards during periods of market fluctuation in order to maintain the institution's ability to continue to carry mortgages on residential property at risk of foreclosure and assure the availability of credit to refinance such mortgages. (Sec. 116) Instructs the Comptroller General of the United States to study and report to Congress on the effects of tightening credit markets upon prospective first-time homebuyers in selected communities that have been most detrimentally affected by subprime mortgage foreclosure crises and predatory mortgage lending. Subtitle B: Office of Housing Counseling - Expand and Preserve Home Ownership Through Counseling Act - (Sec. 132) Amends the Department of Housing and Urban Development Act to establish the Office of Housing Counseling. (Sec. 133) Amends the Housing and Urban Development Act of 1968 to: (1) prescribe homeownership and rental counseling procedures and requirements; (2) direct the Secretary to make grants to qualified organizations for homeownership or rental counseling assistance; and (3) require such organizations to use only HUD-certified counselors. (Sec. 136) Directs the HUD Secretary to study and report to Congress on the root causes of home loan defaults and foreclosures, including the role of escrow accounts in helping prime and nonprime borrowers avoid defaults and foreclosures. (Sec. 138) Amends the Real Estate Settlement Procedures Act of 1974 to require a revamping of a public information booklet regarding federally related mortgage loans, with specified contents. Subtitle C: Combating Mortgage Fraud - (Sec. 151) Authorizes appropriations for FY2008-FY2012 for federal prosecution of mortgage fraud. Title II: FHA Reform and Manufactured Housing Loan Insurance Modernization - Subtitle A: FHA Reform - Expanding American Homeownership Act of 2008 - (Sec. 203) Amends the NHA to: (1) increase the maximum principal loan obligation on residential homes eligible for mortgage insurance; (2) extend the mortgage term from 30 years to 40 years; (3) modify downpayment standards; (4) set a maximum premium payment for a mortgage for which any amounts are gifted by a qualified homeownership assistance entity at 3% of the original insured principal obligation; (5) direct the HUD Secretary to establish underwriting standards for mortgage insurance for higher-risk borrowers; and (6) authorize the Secretary to establish flexible risk-based mortgage insurance premium structure involving a single premium payment. (Sec. 208) Sets forth: (1) discretionary three-year and mandatory five-year payment incentives for higher-risk borrowers; and (2) protections for higher-risk borrowers, including additional mandatory disclosures and counseling and a notice of the availability of foreclosure prevention counseling. (Sec. 210) Requires the HUD Secretary to establish related underwriting standards and facilitate payment or prepayment (refinancing) of existing mortgages for borrowers: (1) with either adverse terms or rates in such mortgages; or (2) without access to mortgages at reasonable rates and terms because of adverse market conditions. Authorizes the HUD Secretary to insure mortgages to borrowers in default or at imminent risk of being in default, if such loans meet HUD-established underwriting standards. (Sec. 211) Requires the HUD Secretary to collect information on default and foreclosure rates for HUD mortgage insurance, including actions taken for loss mitigation. (Sec. 212) Increases the maximum mortgage amount limitation for a residence licensed and certificated to operate a child care facility. (Sec. 213) Requires all funds received and disbursements with respect to rehabilitation loans to be credited or charged, as appropriate, to the Mutual Mortgage Insurance Fund (MMIF) (currently, to the General Insurance Fund). (Sec. 215) Requires a multifamily condominium project to have an insured blanket mortgage in order for a one-family unit in the project to qualify for mortgage insurance. Increase from 35 to 40 years the term of such a mortgage. Provides for mortgage insurance for manufactured housing. (Sec. 216) Limits the authority of the HUD Secretary to use the MMIF for mortgage loan guarantees for a particular fiscal year to the aggregate original principal loan amount specified in appropriations Acts for that fiscal year. Requires the Secretary to: (1) provide for an annual independent actuarial study of the MMIF; and (2) make quarterly reports to Congress.. (Sec. 217) Makes insurance of mortgages in Hawaiian home lands and Indian reservations obligations of the MMIF (currently, of the General Insurance Fund). (Sec. 219) Revises requirements for insurance of home equity conversion mortgages for elderly homeowners. Includes among such insurable mortgages a leasehold under a lease with a term ending no earlier than the minimum number of years, as specified by the Secretary, beyond the actuarial life expectancy of the mortgagor or comortgagor, whichever is the later date. Limits the benefits of such mortgage insurance to 132% of a specified dollar amount limitation for a one-family residence. Permits insurance of such a mortgage when the primary purpose of the home equity conversion mortgage is to enable an elderly mortgagor to purchase a one- to four-family dwelling in which the mortgagor will occupy or occupies one of the units. Allows insurance of subordinate mortgages or liens on cooperative dwelling units. Prohibits an applicant mortgagor from satisfying the third party adequate counseling requirement by receiving such counseling from a reverse mortgage lender, servicer or investor, or an entity engaged in the sale of annuities, investments, long-term care insurance, or any other type of financial or insurance product. Repeals: (1) the waiver of upfront premiums for insured mortgages whose total amount will be used only to fund long-term care insurance; and (2) funding for counseling and consumer education and outreach. Instructs the HUD Secretary to: (1) prescribe regulations protecting elderly homeowners from the marketing of financial and insurance products not in their interest, including the marketing or sale of an annuity as a condition of obtaining any home equity conversion mortgage; (2) establish limits upon origination fees; and (3) study and report to Congress on mortgage insurance premiums that insure home equity conversion mortgages for elderly homeowners. Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to authorize the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to deal in NHA-insured mortgages, notwithstanding certain limitations upon maximum original principal obligations. (Sec. 220) Instructs the Comptroller General to study and report to Congress on the impact of financial audit and net worth requirements upon mortgage brokers and correspondent lenders, and specified related matters. (Sec. 221) Revises the authority of the HUD Secretary to insure mortgages for disaster housing to increase the limit on the principal obligation by the amount of any initial service charges, appraisal, inspection, and other fees. Authorizes the HUD Secretary, after a presidential major disaster declaration, to enter, for up to 36 months, into agreements to insure a mortgage which involves a principal obligation of up to 100% of a specified dollar amount limitation for a single-family mortgage. (Sec. 222) Establishes penalties for: (1) failure by a mortgage servicer to make timely payments from escrow accounts; and (2) submission of information to a consumer reporting agency regarding such failure that is adverse to the mortgagor's credit rating or interest. Prohibits the HUD Secretary from submitting such information to a consumer reporting agency. (Sec. 223) Prescribes acceptable forms of identification for FHA mortgagors. Prohibits the Secretary from insuring a mortgage unless the mortgagor provides such identification. (Sec. 224) Directs the HUD Secretary to implement a pilot program to make available to mortgagees an automated process for providing alternative credit rating information for actual and prospective mortgagors, under mortgages for one- to four-family residences to be insured, who have insufficient credit histories for determining their creditworthiness. Directs the Comptroller General to report to Congress on the number of additional mortgagors served using such automated process, and its impact upon the safety and soundness of the insurance funds under the NHA. (Sec. 225) Expresses the sense of the Congress that: (1) the HUD Secretary should use a portion of the funds received from premiums paid for FHA single family housing mortgage insurance that exceed the amounts paid out in claims to increase the funding for technology used in such FHA program; (2) the goal of this investment should be to bring such technology up to or in excess of the level of technology used in the conventional mortgage lending market; and (3) the HUD Secretary should report to Congress on progress made toward such goal and the resources needed for greater progress. (Sec. 226) States that the Deficit Reduction Act of 2005 governing FHA asset disposition does not apply to a multifamily real property transaction for which: (1) the HUD Secretary has received, before enactment of such Act, written expressions of interest in purchasing the property from both a city government and its housing commission; (2) after such receipt, the Secretary acquires title to the property at a foreclosure sale; and (3) such city government and housing commission have resolved a previous disagreement regarding disposition of the property. (Sec. 227) Directs the Secretary to consider industry standard appraisal practices when determining market value during FY2008 of a multifamily property or for any multifamily loan for noncompetitive sale to a state or local governmental entity (including repair costs: (1) to bring the property to minimum state and local code standards; and (2) of maintaining the affordability restrictions upon the multifamily real property or multifamily loan). (Sec. 228) Prohibits mortgage insurance premium increases above the level in effect on October 1, 2006, unless in the absence of such an increase the appropriation of new budget authority would be required to cover the costs of such insurance. (Sec. 229) Establishes civil money penalties for improperly influencing appraisals in connection with an insured mortgage. (Sec. 230) Requires the HUD Secretary to provide refunds of unearned mortgage insurance premium charges paid with respect to certain insured mortgages. Authorizes appropriations. Subtitle B: FHA Manufactured Housing Loan Insurance Modernization - FHA Manufactured Housing Loan Modernization Act of 2008 - (Sec. 253) Exempts a manufactured home or its lot from the limitation on insurance for a financial institution's loans, advances of credit, and purchases. (Sec. 254) Makes any contract of insurance with respect to loans, advances of credit, or purchases in connection with a manufactured home or its lot conclusive evidence of the institution's eligibility for insurance. (Sec. 255) Increases maximum loan limits for such insurance. (Sec. 256) Prescribes requirements for insurance premiums. (Sec. 258) Directs the Secretary to establish insurance underwriting criteria for loans and advances of credit for such homes or lots. (Sec. 259) Requires a borrower to have a valid Social Security account number in order for any obligation to be insured. (Sec. 260) Instructs the Comptroller General to assess and report to Congress on how the HUD Secretary utilizes the FHA manufactured housing loan insurance program to mitigate tornado risks to manufactured housing residents and communities. Title III: Reform of Government-Sponsored Entities for Housing Finance - Federal Housing Finance Reform Act of 2008 - Subtitle A: Reform of Regulation of Enterprises and Federal Home Loan Banks - Chapter 1: Improvement of Safety and Soundness - (Sec. 311) Amends the Housing and Community Development Act of 1992 to replace the Office of Federal Housing Enterprise Oversight (OFHEO) with the Federal Housing Finance Agency (Agency). Grants the Agency supervisory and regulatory authority over Fannie Mae, Freddie Mac, and the federal home loan banks (enterprises). Requires the Agency to have Deputy Directors: (1) of the Division of Enterprise Regulation; (2) of the Division of Federal Home Loan Bank Regulation; and (3) for Housing. Requires the Agency Director to establish the position of Ombudsman. Instructs the Director to establish prudential management and operations standards for the enterprises. (Sec. 313) Establishes the Federal Housing Enterprise Board to advise the Director on overall strategies and policies. (Sec. 315) Authorizes the Director to require the enterprises to: (1) report fraudulent financial transactions; and (2) disclose charitable contributions they have made. (Sec. 316) Prescribes annual assessments to be collected from the enterprises. Requires the Comptroller General to audit annually and report to Congress on the financial transactions of the Agency. (Sec. 318) Revises the prohibition against excessive executive compensation for officers of the enterprises. Authorizes the Director to require a regulated entity to withhold any payment, transfer, or disbursement of compensation to an executive officer, or to place such compensation in an escrow account, during the review of the compensation's reasonableness and comparability. (Sec. 320) Requires each regulated entity to either establish an Office of Minority and Women Inclusion, or designate an office responsible for diversity in management, employment, and business activities. Requires the Agency to take affirmative steps to seek diversity at all levels in its workforce consistent with the demographic diversity of the United States. (Sec. 321) Repeals the requirement for congressional review of regulations proposed by the Director. (Sec. 322) Declares that submission by any person to the Agency of any information for any purpose in the course of any supervisory or regulatory process shall not be construed as waiving, destroying, or otherwise affecting any privilege such person may claim with respect to such information under federal or state law as to any person or entity other than the Agency. (Sec. 323) Revises requirements for risk-based capital levels for the enterprises, including federal home loan banks. (Sec. 324) Prescribes minimum and critical capital levels for federal home loan banks and the enterprises. Empowers the Director to: (1) increase temporarily the minimum capital level for a regulated entity; (2) establish additional capital and reserve requirements for particular programs; (3) review core capital maintained by such entities; (4) review assets and liabilities of the entities and monitor their portfolios; and (5) require disposition or acquisition of assets and liabilities by the enterprises. (Sec. 326) Sets forth corporate governance and risk-management requirements for the enterprises, including a specified code of ethics. (Sec. 327) Requires each of them to register at least one class of its stock with the SEC. (Sec. 328) Amends the Federal Financial Institutions Examination Council Act of 1978 to require one representative of the Agency to sit on the liaison committee of the Federal Financial Institutions Examination Council. (Sec. 329) Requires the Director to study and report to Congress on the pricing, transparency, and reporting of the enterprises with respect to guarantee fees and analogous practices, transparency, and reporting requirements of other participants in the mortgage purchasing and securitization business (including advances pricing practices by the federal home loan banks). Chapter 2: Improvement of Mission Supervision - (Sec. 332) Instructs the Director to require the enterprises to obtain the Director's approval before offering a product. Sets forth approval standards and procedures, including expedited review. (Sec. 333) Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to increase the limitations governing the maximum original obligation of conventional mortgages purchased by Fannie Mae and Freddie Mac for 2008. Prescribes a formula for calculating such limitations for mortgages originated on or after January 1, 2009. Instructs the Director to establish and maintain a method of assessing the national average one-family house price (housing price index) for use in adjusting the conforming loan limitations of the enterprises. Requires the Comptroller General to audit the Director's methodology and report the results to certain congressional committees. Expresses the sense of Congress that: (1) securitization of mortgages by the enterprises plays an important role in providing liquidity to the U.S. housing markets; and (2) Congress encourages them to securitize mortgages acquired under the increased conforming loan limits established by this Act. (Sec. 334) Requires the Director to report annually to specified congressional committees on the enterprises. (Sec. 335) Requires the enterprises to report annually to Congress on affordable housing stock. (Sec. 336) Requires the Director to establish and enforce standards that: (1) prohibit the enterprises from the purchase, service, holding, selling, lending on the security of, or otherwise dealing with any mortgage on a one- to four-family residence that will be used as the principal residence of a mortgagor that does not have a Social Security number (mortgagor identification requirements); and (2) prohibit the federal home loan banks from providing any advances to a member for use in financing, and from accepting as collateral for any advance to a member, any mortgage on a one- to four-family residence that will be used as the principal residence of the mortgagor that does not have such a number. (Sec. 337) Instructs the Director to establish and report annually to Congress on annual single family and multifamily special affordable housing goals with respect to mortgage purchases by the enterprises. Authorizes an enterprise to petition the Director during a year to reduce the level of any goal for that year. Prescribes standards for such a goal reduction. (Sec. 338) Amends the Housing and Community Development Act of 1992 to impose a duty upon the enterprises to serve underserved markets (rural markets and very low-, low-, and moderate-income families). Prescribes requirements for enterprise development of loan products and flexible underwriting guidelines to facilitate a secondary market for mortgages on manufactured homes. (Sec. 339) Requires the Director to assign additional credit toward achievement of the housing goals for enterprise mortgage purchase activities that comply with such goals and support: (1) environmental housing standards; and (2) housing that includes a licensed childcare center. Sets forth penalties for noncompliance with housing goals. (Sec. 340) Instructs the Director to establish an affordable housing fund with amounts allocated by the enterprises to: (1) increase homeownership for extremely low-and very low-income families; (2) increase investment in housing in low-income areas, including those designated as qualified census tracts or an area of chronic economic distress; (3) increase and preserve the supply of rental and owner-occupied housing for extremely low- and very low-income families; (4) invest in public infrastructure development; and (5) leverage investments from other sources to affordable housing and its attendant public infrastructure development. Sunsets the affordable housing fund program after five years. Prohibits the enterprises from redirecting (passing through) costs to the originators of mortgages they purchased or securitized. Prescribes formulas for affordable housing needs allocations for Louisiana and Mississippi. Requires each grantee to establish an allocation plan. Cites Social Security, photo, REAL ID, passport, and USCIS photo identification requirements for recipients of affordable housing grants. Instructs the Comptroller General to study and report to Congress on the effects the affordable housing fund will have upon credit for homebuyers, including: (1) the requirement that Fannie Mae and Freddie Mac make allocations to such fund based on the average total mortgage portfolios; and (2) the extent to which the mandatory allocation costs will either be borne by such entities or will be passed on to homebuyers. (Sec. 342) Specifies additional grounds for the issuance of cease-and-desist orders by the Director upon an enterprise. Chapter 3: Prompt Corrective Action - (Sec. 345) Requires the Director to establish specified capital classification criteria for the federal home loan banks. Authorizes the Director to reclassify an enterprise in circumstances of rapidly depleting of core or total capital or engagement in unsafe or unsound practices. (Sec. 346) Specifies regulatory actions for enterprises which are undercapitalized, including: (1) mandatory monitoring; (2) restricted asset growth; and (3) prior approval of acquisitions, including new products and new activities. (Sec. 347) Specifies management improvement actions, including dismissal of directors or executive officers and ordering the election of a new board, the Director must take with respect to a significantly undercapitalized enterprise. Prohibits any significantly undercapitalized enterprise, without the Director's prior approval, from paying an executive officer of the enterprise: (1) any bonus; or (2) any compensation exceeding the officer's average rate (excluding bonuses, stock options, and profit sharing) for the previous 12 months. (Sec. 348) Changes from mandatory to discretionary the authority of the Director to appoint a conservator or receiver of a critically undercapitalized enterprise. Requires the Director to appoint the Agency as such conservator or receiver. Specifies circumstances and grounds for exercise of such authority, including grounds for mandatory receivership. Authorizes an enterprise to seek judicial review of the Agency's appointment as conservator or receiver. Revises procedures for a conservatorship or receivership. Specifies the Agency's powers as conservator or receiver. Chapter 4: Enforcement Actions - (Sec. 351) Revises the Director's authority to issue charges and/or a temporary cease-and-desist order upon an enterprise or affiliated party for unsafe or unsound practices or violations of law. Authorizes the Director to deem an entity to be engaging in an unsafe or unsound practice if it receives a less-than-satisfactory rating in its most recent examination. (Sec. 353) Authorizes a court, upon the application of the Director or the Attorney General, to issue a restraining order: (1) prohibiting any person from disposing of any funds or other property of an enterprise (prejudgment attachment); and (2) appointing a person temporarily to administer the order. (Sec. 354) Authorizes the Director to apply for enforcement of a notice or order directly (currently, only through the Attorney General) to the U.S. District Court for the District of Columbia, or the U.S. district court within the jurisdiction of which the enterprise's headquarters are located. (Sec. 355) Revises the three tiers of violations subject to civil money penalties. Increases such penalties. (Sec. 356) Grants the Director removal, prohibition, and subpoena authority over an enterprise or affiliated party in violation of any law or order. (Sec. 357) Subjects to criminal liability any person, subject to a removal order, who without the Director's prior written approval knowingly participates, directly or indirectly, in any manner in the affairs of any enterprise. (Sec. 358) Authorizes the Director to apply directly for enforcement of any subpoena or subpoena duces tecum (currently, only through the Attorney General) to the appropriate U.S. District court. Chapter 5: General Provisions - (Sec. 361) Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to revise requirements governing the boards of the enterprises. Changes the number of board members for Fannie Mae and Freddie Mac from 18, of whom five must be appointed by the President, to 13, or any other number the Director determines appropriate. Eliminates presidential appointments. Requires all board members to be elected by the common stockholders. (Sec. 362) Instructs the Director to report to Congress on portfolio operations, safety and soundness, and mission of the enterprises, including an analysis of potential systemic risk implications, the housing and capital markets, and the financial system of portfolio holdings. (Sec. 364) Requires the Director to study and report to Congress on the effects upon financial and housing finance markets of alternatives to the current secondary market system for housing finance. Subtitle B: Federal Home Loan Banks - (Sec. 372) Amends the Federal Home Loan Bank Act to: (1) bring the federal home loan banks under Agency regulation; (2) revise requirements governing membership, terms, and compensation of the board of directors; (3) permit joint activities by the banks; and (4) permit information sharing and voluntary mergers between such banks. (Sec. 377) Exempts home loan banks from specified requirements of the Securities Exchange Act of 1934, the Securities Act of 1933, and related SEC regulations regarding: (1) transactions in capital stock of such banks; (2) bonds, debentures and other obligations of such banks; (3) periodic reporting requirements; and (4) tender offers in connection with transactions in capital stock of the banks. (Sec. 378) Increases from $500 million to $1 billion the total asset requirement for a community financial institution member. Adds community development activities to the limited uses of a secured long-term advance from a federal home loan bank. (Sec. 380) Instructs the Comptroller General to study and report to Congress and the Director on: (1) the use of the affordable housing programs of the banks to determine the extent to which such programs are used to assist long-term care facilities for low- and moderate-income individuals; and (2) the effectiveness and adequacy of such assistance in meeting the needs of affected communities. Subtitle C: Transfer of Functions, Personnel, and Property of Office of Federal Housing Enterprise Oversight, Federal Housing Finance Board, and Department of Housing and Urban Development - Chapter 1: Office of Federal Housing Enterprise Oversight - (Sec. 385) Abolishes the Office of Federal Housing Enterprise Oversight of HUD (OFHEO). (Sec. 387) Transfers each OFHEO employee to the Agency. Chapter 2: Federal Housing Finance Board - (Sec. 391) Abolishes the Federal Housing Finance Board. (Sec. 393) Transfers each Board employee to the Agency. Chapter 3: Department of Housing and Urban Development - (Sec. 395) Transfers specified enterprise-related functions, employees, and property from HUD and OFHEO to the Agency Director. Title IV: Emergency Mortgage Loan Modification - Emergency Mortgage Loan Modification Act of 2008 - (Sec. 402) Establishes a standard for loan modifications or workout plans for pools of certain residential mortgage loans. States that the servicer of such pooled loans owes a duty to the securitization vehicle to maximize recovery of proceeds for the benefit of all investors and holders of beneficial interests in the pooled loans in the aggregate, and not to any individual party or group of parties. Deems the loan servicer to be acting on behalf of the securitization vehicle in the best interest of investors and holders if the servicer makes certain loss mitigation efforts for a loan in or facing payment default in the reasonable belief that the particular modification, workout plan, or other mitigation actions will maximize the net present value to be realized over that which would be realized through foreclosure. Shields a servicer, acting in a manner consistent with such duty, from liability to specified persons for entering into a qualified loan modification or workout plan for loss mitigation purposes (including any person obligated to make specified payments pursuant to a derivatives instrument). Defines "qualified loan modification or workout plan" as one that: (1) is scheduled to remain in place until the borrower sells or refinances the property, or for at least five years from the date of adoption of the plan, whichever is sooner; (2) does not provide for a repayment schedule that results in negative amortization; and (3) does not require the borrower to pay additional points and fees. Defines "securitization vehicle" as a trust, corporation, partnership, limited liability entity, special purpose entity, or other structure that: (1) is the issuer, or is created by the issuer, of mortgage pass-through certificates, participation certificates, mortgage-backed securities, or other similar securities backed by an asset pool that includes residential mortgage loans; and (2) holds such loans. Title V: Other Housing Provisions - (Sec. 501) Amends the Home Owners' Loan Act to authorize investments by a federal savings and loan association to promote the public welfare through the provision of housing, services, and jobs that target low- and moderate-income communities or families. Prohibits such investment, however, if it would subject a federal savings association to unlimited liability to any person. Sets limitations upon such investments in the aggregate. (Sec. 502) Permits the conversion of two specified HUD contracts to a contract for project-based rental assistance for low-income families upon request of the owner of the multifamily housing project subject to such contracts. (Sec. 503) Declares eligible for low-income housing and enhanced housing voucher assistance the Heritage Apartments in Malden, Massachusetts. (Sec. 504) Directs the HUD Secretary to transfer, upon owner request, certain rental assistance contracts on housing owned or managed by: (1) Community Properties of Ohio Management Services LLC, or an affiliate of Ohio Capital Corporation for Housing, located in Franklin County, Ohio, to other properties located in such county; and (2) The Model Group, Inc., located in Hamilton County, Ohio, to other properties located in such county. (Sec. 505) Amends federal bankruptcy law to prohibit a governmental unit that operates a mortgage loan program from denying program benefits (including a loan guarantee or subsidy) to a disabled veteran who has been declared a debtor in bankruptcy, has been insolvent before commencement of a bankruptcy case, or meets related criteria. Title VI: Revenue and Other Provisions - Subtitle A: Housing Tax Incentives - Part 1: Multi-Family Housing - Subpart A: Low-Income Housing Tax Credit - Amends Internal Revenue Code provisions relating to the low-income housing tax credit and tax-exempt bond rules for financing low-income housing projects. (Sec. 601) Increases in 2008 and 2009 the per capita amount of the low-income housing tax credit allocable by each state. (Sec. 602) Modifies rules for the low-income housing tax credit to: (1) eliminate the distinction between new and existing buildings for purposes of such credit; (2) establish a minimum credit rate for nonfederally subsidized buildings; (3) set forth criteria for designating a building as federally subsidized and for considering federal assistance in calculating such credit; and (4) revise basis rules for certain state buildings and community service facilities. (Sec. 604) Repeals: (1) the prohibition against providing low-income housing tax credits to properties receiving moderate rehabilitation assistance under the Housing Act of 1937; and (2) bond posting requirements relating to the disposition of buildings for which a low-income housing tax credit was claimed. Requires states to consider the energy efficiency of a low-income housing project and its historical nature in allocating credit amounts among such projects. Extends eligibility for the low-income housing tax credit to students who receive foster care assistance under title IV (Grants to States for Aid and Services to Needy Families with Children and for Child-Welfare Services) of the Social Security Act. Subpart B: Modifications to Tax-Exempt Housing Bond Rules - (Sec. 606) Modifies rules pertaining to tax-exempt housing bonds to: (1) permit treatment of certain residential rental project bonds as refunding bonds regardless of any change in the obligors of such bonds; and (2) allow continued eligibility for low-income housing tax benefits with respect to new tenants, students, and single-room occupancies. Subpart C: Reforms Related to the Low-Income Housing Credit and Tax-exempt Housing Bonds - (Sec. 609) Requires that median gross income levels established for calendar years after 2008 for determining eligibility for low-income housing tax benefits remain at the same level as preceding calendar years. (Sec. 610) Waives annual income recertification requirements for residents of low-income rental projects whose incomes do not exceed applicable limits. Part 2: Single Family Housing - (Sec. 612) Allows first-time homebuyers a tax credit for 10% of the purchase price of a principal residence. Limits the dollar amount of such credit to $7,500. (Sec. 613) Allows individual taxpayers who claim the standard deduction an additional deduction from gross income for state and local real property taxes. Part 3: General Provisions - (Sec. 615) Authorizes in 2008 an additional $10 billion in the volume cap for issuing tax-qualified bonds for certain residential rental projects. Allows, until December 31, 2010, the use of mortgage bond proceeds to refinance certain subprime residential mortgage loans made between 2002 and 2008. (Sec. 616) Exempts from the alternative minimum tax (AMT) tax-exempt interest on certain housing bonds. Allows low-income housing and rehabilitation tax credit amounts to offset AMT liability. (Sec. 617) Allows certain municipal bonds that are guaranteed by federal home loan banks to qualify as tax-exempt bonds. (Sec. 618) Sets forth an alternative procedure for furnishing a nonforeign affidavit in connection with the sale of a U.S. real property interest (USRPI) and the exemption from withholding of tax requirements. Allow a transferor of a USRPI to furnish a nonforeign affidavit to a qualified substitute (i.e., a person responsible for closing the transaction involving a USRPI or the transferee's agent). Denies an exemption from withholding of tax requirements if the qualified substitute or a transferee has actual knowledge that the nonforeign affidavit is false. (Sec. 619) Increases from 35 to 50 the percentage of property that may be leased to a tax-exempt entity without affecting such property's allowable rehabilitation tax credit. Subtitle B: Reforms Related to Real Estate Investment Trusts - Part 1: Foreign Currency And Other Qualified Activities - (Sec. 621) Amends the Internal Revenue Code relating to real estate investment trusts (REITs) to treat passive foreign exchange gains attributable to overseas real estate investment as qualifying REIT income. Revises income and asset tests for such REITs for purposes of determining REIT qualifying income. Part 2: Taxable REIT Subsidiaries - (Sec. 625) Increase from 20 to 25% the the maximum value of a REIT's total assets that may be represented by securities of one or more taxable REIT subsidiaries. Part 3: Dealer Sales - (Sec. 627) Reduces from four to two years the holding period for certain assets exempted from prohibited transaction rules for REITs. (Sec. 628) Revises criteria for imposing an excise tax penalty for prohibited transactions for sales by REITs. Part 4: Health Care REITS - (Sec. 630) Allows the treatment of rental payments by a health care facility to a taxable REIT subsidiary to be treated as qualifying REIT rental income. Part 5: Effective Dates - (Sec. 632) Sets forth the effective dates for provisions of this Subtitle. Subtitle C: Revenue Provisions - (Sec. 641) Requires brokers who are required to report gross proceeds from the sale of any publicly-traded security to report the holder's adjusted basis in such security and whether any gain or loss with respect to such security is long or short term. (Sec. 642) Delays until 2010 the application of special rules for the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit. (Sec. 643) Amends the Tax Increase Prevention and Reconciliation Act of 2005 to: (1) repeal the adjustment to the estimated tax liability of corporations with at least $1 billion in assets for the third quarter of 2012; and (2) increase the estimated tax payments of such corporations in the third quarter of 2013 by 13%. Subtitle D: Coordination of Federal Housing Programs and Tax Incentives for Housing - Housing Tax Credit Coordination Act of 2008 - (Sec. 652) Instructs the HUD Secretary to implement administrative and procedural changes to expedite approval of multifamily housing projects under HUD jurisdiction that meet HUD requirements, including: (1) projects for which assistance is provided by HUD in conjunction with low-income housing tax credits or tax-exempt housing bonds; and (2) existing public and assisted housing projects for which HUD approval is necessary for transactions involving project preservation or rehabilitation. (Sec. 653) Amends the Housing Act of 1949 to direct the HUD Secretary to facilitate, for rehabilitation or preservation purposes, timely approval of requests to transfer ownership or control of certain multifamily farm housing projects assisted by the Secretary of Agriculture in conjunction with low-income housing tax credits, or tax-exempt housing bonds. (Sec. 654) Amends the Department of Housing and Urban Development Reform Act of 1989 to exclude mortgage insurance from certain limits on HUD assistance to housing projects. Amends the National Housing Act to exempt from builders' costs certification requirements certain housing projects assisted with low-income housing tax credits. Prescribes procedures governing the treatment of mortgages executed in connection with the construction, rehabilitation, purchase, or refinancing of a multifamily housing project for which equity is provided through any low-income housing tax credit. (Sec. 655) Amends specified housing law with respect to: (1) an increase in contract term from 10 to 15 years for PHA project-based housing assistance payment contracts; (2) housing assistance contracts for dwelling units in cooperative housing and high-rise elevator buildings; (3) waiver of subsidy layering and environmental reviews for housing assistance payments contracts for existing structures; (4) treatment of tax credit projects under voucher program rent reasonableness requirements; (5) delegation to state or local housing agencies of processing authority for capital advances in connection with housing for the elderly; (6) contract renewals in connection with a shelter for the homeless; and (7) collection of information on tenants in tax credit projects. Authorizes FY2009-FY2013 appropriations for collection of such information. Subtitle E: Limitation on Sale, Foreclosure, or Seizure of Property Owned by Servicemembers - (Sec. 661) Amends the Servicemembers Civil Relief Act to extend from 90 days to one year after the period of a servicemember's military service the period of protection against mortgage foreclosure. (Sec. 662) Requires the mortgagor or loan servicer, in the case of a servicemember who defaults on a mortgage obligation for two consecutive months, to furnish the servicemember with a written financial disclosure describing the servicemember's liability for the period during which a sale, foreclosure, or seizure of the property is not valid. States that neither this Act, the National Bank Act, nor the Home Owners' Loan Act preempts state law regulating foreclosure of residential real property or the treatment of foreclosed property.

Foreclosure Prevention Act of 2008 - Title I: FHA Modernization Act of 2008 - FHA Modernization Act of 2008 - Subtitle A: Building American Homeownership - Building American Homeownership Act of 2008 - (Sec. 112) Amends the National Housing Act (NHA) to revise mortgage insurance eligibility requirements. Alters the respective formulas to increase the percentages of the maximum principal loan obligations applicable to family residences located in: (1) the United States; and (2) Alaska, Guam, Hawaii, or the Virgin Islands. Prohibits the maximum principal loan obligation from exceeding 100% of the appraised value of the property. (Sec. 113) Increases from 3% to 3.5% of the appraised value of a property the mortgagor's required cash (or equivalent) investment (downpayment). Prohibits any funds for such cash investment from: (1) the seller or any other person or entity benefiting financially from the transaction (seller-funded downpayment assistance); or (2) any third party or entity reimbursed by any of such parties. (Sec. 114) Increases maximum mortgage insurance premiums for certain small family dwellings that are an obligation of the Mutual Mortgage Insurance Fund (MMIF). Removes General Insurance Fund (GIF) and condominium mortgages from application of premium requirements (leaving only MMIF mortgages subject to such requirements). (Sec. 115) Repeals the termination date for, thus making permanent, the authority of the Secretary of Housing and Urban Development (HUD) to insure loans for rehabilitation of one- to four-family structures used primarily for residential purposes. Replaces all references to the GIF with references to the MMIF. (Sec. 116) Instructs the Secretary to notify the Secretary of Agriculture (instead of the Administrator of the Farmers Home Administration, as under current law) whenever HUD acts to suspend or revoke the approval of any mortgagee to participate in the mortgage insurance program. (Sec. 117) Requires any mortgage in a one-family unit in a condominium project insured by HUD to have a blanket mortgage also insured by HUD. Redefines mortgage to include a one-family condominium unit in certain multifamily projects. (Sec. 118) Revises requirements governing the MMIF. Limits commitments for loan guarantees to those specified in appropriations Acts. Requires an annual independent actuarial study of the Fund, as well as quarterly reports to Congress. Authorizes the Secretary to adjust premiums and other features of the program as necessary to reduce the risk to the Fund if it is not meeting specified operational goals, including the institution of fraud prevention quality control screening. (Sec. 119) Revises requirements for single-family mortgage insurance on Hawaiian home lands and on Indian reservations to replace the GIF with the MMIF as the obligated Fund. (Sec. 121) Redefines "home mortgage" and "mortgage" in connection with cooperative housing projects to include a subordinate mortgage. (Sec. 122) Requires the mortgagor of a home equity conversion mortgage (reverse mortgage) to receive counseling from an independent third party that is neither associated with nor compensated by a party involved in: (1) originating or servicing the mortgage; (2) funding the loan underlying the mortgage; or (3) the sale of annuities, investments, long-term care insurance, or any other type of financial or insurance product. Requires the Secretary to establish mandatory qualification standards and uniform counseling protocols for counselors for home equity conversion mortgages for elderly homeowners. Repeals the mandatory waiver of upfront premiums for mortgages that fund long-term care insurance. Revises funding for consumer education counseling and outreach to authorize the Secretary to use a portion of the mortgage insurance premiums to fund mandatory counseling and disclosure activities, including counseling for homeowners who elect not to take out a home equity conversion mortgage. Authorizes the Secretary to insure a home equity conversion mortgage that will be used to purchase a one- to four-family dwelling unit, one unit of which the mortgagor will occupy as a primary residence, and to provide for any future payments to the mortgagor, based upon available equity. Sets a limit upon such principal obligation. Prohibits mortgage originators from participating or associating with or employing any party that participates in or is associated with any other financial or insurance activity. Requires mortgage originators, in the alternative to such outright prohibition, to demonstrate that the mortgagee or other party will maintain safeguards designed to ensure that: (1) mortgage origination participants have no involvement with nor incentive to provide the mortgagor with any other financial or insurance product; and (2) the mortgagor shall not be required, as a condition of obtaining a mortgage, to purchase any other financial or insurance product. Requires all mortgage origination participants in a HUD-insured mortgage to be HUD-approved. Declares that a mortgagor shall not be required by the mortgagee to purchase an insurance, annuity, or other additional product as a prerequisite to eligibility for a mortgage. Directs the Secretary to: (1) study consumer protections and underwriting standards to ensure that product purchases are appropriate for the consumer; and (2) establish specified limits on the origination fee that may be charged to a mortgagor under a HUD-insured mortgage. Directs the Comptroller General to study and report to Congress on the costs and availability of credit under the home equity conversion mortgages for elderly homeowners program. (Sec. 123) Amends the Energy Policy Act of 1992 to: (1) modify the maximum permissible costs of cost-effective energy efficiency improvements; and (2) prohibit the aggregate number of mortgages insured under the Energy Efficient Mortgages Pilot Program in any fiscal year from exceeding 5% of the aggregate number of mortgages for one- to four-family HUD-insured residences during the preceding fiscal year. (Sec. 124) Directs the Secretary to implement a five-year pilot program to establish, and make available to mortgagees, an automated process for providing alternative credit rating information for mortgagors under HUD-insured mortgages on one- to four-family residences who have insufficient credit histories to determine their creditworthiness. Permits such alternative credit rating information to include rent, utilities, and insurance payment histories. Directs the Comptroller General to study and report to Congress on: (1) the number of additional mortgagors served using such automated process; and (2) the impact of such process and its attendant mortgage insurance upon the safety and soundness of the insurance funds under the NHA. (Sec. 125) Instructs the Secretary and the Commissioner of the Federal Housing Administration (FHA) to: (1) develop and implement a plan to improve the FHA loss mitigation process; and (2) report such plan to certain congressional committees. (Sec. 126) Authorizes appropriations for FY2009-FY2013 from negative credit subsidy for: (1) certain mortgage insurance programs to improve technology, processes, program performance, eliminate fraud; and (2) for appropriate staffing in connection with such mortgage insurance programs. Directs the Secretary to study and report to Congress on recommendations from participants in the private residential mortgage lending business and the secondary market for such mortgages on upgrades to processes and technologies for certain mortgage insurance programs so that origination, insurance, and servicing procedures conform with those customarily used by secondary market purchasers of residential mortgage loans. (Sec. 127) Amends the Housing and Urban Development Act of 1968 to revise the eligibility criterion for home ownership counseling involving inability to make or resume full home loan payments, or correct a home loan delinquency within a reasonable time, due to a reduction in the homeowner's income. Includes as possible causes of such an inability: (1) reduction in income due to divorce or death; or (2) a significant increase in basic expenses due to medical expenses, specified property damage, or large property-tax increase. Adds as a new eligibility criterion a HUD determination that the homeowner's annual income is no greater than established annual income of low- or moderate-income. Repeals the eligibility criteria that: (1) the applicant be a first-time homebuyer meeting certain requirements; and (2) the mortgage involve a principal obligation exceeding 97% of the property's appraised value, and soon be insured. (Sec. 128) Requires the Secretary to establish a demonstration program to test the effectiveness of alternative forms of pre-purchase home ownership counseling for eligible home buyers. (Sec. 129) Amends federal criminal law to subject to criminal penalties knowingly false statements, as well as willful overvaluations of land, property, or security, made to the FHA in connection with an insurance agreement or application for insurance or a guarantee, as well as other specified financial transactions. (Sec. 130) Specifies limits and conditions on mortgage insurance premium increases. (Sec. 133) Imposes a 12-month moratorium upon implementation of specified risk-based premiums designed for mortgage lenders to offer borrowers an FHA-insured product that provides a range of mortgage insurance premium pricing, based upon the risk the insurance contract represents. Subtitle B: Manufactured Housing Loan Modernization - FHA Manufactured Housing Loan Modernization Act of 2008 - (Sec. 143) Amends the NHA to exempt a manufactured home or its lot from the prohibition against FHA insurance exceeding 10% of the total amount of a financial institution's loans, advances of credit, and purchases. (Sec. 144) Declares that: (1) any contract of insurance for a financial institution regarding loans, advances of credit, or purchases for a manufactured home (or its lot) that is executed by the Secretary under this Act is conclusive evidence of the institution's eligibility for insurance; and (2) the validity of such a contract is incontestable. (Sec. 145) Increases the maximum loan limits placed upon insurance to financial institutions, and requires annual indexing. (Sec. 146) Sets forth the manner in which insurance premiums under a loan, credit advance, or purchase in connection with manufactured home loans shall be paid by the borrower. (Sec. 147) Revises requirements for the manner in which HUD shall handle and dispose of property acquired by the Secretary in connection with the payment of insurance. (Sec. 148) Directs the Secretary to establish underwriting criteria for loans and advances of credit governing a manufactured home (and/or its lot) to ensure that the program for insurance for financial institutions against losses from such loans, advances of credit, and purchases is financially sound. (Sec. 149) Applies the prohibition against kickbacks and unearned fees in the Real Estate Settlement Procedures Act of 1974 (RESPA) to each sale of a manufactured home financed with an FHA-insured loan or extension of credit and related services. Directs the Secretary to prohibit acts or practices in connection with FHA-financed loans or extensions of credit for the purchase of a manufactured home that the HUD finds to be unfair, deceptive, or otherwise not in the borrower's interests. (Sec. 150) Prohibits granting FHA insurance to a financial institution for any obligation made to finance a manufactured home intended to be located in a manufactured home community pursuant to a lease, unless the lease meets specified leasehold requirements, including an initial, renewable term of at least three years. Title II: Mortgage Foreclosure Protections for Servicemembers - (Sec. 201) Sets forth a temporary increase, through December 31, 2008, in the maximum loan guaranty amount for certain housing loans guaranteed by the Secretary of Veterans' Affairs. (Sec. 202) Directs the Secretary of Defense to develop and implement a program to advise members of the Armed Forces who are returning from active duty abroad on actions to prevent or forestall mortgage foreclosures, including credit counseling and home mortgage counseling. (Sec. 203) Amends the Servicemembers Civil Relief Act to increase from 90 days to nine months the period of: (1) protection against mortgage foreclosure proceedings; and (2) the stay of proceedings and adjustment of mortgage obligations. Sunsets such provisions December 31, 2010. Revises the 6% interest rate limitation during the period of military service for debts incurred before military service whose interest rate did not exceed that percentage. Extends the 6% limitation for one year beyond the period of military service if the debt is a mortgage, trust deed, or other security in the nature of a mortgage. Title III: Emergency Assistance for the Redevelopment of Abandoned and Foreclosed Homes - (Sec. 301) Appropriates funds for assistance to state and local governments to redevelop abandoned and foreclosed homes and residential properties. Sets forth allocation and distribution requirements, including a low- and moderate income requirement. (Sec. 302) Requires each state to receive not less than 0.5% of emergency assistance funds for such redevelopment. (Sec. 303) Prohibits a state or local governmental unit from using emergency assistance funds to fund any project that seeks to use the power of eminent domain, unless eminent domain is employed only for a public use. Prohibits public use from being construed to include economic development that primarily benefits private entities. (Sec. 304) Prohibits the distribution of funds made available under this title or title IV to an organization which: (1) has been indicted for a violation under federal law relating to an election for federal office; or (2) employs individuals who have been indicted for such a violation. (Sec. 305) Appropriates specified amounts for emergency assistance and for housing counseling resources. Allocates $30 million for the Neighborhood Reinvestment Corporation (NRC) to: (1) make grants to HUD-approved counseling intermediaries; or (2) hire attorneys to assist homeowners who have legal issues directly related to foreclosure, delinquency, or short sale. Title IV: Housing Counseling Resources - (Sec. 401) Appropriates funds for the Neighborhood Reinvestment Corporation (NRC) to remain available until September 30, 2008, for foreclosure mitigation (namely housing counseling) activities. (Sec. 402) Requires entities approved by the NRC, HUD, or state housing finance entities receiving funds under this Act to identify and coordinate with nonprofit organizations operating national or statewide toll-free foreclosure prevention hotlines. Title V: Mortgage Disclosure Improvement Act - Mortgage Disclosure Improvement Act of 2008 - (Sec. 502) Amends the Truth in Lending Act to set forth additional disclosure requirements governing any extensions of credit (not only mortgages) secured by the dwelling of the consumer. Requires such disclosures, among other things, to: (1) inform the consumer that payments will vary based on interest rate changes; and (2) be received by the consumer before paying any fee to the creditor or other person in connection with the consumer's application for an extension of credit secured by the consumer's dwelling. Allows the consumer to waive the timeliness of such disclosures in emergency circumstances. Increases the actual damages for which a creditor is liable for noncompliance with such Act in the case of an individual action relating to a credit transaction not under an open end credit plan that is secured by real property or a dwelling. Replaces the current range of damages from $200 to $2,000 with a range from $400 to $4,000. (Sec. 504) Amends the Federal Home Loan Bank Act regarding affordable housing program standards to require the Federal Housing Finance Board's regulations to permit Federal Home Loan Banks to use certain subsidized advances, during the two-year period following enactment of this Act, to refinance loans secured by a first mortgage on a primary residence of any family having an income at or below 80% of the median income for the area. Title VI: Tax-Related Provisions - (Sec. 601) Allows taxpayers to elect an extended four-year net operating loss carryback period (currently, two years) for losses arising in 2008 or 2009. Suspends in 2008 and 2009 limitations on net operating loss carrybacks for purposes of the alternative minimum tax (AMT). Directs the Secretary of the Treasury to prescribe rules to prevent abuse of such extended carryback provisions. (Sec. 602) Allows the use of qualified mortgage bond proceeds to refinance subprime residential mortgages. Increases to $10 billion in 2008 the volume cap for such bonds. Exempts tax-exempt interest from such bonds from the AMT. (Sec. 603) Allows a one-time tax credit of up to $7,000 of the purchase price of a single-family principal residence in foreclosure. (Sec. 604) Allows taxpayers who do not itemize their tax deductions to take an additional standard deduction for real property taxes. (Sec. 605) Allows corporate taxpayers an election to claim accelerated AMT and research and development credits in lieu of bonus depreciation. (Sec. 606) Allows taxpayers who claimed a casualty loss deduction for damage to a personal residence caused by Hurricanes Katrina, Rita, or Wilma and who subsequently received a grant as compensation for such damage to file an amended tax return to disallow the casualty loss deduction without payment of any tax penalty. (Sec. 607) Eliminates the deadline for beginning construction projects in the Gulf Opportunity (GO) Zone for purposes of bonus depreciation eligibility. (Sec. 608) Extends to businesses and individuals in certain Kansas counties declared by the President as major disaster areas under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (FEMA-1699-DR, as in effect on the date of enactment of this Act) by reason of severe storms and tornados beginning on May 4, 2007, provisions of the Internal Revenue Code allowing: (1) suspension of certain limitations on personal casualty losses; (2) an extension of the period for replacing damaged property without recognizing gain; (3) an employee retention tax credit for affected businesses; (4) 50% bonus depreciation for affected businesses; (5) increased expensing of small business assets; (6) increased expensing of demolition and cleanup costs; (7) extended net operating loss carryback periods for losses attributable to storms and tornadoes and for public utility property disaster losses; (8) relaxed income verification requirements for tenants in low-income rental projects; and (9) penalty-free withdrawals and loans from individual retirement accounts and other tax-exempt pension plans. Designates this provision as an emergency requirement for budgetary purposes. Title VII: Emergency Designation - Designates all provisions of this Act, for purposes of Senate enforcement, as emergency requirements and necessary to meet emergency needs pursuant the concurrent resolution on the budget for FY2008. Title VIII: REIT Investment Diversification and Empowerment - REIT Investment Diversification and Empowerment Act of 2008 - Subtitle A: Taxable REIT Subsidiaries - Amends Internal Revenue Code provisions relating to real estate investment trusts (REITs) to increase from 20 to 25% the the maximum value of an REIT's total assets that may be represented by securities of one or more taxable REIT subsidiaries. Subtitle B: Dealer Sales - Reduces from four to two years the REIT safe harbor holding period for purposes of the exemption from the tax on income from prohibited transactions Revises the amounts of sales in a taxable year that qualify for the prohibited transactions tax safe harbor to allow sales 10% of the aggregate bases of all assets in an REIT or 10% of the aggregate fair market value of all assets in an REIT. Subtitle C: Health Care REITs - Treats rental payments made by a health care facility to an REIT as qualifying REIT income. Subtitle D: Effective Dates and Sunset - (Sec. 841) Sets forth as the general effective date for provisions of this Act taxable years beginning after the enactment of this Act. Establishes a terminating date (sunset) for amendments made by this Title of five years after enactment. Title IX: Veterans Housing Matters - (Sec. 901) Amends federal law to authorize the Secretary of Veterans' Affairs (Secretary in this title) to furnish improvements and structural alterations as part of home health services to a member of the Armed Forces who is hospitalized or receiving outpatient medical care, services, or treatment for a permanent service-connected disability if the member is determined likely to be discharged or released from the Armed Forces for such disability. (Sec. 902) Authorizes the Secretary to provide assistance for specially adapted housing to: (1) an active-duty member of the Armed Forces with certain service-connected disabilities; and (2) such members who reside outside the United States. (Sec. 903) Makes individuals with severe burn injuries eligible for specially adapted housing assistance. (Sec. 904) Extends through December 31, 2011, the period of assistance for individuals residing temporarily in housing owned by a family member. (Sec. 905) Increases: (1) from $10,000 to $12,000 the maximum assistance authorized for specially adapted housing benefits for disabled veterans; and (2) from $50,000 to $60,000 and from $10,000 to $12,000 the aggregate amount of specially adapted housing assistance available to veterans with different specified disabilities. Requires annual increases in such amounts for inflation. Instructs the Secretary, with respect to such annual increases, to establish a residential home cost-of-construction index to reflect a uniform, national average change in the cost of residential home construction. (Sec. 906) Directs the Secretary to report to certain congressional committees on the adequacy of the authorities available to the Secretary to assist eligible disabled individuals in acquiring: (1) suitable housing units with special fixtures or movable facilities required for their disabilities and the necessary land; (2) necessary adaptations to their residences because of their disabilities; and (3) residences already adapted with special features determined to be necessary as a result of such disabilities. (Sec. 907) Instructs the Secretary to report to certain congressional committees on specially adapted housing assistance for individuals who reside in housing owned by a family member on a permanent basis. (Sec. 908) Amends the United States Housing Act of 1937 to exclude from income for purposes of public rental housing programs any deferred Department of Veterans Affairs disability benefits that are received in a lump sum amount or in prospective monthly amounts. (Sec. 909) Revises requirements for pay and allowances for the Uniformed Services to entitle members of the Armed Forces who relocate from leased or rental housing by reason of foreclosure to transportation of baggage and household effects under the same conditions and limitations as similarly circumstanced members entitled to transportation of baggage and household effects. Title X: Clean Energy Tax Stimulus - Clean Energy Tax Stimulus Act of 2008 - Subtitle A: Extension of Clean Energy Production Incentives - (Sec. 1011) Extends through 2009 the tax credit for the production of electricity from renewable resources (e.g., biomass, geothermal energy, landfill gas, and trash combustion). Includes marine and hydrokinetic renewable energy as a renewable resource eligible for such credit. Allows sales of electricity produced from renewable resources to regulated public utilities. Modifies the definition of "trash combustion facilities" for purposes of such credit. (Sec. 1012) Extends the energy investment tax credits for solar energy (through 2016) and for fuel cell and microturbine property (through 2017). Allows an offset against alternative minimum tax (AMT) liability for energy tax credit amounts. Repeals the dollar per kilowatt limitation for fuel cell property under the energy investment tax credit. Allows public electric utilities to qualify for such credit. (Sec. 1013) Extends through 2009 the tax credit for residential energy efficient property expenditures. Repeals the $2,000 limitation on the tax credit for solar electric property. Allows an offset against the AMT of tax credit amounts. (Sec. 1014) Extends through 2009 the tax credit for investment in clean renewable energy bonds. Increases the national limitation amount for such bonds. (Sec. 1015) Extends through 2009 deferral provisions relating to the recognition of gain by certain electric utilities. Subtitle B: Extension of Incentives to Improve Energy Efficiency - (Sec. 1021) Extends through 2009 the tax credit for residential energy efficiency improvements. Allows a tax credit for stoves using the burning of biomass fuel (any plant-derived fuel available on a renewable or recurring basis) to heat a residence. Modifies energy efficiency standards for electric heat pumps, central air conditioners, water heaters, and oil furnaces and hot water boilers for purposes of such credit. (Sec. 1022) Extends through 2010 the tax credit for new energy efficient homes. (Sec. 1023) Extends through 2009 the tax deduction for energy efficient commercial buildings. Increases the maximum amount of such deduction. (Sec. 1024) Extends through 2009 the tax credit for energy efficient appliances (i.e., dishwashers, clothes washers, and refrigerators). Modifies energy efficiency standards for such appliances. Title XI: Sense of the Senate - (Sec. 1101) Expresses the sense of the Senate that, in implementing any provision or amendment under this Act, the Senate supports a policy of noninterference in connection with local government requirements that the holder of a foreclosed property maintain that property.

New Direction for Energy Independence, National Security, and Consumer Protection Act, and the Renewable Energy and Energy Conservation Tax Act of 2007 - Division A: New Direction for Energy Independence, National Security, and Consumer Protection Act - Title I: Green Jobs - Green Jobs Act of 2007 - (Sec. 1002) Amends the Workforce Investment Act of 1998 to direct the Secretary of Labor to: (1) establish an energy efficiency and renewable energy worker training program; (2) collect and analyze labor market data to track workforce trends resulting from energy-related initiatives under this Act; and (3) award National Energy Training Partnerships (NETP) Grants to nonprofit partnerships to implement training programs that lead to economic self-sufficiency and develop an energy efficiency and renewable energy industries workforce. Specifies NETP grants for programs of: (1) state labor market research, information, and labor exchange research; (2) state energy training partnerships; and (3) at least ten pathways out of poverty demonstrations. Authorizes appropriations. Title II: International Climate Cooperation Re-engagement Act of 2007 - International Climate Cooperation Re-engagement Act of 2007 - Subtitle A: United States Policy on Global Climate Change - (Sec. 2102) Sets forth congressional statements of policy, including promotion of U.S. and global security through leadership in cooperation with other nations of the global effort to reduce and stabilize global greenhouse gas emissions and to stabilize their atmospheric concentration. Declares that the United States will seek to obtain mitigation commitments from major greenhouse gas emitting countries under the institutional framework provided by the United Nations Framework Convention on Climate Change. (Sec. 2103) Establishes within the Department of State an Office of Global Climate Change to reduce global greenhouse emissions and to address global climate change. Requires the Secretary of State to report to certain congressional committees on the strategy, policies, and actions of the United States for reducing global greenhouse gas emissions and for addressing global climate change. (Sec. 2104) Expresses the sense of Congress that the United States should further global energy security and promote democratic development in resource-rich foreign countries by taking specified steps, including: (1) encouraging further participation in the Extractive Industries Transparency Initiative (EITI) by eligible countries and companies; and (2) establishing a domestic reporting requirement for companies that purchase natural resources from or make payments to government officials or entities connected with the extraction of such resources so that citizens can monitor expenditures by government officials to ensure accountability for illicit diversion and wasteful use of revenues received. Requires the Secretary of State to report annually to Congress on promoting transparency in extractive industries resource payments. Subtitle B: Assistance to Promote Clean and Efficient Energy Technologies in Foreign Countries - (Sec. 2202) Requires the Administrator of the U.S. Agency for International Development (USAID) to support policies and programs in developing countries that promote clean and efficient energy technologies. Authorizes appropriations for FY2008-FY2012. (Sec. 2203) Requires the Secretary of Commerce to: (1) direct the U.S. And Foreign Commercial Service to expand or create a corps of Foreign Commercial Service officers to promote U.S. exports in clean and efficient energy technologies and build the capacity of government officials in India, China, and any other country to become more familiar with available technologies; and (2) direct the International Trade Administration (ITA) to encourage private sector trade and investment in clean and efficient energy technologies. Authorizes appropriations for FY2008-FY2012. (Sec. 2205) Expresses the sense of Congress that the Overseas Private Investment Corporation (OPIC) should promote greater investment in clean and efficient energy technologies by taking specified steps, including reaching out to domestic companies interested in investing in clean and efficient energy technologies in countries that are significant contributors to global greenhouse gas emissions. (Sec. 2206) Instructs the Director of the Trade and Development Agency to promote certain policies that fund projects using clean and efficient energy technologies. (Sec. 2207) Authorizes the Secretary of State to establish a global climate change exchange program. Authorizes appropriations for FY2008-FY2012. (Sec. 2208) Directs the President to provide assistance to the Interagency Working Group to support a Clean Energy Technology Exports Initiative. Authorizes appropriations for FY2008-FY2012. (Sec. 2209) Instructs the Secretary of State to report to certain congressional committees on the impact of global climate change on developing countries. Subtitle C: International Clean Energy Foundation - (Sec. 2302) Establishes the International Clean Energy Foundation to: (1) promote certain projects outside the United States for reduction of global greenhouse gas emissions; and (2) work with foreign governments and private entities to address such emissions. (Sec. 2307) Authorizes appropriations for FY2008-FY2012. Title III: Small Energy Efficient Businesses - Small Energy Efficient Businesses Act - (Sec. 3003) Amends the Small Business Investment Act of 1958 to specify alternative energy public policy goals, one of which any projects of state development companies must achieve to qualify for certain assistance from the Small Business Administration (SBA). Includes among such goals: (1) reduction of energy consumption by at least 10%; and (2) plant, equipment, and process upgrades of renewable energy sources such as micropower or renewable fuels producers, including biodiesel and ethanol producers. Provides for loans and loan guarantees for projects to achieve such goals. (Sec. 3004) Declares that such loans shall include 90% SBA participation and a reduction of guarantee and yearly fees by half. (Sec. 3005) Authorizes an SBA Center to apply for an additional grant to carry out a small business sustainability initiative related to such energy efficiency goals. (Sec. 3006) Directs the SBA Administrator to develop and coordinate a government-wide program to assist small businesses in: (1) becoming more energy efficient; (2) understanding the cost savings from improved energy efficiency; and (3) identifying financing options for energy efficiency upgrades. (Sec. 3007) Authorizes a small business investment company (SBIC) licensed after September 30, 2007, to issue Energy Saving debentures for qualified investments in a small business primarily engaged in researching, manufacturing, developing, or providing products, goods, or services that reduce the use or consumption of nonrenewable energy resources. (Sec. 3008) Prohibits the SBA Administrator, in calculating the outstanding leverage of an SBIC licensed after September 30, 2007, from including the cost basis of any Energy Saving qualified investment made after that date in a smaller enterprise, to the extent that the total investment does not exceed 50% of the SBIC's capital. (Sec. 3009) Requires the SBA Administrator to establish a Renewable Fuel Capital Investment Program to guarantee debentures issued by Renewal Fuel Capital Investment (RFCI) companies. Authorizes the Administrator to make grants to RFCI companies and to other entities to provide operational assistance to smaller enterprises financed by them. Title IV: Science and Technology - Subtitle A: Advanced Research Projects Agency-Energy - (Sec. 4001) Establishes the Advanced Research Projects Agency-Energy (ARPA-E) within the Department of Energy (DOE) to overcome long-term and high-risk technological barriers in the energy technologies development. (Sec. 4002) Establishes the Energy Transformation Acceleration Fund, administered by the Director of ARPA-E. Authorizes appropriations for FY2008-FY2012 for deposit into such Fund. (Sec. 4004) Requires the President's Committee on Science and Technology to evaluate how well ARPA-E is achieving its goals and mission, and to make such evaluation available to Congress and the public. Subtitle B: Marine Renewable Energy Technologies - Marine Renewable Energy Research and Development Act of 2007 - (Sec. 4104) Directs the Secretary of Energy to: (1) support programs to expand the use of marine renewable energy production; and (2) acting through the National Renewable Energy Laboratory award grants to institutions of higher education to establish National Marine Renewable Energy Research, Development, and Demonstration Centers. (Sec. 4107) Authorizes appropriations for FY2008-FY2012. Subtitle C: Geothermal Energy - Advanced Geothermal Energy Research and Development Act of 2007 - (Sec. 4204) Directs the Secretary of Energy to support programs expanding thermal energy production from hydrothermal systems, including: (1) programs to develop advanced hydrothermal resource tools; and (2) cost-shared programs for field demonstrations of technologies and techniques of siting and exploratory drilling for undiscovered resources in a variety of geologic settings. (Sec. 4205) Directs the Secretary to: (1) support programs of general and enhanced geothermal systems research and development; and (2) establish a program to support geothermal energy production from oil and gas fields and recovery and production of geopressured gas resources. (Sec. 4209) Directs such Secretary to: (1) award grants to institutions of higher education (or consortia of them) to establish two Centers for Geothermal Technology Transfer; (2) expand DOE's "GeoPowering the West" program; and (3) award grant funding, on a competitive basis, to an institution of higher education for a geothermal-powered energy generation facility on the institution's campus. (Sec. 4212) Directs such Secretary to report to Congress on advanced concepts and technologies to maximize domestic geothermal resource potential. (Sec. 4214) Authorizes appropriations for FY2008-FY2012. Subtitle D: Solar Energy - Part 1: Research and Advancement - Solar Energy Research and Advancement Act of 2007 - (Sec. 4303) Directs the Secretary of Energy to establish a programs of research and development on thermal energy storage technologies to enable the shifting of electric power loads on demand and extend the operating time of concentrating solar power electric generating plants. Authorizes appropriations for FY2008-FY2012. (Sec. 4304) Directs the Secretary to study and report to Congress on methods to: (1) integrate concentrating solar power into regional electricity transmission systems; (2) identify new transmission or transmission upgrades to bring electricity from high concentrating solar power resource areas to growing electric power load centers throughout the United States; and (3) reduce the amount of water consumed by concentrating solar power systems. (Sec. 4305) Directs the Secretary to establish in the Office of Solar Energy Technologies a competitive grant program to create and strengthen solar industry workforce training and internship programs in installation, operation, and maintenance of solar energy products. Authorizes appropriations for FY2008-FY2012. (Sec. 4306) Requires the Secretary to establish a program of research and development to provide assistance in the demonstration and commercial application of direct solar renewable energy sources to: (1) provide alternatives to traditional power generation for lighting and illumination, including light pipe technology; and (2) promote greater energy conservation and improved efficiency. (Sec. 4307) Directs the Secretary to establish: (1) a research, development, and demonstration program for solar air conditioning; and (2) grants to states to demonstrate advanced photovoltaic technology. Authorizes appropriations for FY2008-FY2012. Part 2: Development and Use of Solar Energy Products - (Sec. 4312) Sets forth a solar research and information program under the supervision of the Secretary of Energy. Subtitle E: Biofuels - Biofuels Research and Development Enhancement Act - (Sec. 4402) Directs the Secretary of Energy to establish a biofuels and biorefinery technology information transfer center. (Sec. 4403) Amends the Energy Policy Act of 2005 to direct the Secretary to implement a research, development, and demonstration program relating to transportation fuel distribution infrastructure, and new alternative distribution infrastructure. (Sec. 4404) Requires the Secretary to report to Congress on challenges inherent in increasing: (1) the proportion of diesel fuel sold in the United States that is biodiesel to 2.5 %; and (2) transportation fuels sold in the United States with biogas or a blend of biogas and natural gas fuel to 5 %. Requires the Director of the National Institute of Standards and Technology (NIST) to make publicly available the physical property data and characterization of biodiesel in order to encourage the establishment of standards that will promote their utilization in the transportation and fuel delivery system. (Sec. 4406) Directs the Secretary to establish at least five bioresearch centers that focus on biofuels. (Sec. 4407) Directs the Secretary to provide grants for research, development, demonstration, and commercial application of biofuel production in certain states with low rates of ethanol, including cellulosic biomass ethanol, production. Authorizes appropriations for FY2008-FY2010. (Sec. 4408) Directs the Secretary to establish such programs of research, development, demonstration, and commercial application: (1) for biorefinery energy efficiency; and (2) on technologies and processes to enable biorefineries that exclusively use corn grain or corn starch as a feedstock to produce ethanol to be retrofitted to accept a range of biomass, including lignocellulosic feedstocks. (Sec. 4409) Directs the Secretary to study and report to Congress on: (1) increasing consumption of ethanol-blended gasoline with levels of ethanol between 10% and 40%; (2) whether optimizing flexible fueled vehicles to use e-85 fuel would increase the fuel efficiency of flexible fueled vehicles; and (3) engine durability and performance associated with the use of biodiesel. (Sec. 4412) Authorizes appropriations for FY 2010, and increases appropriations for bioenergy research and development. (Sec. 4413) Instructs the Secretary to establish research and development programs in: (1) environmental science, including development of cellulosic and other feedstocks that are less resource and land intensive; (2) development of tools to facilitate analysis of lifecycle energy and greenhouse gas emissions; and (3) small-scale production, local, and on-farm use of biofuels from cellulosic feedstocks. (Sec. 4414) Directs the Secretary of Energy to: (1) study and report to Congress on optimization of biogas used in natural gas vehicles; (2) develop standards for biofuel dispenser systems; (3) report to certain congressional committees on the progress of research and development on the use of algae as a feedstock for biofuels production; and (4) establish a university based research and development grant program for renewable energy technologies. Authorizes appropriations for the latter program. Subtitle F: Carbon Capture and Storage - Department of Energy Carbon Capture and Storage Research, Development, and Demonstration Act of 2007 - (Sec. 4502) Amends the Energy Policy Act of 2005 to include within the carbon capture and storage program large-scale testing of carbon sequestration systems in a range of geological formations. Authorizes appropriations for FY2008-FY2012. (Sec. 4503) Directs the Secretary of Energy to report to Congress on the results of review and oversight by the National Academy of Sciences (NAS) of large-scale research and development programs regarding carbon dioxide sequestration testing and capture. (Sec. 4504) Directs the Assistant Administrator for Research and Development of the Environmental Protection Agency (EPA) to conduct a research program to determine procedures necessary to protect public health, safety, and the environment from impacts that may be associated with capture, injection, and sequestration of greenhouse gases in subterranean reservoirs. Authorizes appropriations. (Sec. 4505) Instructs the Secretary of Energy to arrange with the NAS to study for a report to Congress on geological sequestration science training and research. Authorizes appropriations for FY2008. Directs the Secretary to award four-year grants to colleges and universities for integrated geological carbon sequestration science program. Authorizes appropriations. (Sec. 4506) Directs the Secretary to: (1) establish a university-based research and development program to study carbon capture and sequestration using the various types of coal; and (2) award grants to such institutions to study carbon capture and sequestration in conjunction with the recovery of oil and other enhanced elemental and mineral recovery. Authorizes appropriations. Subtitle G: Global Change Research - Global Change Research and Data Management Act of 2007 - Part 1: Global Change Research - (Sec. 4613) Directs the President to: (1) establish an interagency committee to ensure cooperation and coordination of all federal research activities pertaining to processes of global change; (2) establish an interagency U.S. Global Change Research Program (Program) to provide periodic assessments of the vulnerability of the United States and other regions to global and regional climate change; (3) develop a National Global Change Research and Assessment Plan to implement such Program; (4) submit a global climate change assessment to Congress every five years; and (5) enter into a joint agreement with the National Academy of Public Administration and the NAS to evaluate governmental efforts regarding global and regional climate change. (Sec. 4620) Directs the President to: (1) ensure that relevant research, assessment, and outreach activities of the National Climate Program (under the National Climate Program Act) are considered in developing national global and regional climate change research and assessment efforts; and (2) establish a Global Change Research Information Exchange to make scientific information produced by the Program electronically accessible. (Sec. 4621) Repeals the Global Change Research Act of 1990. (Sec. 4623) Requires the Director of the National Science Foundation (NSF) and the Administrator of National Oceanic and Atmospheric Administration (NOAA) to arrange with the NAS to study and report to Congress on: (1) the ice sheet melt, with implications for global sea level rise; and (2) impacts of climate change on patterns of hurricane and typhoon development, including storm intensity, track, and frequency, and the implications for hurricane-prone and typhoon-prone coastal regions. Part 2: Climate and Other Global Change Data Management - (Sec. 4633) Directs the President to establish an interagency climate and other global change data management working group to make recommendations for coordinating federal climate and other global change data management and archiving activities. Subtitle H: H-Prize - (Sec. 4701) Amends the Energy Policy Act of 2005 to direct the Secretary of Energy to implement a cash prize (H-Prize) program to advance research, development, demonstration, and commercial application of hydrogen energy technologies. Authorizes appropriations for such program for FY2008-FY2017. Title V: Agriculture Energy - (Sec. 5001) Amends the Farm Security and Rural Investment Act of 2002 to revise requirements for the renewable energy research and development program. (Sec. 5002) Revises requirements for federal agency procurement of biobased products. Requires the highest percentage of biobased products practicable, which receive procurement preference, to be composed of at least 5% of intermediate ingredients and feedstocks (such as biopolymers, methyl soyate, and soy polyols) as designated by the Secretary. Directs the Secretary of Agriculture to use certain Commodity Credit Corporation (CCC) funds for FY2008-FY2012 for bio-product testing and to support ongoing operations of the Designation Program, the Voluntary Labeling Program, procurement program models, and procurement research, promotion, education, and awareness of the BioPreferred Program. (Sec. 5003) Directs the Secretary to make loan guarantees of up to 90% of loans up to specified maximums to assist in the cost of developing and constructing biorefineries and biofuel production plants. Specifies certain CCC funds for FY2008-FY2012. (Sec. 5004) Requires the Secretary to make certain funds available for FY2008-FY2012 for the biodiesel fuel education program. (Sec. 5005) Authorizes appropriations through FY2012 for the energy audit and renewable energy development program. (Sec. 5006) Renames the loan, grant, and loan guarantee program for renewable energy systems and energy efficiency improvements the rural energy for America program, and extends such financial assistance to the production and sale of electricity generated by new renewable energy systems. Increases the maximum amount of combined grant and loan for an activity from 50% to 75% of its cost. Sets $25 million as the maximum amount of a loan guarantee. Requires the Secretary to give the greatest priority for grants to activities for which the least percentage of the total cost of such activities is requested by the farmer, rancher, other agricultural producer, or rural small business. Authorizes the Secretary to provide assistance to such a recipient to conduct a feasibility study of a project for which assistance may also be provided. Specifies CCC funds available for such program for FY2008-FY2012. (Sec. 5007) Revises the Biomass Research and Development Act of 2000 to: (1) emphasize biomass fuels; and (2) make specified CCC funds available for programs and activities under such Act for FY2008-FY2012 (with continuation of operations through FY2017). (Sec. 5008) Amends the Farm Security and Rural Investment Act of 2002 to revise requirements for the bioenergy program. Extends the meaning of bioenergy to: (1) production of heat and power at a biofuels plant; (2) biomass gasification; (3) hydrogen made from cellulosic commodities for fuel cells; and (4) renewable diesel. Makes specified CCC funds available for the program for FY2008-FY2012 (with continuation of operations through FY2017). (Sec. 5009) Extends the authorization of appropriations through FY 2012 for biobased energy research, extension, and educational programs. (Sec. 5010) Instructs the Secretary to establish an energy council to coordinate the energy policy of the Department of Agriculture and consult with other federal departments and agencies. (Sec. 5011) Directs the Secretary, working through the Forest Service, to conduct a competitive research and development program to encourage new forest-to-energy (forest bioenergy) technologies. Makes specified CCC funds available for the program for FY2008-FY2012. (Sec. 5012) Directs the Secretary to purchase eligible commodities from eligible entities and sell them to bioenergy producers in a manner that ensures that certain statutory requirements are operated at no cost to the federal government by avoiding forfeitures to the CCC. Title VI: Carbon-Neutral Government - Carbon-Neutral Government Act of 2007 - Subtitle A: Federal Government Inventory and Management of Greenhouse Gas Emissions - (Sec. 6001) - Requires each federal agency to inventory and report annually to the Administrator of the Environmental Protection Agency (EPA) its greenhouse gas emissions for the preceding fiscal year. Requires the Secretaries of the Interior and of Agriculture to include as a discrete category in any inventory the net biological sequestration or emission of greenhouse gases related to human activities and associated with land managed by either the Bureau of Land Management (BLM) or the Forest Service. (Sec. 6102) Requires the EPA Administrator to: (1) promulgate annual reduction targets for each federal agency to meet as well as the total quantity of greenhouse gas emissions expressed as carbon dioxide equivalents, of all agencies, taken collectively, for each of FY2010-FY2050. Requires each agency to develop and submit to the EPA Administrator a plan for achieving its annual reduction targets and implement it Directs the Forest Service, the BLM, the National Park Service (NPS), and the U.S. Fish and Wildlife Service to study, identify, and report to Congress on management strategies with the greatest potential to: (1) enhance net biological sequestration of greenhouse gases on federal lands they manage while avoiding harmful effects on other environmental values; and (2) reduce negative impacts of global warming on biodiversity, water supplies, forest health, biological sequestration and storage, and related values. (Sec. 6103) Directs the Comptroller General to issue the report requested by Congress on May 17, 2007, regarding markets for greenhouse gas emissions offsets. Authorizes federal executive agencies and legislative branch offices, in a pilot program, to purchase in open market transactions complying with all applicable procurement requirements qualified greenhouse gas offsets (real, additional, verifiable, enforceable, and permanent domestic reduction or sequestration of greenhouse gas emissions) and qualified renewable energy certificates (representing a specific amount of energy generated by a renewable energy project that is real, additional, and verifiable). Directs the EPA Administrator to establish, for executive agencies, criteria for such offsets and certificates. Authorizes funds for FY2009-FY2010 for such project. (Sec. 6105) Declares that this Act does not preempt or limit state authority to take any action to address global warming. (Sec. 6107) Authorizes appropriations. Subtitle B: Federal Government Energy Efficiency - (Sec. 6201) Amends the Energy Policy Act of 1992 to set forth vehicle efficiency requirements for federal fleets. Prohibits federal agencies from acquiring light duty motor vehicles or medium duty passenger vehicles that are not low greenhouse gas emitting vehicles. (Sec. 6202) Requires each federal agency that owns, operates, maintains, or otherwise funds infrastructure, assets, or personnel to provide delivery of fuel to its operations to apply activity-based cost accounting principles to estimate the fully burdened cost of fuel for analyses (for mobility acquisitions) and decisions regarding energy-demanding activities. (Sec. 6203) Amends the National Energy Conservation Policy Act (NECPA) to require the General Services Administration (GSA) or the Defense Logistics Agency to list in their catalogues, and represent as available, only Energy Star products or Federal Energy Management Program (FEMP)-designated products for all product categories covered by the Energy Star or FEMP programs. (Sec. 6204) Amends the Energy Conservation and Production Act (ECPA) to instruct the Secretary of Energy to establish certain revised federal building energy efficiency performance standards requiring new federal buildings and federal buildings undergoing renovations to: (1) meet specified graduated fossil fuel-generating energy consumption reduction levels between FY2010 and FY2030; and (2) identify a certification system and level for green buildings most likely to encourage a comprehensive and environmentally-sound approach to certification of green buildings. (Sec. 6205) Amends NECPA to require each federal agency to ensure that any large capital energy investment in an existing building that is not a major renovation but involves replacement of installed equipment, or involves renovation, rehabilitation, expansion, or remodeling of existing space, employs the most energy efficient designs, systems, equipment, and controls that are lifecycle cost effective. Requires each federal agency to provide for equivalent metering of natural gas, steam, chilled water, and water, in accordance with specified guidelines. (Sec. 6206) Prohibits any federal agency, except in specified circumstances, from entering into a new contract to lease space in a building that has not earned the Energy Star label in the most recent year. (Sec. 6207) Prohibits any federal agency from entering into a contract for procurement of an alternative or synthetic fuel for any mobility-related use, other than for research or testing, unless the contract specifies that the associated lifecycle greenhouse gas emissions must be less than or equal to emissions from equivalent conventional fuel produced from conventional petroleum sources. (Sec. 6208) Limits to 30 years the period for which a GSA contract for renewable energy may be made. Excludes energy generated from municipal waste from consideration as renewable energy. (Sec. 6209) Requires: (1) any federal agency subject to this Act to submit to the Office of Management and Budget (OMB) an annual government efficiency status report on its implementation of initiatives to improve energy efficiency, reduce energy costs, and reduce greenhouse gas emissions; and (2) the OMB Director to report a summary of such information , including an annual energy scorecard, to certain congressional committees. (Sec. 6211) Authorizes appropriations. (Sec. 6212) Makes any nondiscretionary act or duty under this title eligible for judicial review. Subtitle C: Telework Enhancement - Telework Enhancement Act of 2007 - (Sec. 6302) Sets forth federal government telework requirements, including those for: (1) agency training and monitoring; and (2) establishment of agency Telework Managing Offices. (Sec. 6305) Directs the Comptroller General to establish a system of annual telework agency ratings. Title VII: Natural Resources Committee Provisions - Energy Policy Reform and Revitalization Act of 2007 - Subtitle A: Energy Policy Act of 2005 Reforms - (Sec. 7101) Amends the Energy Policy Act of 2005 to require the Secretary of the Interior to: (1) establish a cost recovery fee for oil and gas drilling permits on federal lands; and (2) charge a temporary cost recovery fee of $1,700 until such fee is established. Amends the Mineral Leasing Act to repeal the authority for the BLM Permit Processing Improvement Fund. (Sec. 7102) Extends from 30 to 45 days after an applicant for a permit to drill on an oil and gas lease has submitted a complete application the deadline for the Secretary to issue or defer the permit. (Sec. 7103) Revises requirements for oil shale and tar sands leasing. Requires the Secretary of the Interior to prepare an oil shale and tar sands leasing and development strategy to: (1) allow for sustainable and publicly acceptable large-scale development of oil shale within the Green River Formation; and (2) provide a basis for decisions regarding federal support for research and other activities to achieve that result. (Sec. 7104) Amends the Energy Policy Act of 2005 to require the Secretaries of the Interior and of Agriculture, in managing their respective public lands under the National Environmental Policy Act of 1969 (NEPA), to adhere to regulations regarding categorical exclusions issued by the Council on Environmental Quality. (A categorical exclusion under NEPA for oil and gas exploration and development activities is a category of actions which do not individually or cumulatively have a significant effect on the human environment, have been found to have no such effect in agency compliance procedures, and for which, therefore, neither an environmental assessment nor an environmental impact statement is required.). (Sec. 7105) Directs the Secretary of the Interior to amend best management practices guidelines governing oil and gas development on federal lands to: (1) require public review and comment before waiving any stipulation of an oil and gas lease; and (2) create an incentive for oil and gas operators to adopt best management practices that minimize adverse impacts to wildlife habitat. (Sec. 7106) Federal Consistency Appeals Decision Refinement Act - Amends the Coastal Zone Management Act of 1972 to modify: (1) the deadline for federal consistency appeals; and (2) the closing of the decision period. Subtitle B: Federal Energy Public Accountability, Integrity, and Public Interest - Chapter 1: Accountability and Integrity in the Federal Energy Program - (Sec. 7201) Requires the Secretary of the Interior to ensure that by FY2009 the Minerals Management Service shall perform no less that 550 audits of oil and gas leases each fiscal year. (Sec. 7202) Amends the Federal Oil and Gas Royalty Management Act of 1982 to revise civil and administrative penalties for violations relating to federal oil and gas royalties, including lease administration. Prescribes criminal penalties for theft of oil or gas and related offenses. Chapter 2: Amendments to Federal Oil and Gas Royalty Management Act of 1982 - (Sec. 7212) Amends the Federal Oil and Gas Royalty Management Act of 1982 to revise requirements governing: (1) interest; (2) obligation period; (3) tolling agreements and subpoenas; and (4) liability for royalty payments. Chapter 3: Public Interest in the Federal Energy Program - (Sec. 7221) Prohibits the Secretary of the Interior from authorizing exploration and drilling on lands where title to oil and gas resources is federally owned, but not the title to the surface estate, until the operator has filed a specified surface owner protection agreement. (Sec. 7222) Amends the Mineral Leasing Act to set forth requirements governing: (1) reclamation and bonding for onshore oil and gas; and (2) water resources protection. (Sec. 7224) Directs such Secretary to establish a due diligence fee for federal onshore lands subject to a lease for oil, natural gas, or coal production, but upon which no production is occurring. Chapter 4: Wind Energy - (Sec. 7231) Instructs the Secretary of the Interior to convene or utilize an existing Wind Turbine Guidelines Advisory Committee to study and make recommendations for avoiding or minimizing impacts to wildlife habitats related to land-based wind energy facilities. (Sec. 7232) Authorizes appropriations for FY2008-FY2015 to study wind energy impact on wildlife. (Sec. 7233) Instructs the Secretary to enforce specified laws that address adverse impacts upon wildlife related to wind projects. States that this Act does not preempt state law or regulation regarding: (1) wind projects sites; or (2) consideration or review of environmental impacts of wind projects. Chapter 5: Enhancing Energy Transmission - (Sec. 7241) Directs the Secretary of Energy, acting through the Administrator of the Bonneville Area Power Marketing Administration in consultation with the Western Area Power Marketing Administration, and in coordination with regional transmission entities, to analyze and report to certain congressional committees on whether the existing capacity of transmission systems serving California, Oregon, and Washington is adequate for development and commercial operation of ocean wave, tidal, and current energy projects in state and federal marine waters adjacent to those states. Subtitle C: Alternative Energy and Efficiency - (Sec. 7301) Amends the Coastal Zone Management Act of 1972 to authorize the Secretary of the Interior to make grants to eligible coastal states to support voluntary state efforts to survey portions of coastal state and adjacent federal waters to identify potential areas suitable or unsuitable for the exploration, development, and production of alternative energy, consistent with the enforceable policies of coastal management plans. Authorizes appropriations. (Sec. 7302) Instructs the Secretary of the Interior to report to Congress on the potential for developing rights-of-way along Bureau of Reclamation canals and infrastructure for solar or wind energy production through leasing of land or other means. (Sec. 7303) Amends the Water Desalination Act of 1996 to direct the Secretary of the Interior to: (1) implement a research program to improve the energy efficiency of reverse osmosis technology for water desalination, water contamination, and water recycling; and (2) report to Congress on technologies likely to improve energy techniques at desalination and recycling facilities, and on the economic viability of energy efficiency technologies. (Sec. 7304) Establishes a pilot program for development of strategic solar reserves on federal lands to promote commercial solar electric energy systems. (Sec. 7305) Instructs the Administrator of the National Oceanic and Atmospheric Administration (NOAA) to issue regulations that implement NOAA's authority to license offshore thermal energy conversion facilities. (Sec. 7306) Amends the Energy Policy Act of 2005 to convert the current biomass commercial use grant program into a Biomass Utilization Pilot Program, involving ten different forest types on federal lands, under which the Secretary concerned (either the Secretary of Agriculture or the Secretary of the Interior) will provide technical assistance and grants to persons to support specified biomass-related activities. Requires the Secretary concerned to develop a study to determine the long-term, ecologically sustainable, biomass supply available in a pilot program area. Authorizes appropriations. (Sec. 7307) Directs the Secretaries of Commerce and of the Interior to prepare jointly programmatic environmental impact statements containing all required elements regarding the impacts of the deployment of marine and hydrokinetic renewable energy technologies in domestic navigable waters. Subtitle D: Carbon Capture and Climate Change Mitigation - Chapter 1: Geological Sequestration Assessment - National Carbon Dioxide Storage Capacity Assessment Act of 2007 - (Sec. 7402) Directs the Secretary the Interior to develop a methodology for conducting a national assessment of capacity for carbon dioxide. Authorizes appropriations for FY2008-FY2012. Chapter 2: Terrestrial Sequestration Assessment - (Sec. 7421) Requires the Secretary of the Interior to report to certain congressional committees on: (1) an assessment of the amount of carbon stored in terrestrial, aquatic, and coastal ecosystems; (2) the processes that control the flux of carbon in and out of each ecosystem; (3) the potential for increasing carbon sequestration in natural systems through management measures or restoration activities; and (4) adaptation strategies to enhance carbon sequestration in each ecosystem. (Sec. 7424) Authorizes appropriations for FY2008-FY2012. Chapter 3: Sequestration Activities - (Sec. 7431) Amends the Energy Policy Act of 2005 to require the Secretary of the Interior, acting through the BLM, to maintain an inventory of the amount of carbon dioxide stored from federal energy leases. (Sec. 7432) Directs such Secretary to report to certain congressional committees on a recommended regulatory and certification framework for conducting geological carbon sequestration activities on federal lands. Chapter 4: Natural Resources and Wildlife Programs - Subchapter A: Natural Resources Management and Climate Change - (Sec. 7441) Directs the Secretary of the Interior to establish a National Resources Management Council on Climate Change to address the impact of climate change on federal lands, ocean environment, and federal water infrastructure. Subchapter B: National Policy and Strategy for Wildlife - Global Warming Wildlife Survival Act - (Sec. 7452) Declares U.S. policy on wildlife and global warming. (Sec. 7454) Directs the Secretary of the Interior to: (1) promulgate a national strategy to assist wildlife populations in adapting to the impacts of global warming; (2) establish a science advisory board with expertise in wildlife biology, ecology, and climate change; and (3) establish the National Global Warming and Wildlife Science Center within the U.S. Geological Survey. (Sec. 7456) Sets forth an appropriations allocation scheme to support such activities. Subchapter C: State and Tribal Wildlife Grants Program - (Sec. 7461) Authorizes establishment of a State and Tribal Wildlife Grants Program to provide wildlife conservation grants to states, the District of Columbia, federally recognized Indian tribes, and to U.S. possessions and territories. Sets forth a funding allocation scheme. Authorizes appropriations. Chapter 5: Ocean Programs - (Sec. 7471) Directs the Secretary of Commerce to develop and implement a national strategy to support coastal state and federal efforts to: (1) predict, plan, and mitigate the impacts upon ocean and coastal ecosystems from global warming, relative sea level rise, and ocean acidification; and (2) ensure the recovery and health of ocean and coastal ecosystems. Authorizes appropriations. (Sec. 7472) Amends the Coastal Zone Management Act of 1972 to direct the Secretary of the Interior to establish a coastal climate change resiliency planning and response program to: (1) assist coastal states to develop coastal climate change resiliency plans; and (2) provide financial and technical assistance, including grants to states, for implementation of such plans. (Sec. 7473) National Integrated Coastal and Ocean Observation Act of 2007 - Instructs the President to establish a National Integrated Coastal and Ocean Observation System to fulfill international obligations to contribute to the global earth observation system and to the global ocean observing system. Subtitle E: Royalties Under Offshore Oil and Gas Leases - Royalty Relief for American Consumers Act of 2007 - (Sec. 7502) Requires the Secretary of the Interior to agree to a request by any lessee to amend any lease issued for any Central and Western Gulf of Mexico tract during the period of January 1, 1998, through December 31, 1999, to incorporate specified price thresholds applicable to specified royalty suspension provisions. (Sec. 7503) Reaffirms the authority of the Secretary of the Interior to vary, based on the price of production from a lease, the suspension of royalties under certain leases. (Sec. 7504) Prohibits such Secretary from issuing any new lease authorizing oil or natural gas production in the Gulf of Mexico unless certain conditions are met. Directs the Secretary to establish conservation of resources fees, according to specified terms, for both producing and nonproducing federal oil and gas leases in the Gulf of Mexico. (Sec. 7505) Amends the Energy Policy Act of 2005 to repeal requirements for: (1) incentives relating to natural gas production from deep wells in shallow waters of the Gulf of Mexico; and (2) royalty relief for deep water production in the Gulf of Mexico Amends the Outer Continental Shelf Lands Act to repeal the Secretary's authority to promote development or increased production or encourage production of marginal resources on producing or nonproducing leases in Planning Areas offshore Alaska. Amends the Naval Petroleum Reserves Production Act of 1976, with respect to the program of competitive leasing of oil and gas in the Naval Petroleum Reserve in Alaska, to repeal: (1) terms for renewal of nonproducing leases; and (2) specified exploration incentive authority. Subtitle F: Additional Provisions - (Sec. 7601) Establishes the Oil Shale Community Impact Assistance Fund to assist impacted counties with planning, construction, and maintenance of public facilities and services. Defines impacted county as a county where land subject to a commercial oil shale lease is located. (Sec. 7602) Requires the Secretary of the Interior, at least 45 days before offering lands for lease under the Mineral Leasing Act, to provide notice of the proposed leasing activity in writing to the holders of special recreation permits for commercial use, competitive events, and other organized activities on the lands being offered for lease. Requires the Secretary also to treat holders of conservation easements or similar property interests in the surface estate of leasing-eligible lands as surface estate owners, as long as they have informed the Secretary of such interests. (Sec. 7604) Requires the Secretary to include a prohibition of surface occupancy for oil or gas exploration or development purposes in each lease for certain federal lands in Colorado (Roan Plateau) that were formerly designated as Naval Oil Shale Reserves 1 and 3. Requires the Secretary of the Treasury to report to the appropriate congressional committees on the total amounts received by the United States under leases on such lands. Requires the Secretary of the Interior to report to the appropriate congressional committees on U.S. expenditures for environmental restoration, waste management, and environmental compliance activities with respect to the lands, as well as any further actions needed to complete such activities. (Sec. 7605) Directs the Secretary of the Interior to submit a status report to Congress on certain regulations governing production of wind energy on the Outer Continental Shelf. Title VIII: Transportation and Infrastructure - Transportation Energy Security and Climate Change Mitigation Act of 2007 - (Sec. 8002) Sets forth purposes of this Act, including to strengthen national energy security and mitigate the effects of climate change by promoting energy efficient transportation and public buildings, to create incentives for the use of alternative fuel vehicles and renewable energy, and to ensure sound water resource and natural disaster preparedness planning. Subtitle A: Department of Transportation - Part 1: Public Transportation - (Sec. 8101) Establishes in the Department of Transportation (DOT) a Center for Climate Change and Environment to plan, coordinate, and implement efforts to reduce transportation-related energy use and mitigate the effects of climate change. Authorizes appropriations for FY2008 through FY2011. Subtitle B: Highways and Transit - (Sec. 8201) Authorizes additional funding for FY2008 and FY2009 for urbanized and non-urbanized area formula grants to improve public transportation services. Sets the federal share of grant costs at 100%. (Sec. 8202) Amends federal transportation law to increase the federal share of costs for a grant to acquire clean fuel or alternative fuel vehicle-related equipment or facilities for purposes of compliance with the Clean Air Act to 100% (under current law, 90%). (Sec. 8203) Authorizes a public transportation authority or a rail carrier to apply to the Surface Transportation Board (STB) for nonbinding mediation if the public transportation authority cannot reach an agreement with the rail carrier to: (1) use trackage of, and have related services provided by, the rail carrier for purposes of fixed guideway transportation; or (2) acquire an interest in a railroad right-of-way for the construction and operation of a segregated fixed guideway facility. (Sec. 8204) Directs the Secretary of Transportation (Secretary) to: (1) establish and implement a pilot program to carry out vanpool demonstration projects in a specified number of urbanized and non-urbanized areas; and (2) report to Congress on such projects. Part 2: Federal-Aid Highways - (Sec. 8251) Amends federal highway law to increase the federal share of costs for congestion mitigation and air quality (CMAQ) projects to 100% (under current law, 80%). (Sec. 8252) Sets forth a process for the distribution to states of unobligated federal-aid highway fund amounts that have been rescinded after enactment of this Act. (Sec. 8253) Expresses the sense of Congress that state and local governments should, in constructing new roadways or rehabilitating existing facilities, employ policies designed to accommodate all users, including motorists, pedestrians, cyclists, transit riders, and people of all ages and abilities. Subtitle C: Railroad and Pipeline Transportation - Part 1: Railroads - (Sec. 8301) Directs the Secretary to establish programs for: (1) purchasing hybrid locomotives, including hybrid switch locomotives; and (2) rehabilitating, preserving, or improving railroad tracks. Authorizes appropriations for FY2008 through FY2011. Part 2: Pipelines - (Sec. 8311) Directs the Secretary of Energy, in coordination with the Secretary, to conduct, and report to Congress on, feasibility studies for the construction of pipeline dedicated to the transportation of ethanol. Authorizes appropriations for FY2008 and FY2009. Subtitle D: Maritime Transportation - Part 1: General Provisions - (Sec. 8401) Amends federal shipping law to direct the Secretary to establish a short sea transportation program (carriage by vessel of passengers and cargo from one U.S. port to another U.S. or Canadian port) to mitigate landside congestion. Authorizes appropriations for FY2008 through FY2011. (Sec. 8402) Allows a U.S. citizen who owns a vessel and has an agreement with the Secretary of Commerce or the Secretary, whichever is applicable, to establish a capital construction fund to provide replacement vessels, additional vessels, or reconstructed vessels, built in the United States and documented under the laws of the United States for operation in short sea transportation trade. (Sec. 8403) Directs the Secretary to report to Congress on the short sea transportation program. Part 2: Maritime Pollution - (Sec. 8453) Amends the Prevent Pollution from Ships Act (the Act) to apply provisions of Annex VI to the International Convention for the Prevention of Pollution from Ships, 1973 (Convention) relating to emissions from ships to non-U.S. ships that enter, depart from, or are in U.S. ports, shipyards, offshore terminals, navigable waters, specified emission control areas, or the U.S. exclusive economic zone. Makes the Act applicable to all persons to ensure compliance with Annex VI to the Convention. (Sec. 8454) Defines certain duties of the Administrator of the Environmental Protection Agency (EPA) with respect to the administration and enforcement of Annex VI to the Convention. (Sec. 8455) Grants the EPA Administrator certain authorities, including to: (1) issue certificates to ships under the MARPOL Protocol to the Convention; (2) prescribe with the Secretary of the department in which the Coast Guard is operating regulations that set forth criteria for determining the adequacy of ports and terminals (reception facilities) to receive ozone depleting substances and exhaust gas cleaning residues from ships and that certify that such facilities are adequate to receive such substances in accordance with the MARPOL Protocol, this Act, or such regulations; (3) take enforcement action against ships that have been inspected and found not in compliance with Annex VI to the Convention; (4) consult with the Secretary of State with respect to proposed amendments to the Convention; and (5) subject violators of the MARPOL Protocol, Annex IV to the Antarctic Protocol, or regulations issued under this Act to certain penalties. Revises provisions to authorize the Secretary in the department in which the Coast Guard is operating to: (1) deny entry of a ship to a reception facility required by the MARPOL Protocol, this Act, or regulations issued under this Act to be adequate to receive such substances or residues from such ship if the reception facility is not in compliance with such Protocol, Act, or regulations; and (2) inspect a ship to verify if it is in compliance with Annex VI to the Convention. Subtitle E: Aviation - (Sec. 8501) Directs the Secretary to establish a pilot program to carry out not more than six environmental mitigation demonstration projects to measurably reduce or mitigate aviation impacts on noise, air quality, or water quality at public-use airports. Sets the federal share of project costs at 50%. Subtitle F: Public Buildings - Part 1: General Services Administration - (Sec. 8601) Requires the Administrator of General Services to include in a prospectus for the construction, alteration, or acquisition of any building or space to be leased an estimate of the future energy performance of the building or space and a specific description of the use of energy efficient and renewable energy systems, including photovoltaic systems, in carrying out the project. Requires the Administrator, with respect to space to be leased, to include minimum performance requirements requiring energy efficiency and the use of renewable energy. Requires: (1) each public building constructed, altered, or acquired by the Administrator to be equipped with energy efficient lighting fixtures and bulbs; and (2) fixtures and bulbs in public buildings that are replaced in the normal course of maintenance to be replaced with fixtures and bulbs that are energy efficient. Sets forth factors for the Administrator to consider in making a determination concerning the feasibility of installing an energy efficient bulb or fixture. Makes acquisitions of bulbs and fixtures subject to the requirements of the Buy America Act. Authorizes the Administrator to contract for public utility services for a period of no more than 30 years if doing so is cost effective and necessary to promote the use of energy efficient and renewable energy systems. Requires the Administrator to include in the solicitation for any lease requiring a prospectus an evaluation factor considering the extent to which the offeror will promote energy efficiency and the use of renewable energy. (Sec. 8602) Amends the National Energy Conservation Policy Act to require the Secretary of Energy to establish methods for estimating and comparing life cycle costs for federal buildings, using the sum of all capital and operating expenses associated with the energy system of the building involved over the shorter of the expected life of such system or 40 (currently 25) years. (Sec. 8603) Requires the Administrator to install a photovoltaic system, as set forth in the Sun Wall Design Project, for the Department of Energy's headquarters, commonly known as the Forrestal Building. Authorizes funding. Part 2: Coast Guard - (Sec. 8631) Prohibits a general service incandescent lamp from being purchased or installed in a Coast Guard facility (excluding a vessel or aircraft) on or after January 1, 2009, except: (1) when necessary due to the purpose or design; (2) when reasonable due to the architectural or historical value of a light fixture; and (3) when the Commandant of the Coast Guard determines that operations requirements necessitate the use of a such a lamp. Part 3: Architect of the Capitol - (Sec. 8651) Authorizes the Architect of the Capitol to perform a feasibility study regarding construction of a photovoltaic roof for the Rayburn House Office Building and report to specified congressional committees. Authorizes appropriations. (Sec. 8652) Requires the Architect to construct a fuel tank and pumping system for E-85 fuel at or near the Capitol Grounds Fuel Station. Requires such tank and system to be available for use by all legislative branch vehicles capable of operating with such fuel. Authorizes appropriations. (Sec. 8553) Requires the Architect to include energy efficiency measures, climate change mitigation measures, and other environmental measures in the Capitol Complex Master Plan. (Sec. 8654) Requires the Architect to install technologies for the capture and storage or use of carbon dioxide emitted from the Capitol Power plant in the District of Columbia as a result of burning coal. (Sec. 8655) Requires the Architect to: (1) take steps to operate the steam boilers and chiller plant at the Capitol Power Plant in the most energy efficient manner possible to minimize carbon emissions and operating costs; and (2) report, in conjunction with the Chief Administrative Officer of the House of Representatives, to specified congressional committees on the actions taken and the energy efficiencies achieved. Subtitle G: Water Resources and Emergency Management Preparedness - Part 1: Water Resources - (Sec. 8701) Declares as U.S. Policy that all federal water resources projects: (1) reflect national priorities for flood damage reduction, navigation, ecosystem restoration, and hazard mitigation and consider the future impacts of increased hurricanes, droughts, and other climate change-related weather events; (2) avoid the unwise use of flood plains, minimize vulnerabilities in any case in which a flood plain must be used, protect and restore the extent and functions of natural systems, and mitigate any unavoidable damage to aquatic natural system; and (3) avoid impacts to wetlands, help filter water, serve as recharge areas for aquifers, reduce floods and erosion, and provide plant and animal habitat. (Sec. 8702) Establishes the 21st Century Water Commission to: (1) project future water supply and demand and impacts of climate change to our nation's flood risk, water availability, and water quality; (2) study current water management programs directed at increasing water supplies and improving the availability, reliability, and quality of freshwater resources and evaluate such programs' hazard mitigation strategies and contingency planning in light of climate change impacts; and (3) develop recommendations for a comprehensive water strategy. Requires such a strategy to: (1) recognize the primary role of states in adjudicating, administering, and regulating water rights and water uses; (2) identify incentives intended to ensure a water supply that meets U.S. needs for the next 50 years; (3) eliminate duplication and conflict among federal governmental programs; (4) consider all available technologies and other methods to optimize water supply reliability, availability, and quality, while safeguarding and enhancing the environment and planning for the potential impacts of climate change on water quality, water supply, flood and storm damage reduction, and ecosystem health; (5) recommend means of capturing excess water and flood water for conservation and use in the event of a drought; (6) identify adaptation techniques for effectively conserving freshwater and coastal systems as they respond to climate change; (7) suggest financing options, incentives, and strategies for development of comprehensive water management plans, holistically designed water resources projects, conservation of existing water resources infrastructure (except drinking water infrastructure) and for increasing the use of nonstructural elements; (8) suggest strategies for avoiding increased mandates on state and local governments; (9) suggest strategies for using best available climate science in projections of future flood and drought risk, and for developing hazard mitigation strategies to protect water quality, in extreme weather conditions caused by climate change; (10) identify policies that encourage low impact development, especially in areas near high priority aquatic systems; (11) suggest strategies for encouraging the use of nonstructural elements; (12) suggest strategies for addressing increased sewage overflow problems; (13) promote environmental restoration projects that reestablish natural processes; and (14) promote and create regional planning. Requires the Commission to submit a report containing its findings, conclusions, and recommendations for legislation and other policies to the President and specified congressional committees. Terminates the Commission 30 days after the submission of such report. Authorizes appropriations. (Sec. 8703) Requires the Administrator of the Environmental Protection Agency (EPA) to enter into an arrangement for the National Academy of Sciences to: (1) produce a study on the potential impacts of climate change on water resources and water quality; (2) assess the extent to which federal and state efforts under the Federal Water Pollution Control Act and other ocean and coastal laws may be affected by climate change; (3) identify steps to assess emerging information and identify appropriate response actions to meet the requirements of such Act; and (4) recommend potential legislative or regulatory changes to address impacts of global climate change on efforts to restore and maintain the chemical, physical, and biological integrity of the nation's waters. Authorizes appropriations. (Sec. 8704) Requires the Secretary of the Army to: (1) ensure that Corps of Engineers' water resources projects and studies take into account the potential effects of climate change; and (2) utilize a representative range of climate change scenarios, including the current projections of the United States Global Change Research Program and the Intergovernmental Panel on Climate Change. Requires the Secretary to report to specified congressional committees on such projects. Part 2: Emergency Management - (Sec. 8731) Requires the Administrator of the Federal Emergency Management Agency (FEMA) to study and report to specified congressional committees on the increase in demand for FEMA's emergency preparedness, response, recovery, and mitigation programs and services that may be reasonably anticipated as a result of an increased number and intensity of natural disasters affected by climate change. Title IX: Energy and Commerce - Subtitle A: Promoting Energy Efficiency - Energy Efficiency Improvement Act of 2007 - Part 1: Appliance Efficiency - (Sec. 9001) - Establishes new Energy Factors for home appliances manufactured on or after specified dates, including dehumidifiers, residential clotheswashers, and dishwashers. Requires a final rule by a certain date on whether to amend current energy standards for refrigerators and freezers manufactured on or after a certain date. Revises Energy Star program requirements to move up from January 1, 2010, to July 1, 2009, the effective date of new qualifying levels the Secretary of Energy must establish for clothes washers by January 1, 2008. (Sec. 9002) Amends the Energy Policy and Conservation Act (EPCA) to redefine electric motors as general purpose electric motors (subtype I and subtype II), and prescribe nominal full load efficiency standards for them. (Sec. 9003) Prescribes design requirements for residential boilers. (Sec. 9004) Authorizes the Secretary of Energy to establish regional standards for space heating and air conditioning products, other than window-unit air-conditioners and portable space heaters. (Sec. 9005) Amends EPCA to: (1) eliminate the advance notice and invitation to comment requirement from the procedure for prescribing new or amended energy conservation standards; (2) authorize the Secretary of Energy to issue a direct final rule based on a joint recommendation on energy or water conservation standards submitted by manufacturers, states, and efficiency advocates; (3) subject single package vertical air conditioners and heat pumps to specified standards; and (4) redefine energy conservation standard. (Sec. 9009) Revises: (1) the schedule for updating consumer appliance standards; and (2) test procedures for updating appliances. (Sec. 9011) Directs the Secretary of Energy to the Secretary prescribe energy conservation or use standards for electricity used for purposes of circulating air (by furnace fans) through duct work. (Sec. 9013) Sets forth: (1) federal purchasing requirements for energy efficient standby power devices; (2) external power supply efficiency standards; (3) required test procedure amendments for including standby mode energy use; and (4) standards for walk-in coolers and walk-in freezers. (Sec. 9016) Directs the Secretary by a certain date to: (1) issue a final rule prescribing energy conservation standards for battery chargers or classes of them; or (2) determine that no such standards is technically feasible and economically justified. Declares that any energy conservation standard issued for battery chargers and external power supplies shall be applicable to products manufactured or imported beginning on the date that is two (currently three) years after the date of issuance. Part 2: Lighting Efficiency - (Sec. 9021) Instructs the Secretary of Energy to issue regulations prohibiting sales of : (1) 100 watt general service incandescent lamps after January 1, 2012, unless they emit at least 60 lumens per watt; and (2) general service lamps manufactured after specified dates that do not meet prescribed minimum efficacy (lumen/watt) levels. Preempts certain state standards for general service lamps, with specified exceptions. Directs the Secretary to: (1) report to Congress a plan for encouraging and providing incentives for the domestic production of light bulbs by U.S. manufacturers that meet specified efficacy levels; and (2) develop a national sales data tracking system in conjunction with the National Electrical Manufacturers Association and other stakeholders for lamp technologies, including Light Emitting Diodes, halogens, incandescents, and compact fluorescent lamps. Directs the Federal Trade Commission (FTC) to conduct a rulemaking to consider: (1) the effectiveness of current lamp labeling requirements; and (2) alternative labeling approaches that will help consumers to understand new high-efficiency lamp products. Requires the Secretary, in cooperation with the EPA Administrator, to report to Congress recommendations on the means by which the federal government may reduce or prevent the release of mercury during the manufacture, transportation, storage, or disposal of general service lamps. (Sec. 9022) Revises standards for fluorescent lamps and incandescent reflector lamps. (Sec. 9023) Requires energy efficient lighting fixtures and bulbs in the construction, alteration, and maintenance of public buildings. (Sec. 9024) Amends EPCA to prescribe standards for metal halide lamp fixtures. Part 3: Residential Building Efficiency - (Sec. 9031) Amends ECPA to require the Secretary to support updating national model building energy codes and standards at least every three years to achieve overall energy savings, compared to specified International Energy Conservation Code (IECC) residential building and American Society of Heating Refrigerating and Air-conditioning Engineers (ASHRAE) commercial building standards, of: (1) 30% by 2010; (2) 50% by 2020; and (3) targets to be set by the Secretary in the future, at the maximum level of energy efficiency that is technologically feasible and lifecycle cost effective. Revises requirements for: (1) state review and updating of state residential and commercial building codes regarding energy efficiency; (2) certification of state compliance with such codes; and (3) technical assistance to enable national codes and standards to meet targets, states to update their codes. Revises requirements for incentive funding. Authorizes appropriations for FY2008-FY2013 and following fiscal years. (Sec. 9032) Requires the Secretary to establish standards for energy efficiency in manufactured housing. (Sec. 9033) Amends EPCA with respect to exceptions to federal preemption for state or local building codes for new construction concerning the energy efficiency or energy use of a covered product. Revises the requirement regarding baseline building designs. Adds an alternative to current requirements of a design based on an efficiency level for a covered product that the state has found feasible and cost-effective. (Sec. 9034) Reauthorizes appropriations for weatherization assistance for low-income persons for FY2008-FY2012. Authorizes the Secretary to use such funds to initiate an Alternative Delivery System Pilot Project to examine options for decreasing energy consumption associated with heating and cooling while increasing household participation by focusing on key energy saving components. Authorizes the Secretary to make funding available to local weatherization agencies to expand the weatherization assistance program for residential buildings to include materials, benefits, and renewable and domestic energy technologies not currently covered. Specifies priorities for weatherization grants. (Sec. 9035) Requires the Secretary to study and report to Congress on the renewable energy rebate program. Part 4: Commercial and Federal Building Efficiency - Instructs the Administrator of General Services to establish within GSA an Office of Federal High-Performance Green Buildings (OFHPGB), and appoint a Federal Director to: (1) establish and manage an Office of Commercial High-Performance Green Buildings (OCHPGB); and (2) identify incentives to encourage the use of high-performance green buildings and related technology in federal government operations. (Sec. 9043) Directs the Secretary of Energy to: (1) establish an OCHPGB within the Office of Energy Efficiency and Renewable Energy; and (2) appoint a Commercial Director to establish and manage it. Requires the Commercial Director to recognize formally one or more groups that qualify as a high-performance green building partnership consortium to represent the private sector in a public-private partnership that promotes high-performance green buildings and zero-net-energy commercial buildings. (Sec. 9044) Instructs the Commercial Director, in partnership with the consortium, to: (1) study and refine a national goal to reduce commercial building energy use and achieve zero-net-energy commercial buildings; (2) develop a market transformation strategy to achieve the adopted national goal by accelerating widespread deployment of energy efficiency technologies, practices, and policies in commercial buildings, and by leveraging state, utility, and private sector commercial building energy efficiency programs; and (3) implement an initiative to carry out such strategy. (Sec. 9045) Directs the Commercial Director, in coordination with the consortium, to carry out public outreach to inform individuals and entities of the information and services available governmentwide. (Sec. 9046) Requires the Director of the Office of Federal Procurement Policy to promulgate revised acquisition regulations governing specified actions by federal procurement executives. (Sec. 9047) Amends the National Energy Conservation Policy Act (NECPA) to require federal agencies to designate facility energy managers to: (1) undertake energy and water efficiency measures; and (2) reduce energy use at certain facilities. (Sec. 9048) Instructs the Federal Director and the Commercial Director to establish guidelines to implement a demonstration project that contributes to the research goals of the OCHPGB and the OFHPGB. (Sec. 9049) Requires the Secretary of Energy and the EPA Administrator to initiate jointly a voluntary national information program for widely used data centers and data center facilities with potential for significant data center energy savings, and designate an information technology industry organization to coordinate the program. (Sec. 9050) Authorizes appropriations to promote energy efficiency, including: (1) this part generally for FY2008-FY2014; (2) the zero-energy commercial buildings initiative for FY2008-FY2050; (3) federal and university demonstration projects for FY2009-FY2014; and (4) energy efficiency for data center buildings for FY2008-FY2012. (Sec. 9051) Instructs the Secretary to study and report to Congress on federal facility use of power management software to reduce the use of electricity in computer monitors and personal computers. (Sec. 9052) Requires the Commercial Director to guarantee loans for certain high-performance green building retrofit projects. (Sec. 9053) Directs the Administrator of General Services to establish a program to accelerate the use of geothermal heat pumps at GSA facilities. Authorizes appropriations. (Sec. 9054) Instructs the Administrator for Federal Procurement Policy to ensure that the Federal Acquisition Regulation is revised to require each federal agency to consider, when purchasing meeting and conference services, the environmentally preferable features and practices of a vendor in a manner substantially similar to that required of the Environmental Protection Agency (EPA) in specified regulations governing acquisition of environmentally preferable meeting and conference services, and EPA Green Meetings and Conferences. (Sec. 9055) Amends EPCA to set forth a grants program to implement energy sustainability and efficiency at institutions of higher education. Authorizes appropriations. Part 5: Industrial Energy Efficiency - (Sec. 9061) Amends EPCA to direct the EPA Administrator to establish a Recoverable Waste-Energy Inventory Program that includes: (1) an ongoing survey of the sites of all major industrial and large commercial combustion sources in the United States; and (2) a review of such sources for quantity and quality of waste energy. Requires the EPA Administrator to establish a Registry of Recoverable Waste-energy Sources. Authorizes appropriations for FY2008-FY2012. Establishes within EPA a Waste Energy Recovery Incentive Grant Program to: (1) provide incentive grants to owners and operators of projects that successfully produce electricity or incremental useful thermal energy from waste energy recovery; and (2) reward states that have achieved 80% or more of identified waste-heat recovery opportunities. Sets forth additional incentives for industrial waste energy recovery, utilization, and prevention. Redesignates the Combined Heat and Power Application Centers at DOE as Clean Energy Application Centers. Directs the Secretary of Energy to: (1) relocate the administration of the Clean Energy Application Centers to the Office of Energy Efficiency and Renewable Energy within DOE; and (2) make grants to institutions for continued operations and effectiveness of Regional Clean Energy Application Centers in eight specified regions. Authorizes appropriations for such activities for FY2008-FY2012. Part 6: Energy Efficiency of Public Institutions - Sustainable Energy Institutional Infrastructure Act of 2007 - (Sec. 9074) Directs the Secretary of Energy to: (1) provide information and technical assistance to help institutional entities to develop sustainable energy infrastructure; and (2) create a Sustainable Institutions Revolving Fund to provide loans for construction or improvement of sustainable energy infrastructure for such entities. (Sec. 9076) Authorizes appropriations for state energy programs for FY2007-FY2012. (Sec. 9077) Directs EPA to arrange with the Secretaries of Education and of Energy to study how sustainable building features such as energy efficiency affect multiple perceived indoor environmental quality stressors on students in K-12 schools. Part 7: Energy Savings Performance Contracting - (Sec. 9082) Amends NECPA with respect to the energy savings performance contracts of federal agencies. Includes in energy savings for such purposes: (1) the increased efficient use of an existing energy source by cogeneration or heat recovery, and installation of renewable energy systems; (2) the sale or transfer of electrical or thermal energy generated onsite, but in excess of federal needs, to utilities or nonfederal energy users; and (3) the increased efficient use of existing water sources in interior or exterior applications. (Sec. 9082) Authorizes federal agencies, when entering such contracts, also to enter into a separate contract for energy services and conservation measures, and provide the financing necessary to implement it. (Sec. 9083) Revises the authority of a federal agency to enter multiyear contracts without funding cancellation charges before cancellation. Repeals the requirement that 30-day notice be given to the appropriate congressional committees before the award of any such contract with a cancellation ceiling in excess of $10 million. (Sec. 9084) Repeals the sunset date for federal agency authority to enter into new energy savings performance contracts (thus making such authority permanent). (Sec. 9085) Instructs the Secretary of Energy to create and administer in the Federal Energy Management Program a training program for personnel to negotiate energy efficiency contracts. Authorizes appropriations for FY2008-FY2012. (Sec. 9086) Prohibits federal agencies from either: (1) establishing an agency policy that limits the maximum contract term to a period shorter than 25 years; or (2) limiting the total amount of obligations under energy savings performance contracts or other private financing of energy savings measures. Part 8: Advisory Committee on Energy Efficiency Financing - (Sec. 9089) Directs the Assistant Secretary of Energy for Energy Efficiency and Renewable Energy to establish an advisory committee for DOE on energy efficiency finance and investment, which shall also assist the energy community in identifying ways of lowering costs and increasing investments in energy efficiency technologies. Authorizes appropriations. Part 9: Energy Efficiency Block Grant Program - (Sec. 9092) Instructs the Secretary of Energy to establish: (1) an Energy Efficiency Block Grant Program; and (2) a technical assistance and education program for states and designated offshore territories, and possessions of the United States. Authorizes appropriations for FY2008-FY2012. Subtitle B:Smart Grid Facilitation - Smart Grid Facilitation Act of 2007 - Part 1: Smart Grid - (Sec. 9111) Declares it is the policy of the United States to support modernization of the Nation's electricity transmission and distribution system to incorporate digital information and controls technology and to share real-time pricing information with electricity customers to achieve specified goals. Directs the Secretary of Energy, the Federal Energy Regulatory Commission (FERC) and other federal agencies to undertake programs to support development and demonstration of Smart Grid technologies and standards. (Sec. 9112) Directs the President to establish a Grid Modernization Commission (GMC) to: (1) facilitate the adoption of Smart Grid standards, technologies, and practices across the U.S. electricity grid; (2) monitor developments and encourage progress toward common standards and protocols; (2) identify barriers and propose solutions; and (3) coordinate smart grid implementation with governmental authorities. (Sec. 9113) Requires the GMC to make biannual assessments to Congress and the President of progress toward modernizing the electric system from generation to consumption, including implementation of "smart grid" technologies. Requires the GMC to work with the National Institute of Standards and Technology (NIST) and Smart Grid stakeholders to develop protocols and model standards for information management to achieve interoperability of smart grid devices and systems. Authorizes appropriations for FY2009-FY2012. (Sec. 9114) Requires the Secretary of Energy to: (1) establish a Smart Grid Investment Matching Grant Program to provide reimbursement of one-fourth of qualifying Smart Grid investments; (2) implement Smart Grid technology deployment; (3) establish a program of demonstration projects focused on advanced technologies for power grid sensing, communications, analysis, and power flow control, including integration of demand-side resources into grid management; and (4) establish Smart Grid demonstration projects for not more than five electric utility systems. Authorizes appropriations for FY2008-FY2012. (Sec. 9116) Directs the GMC to develop a standard for collecting, presenting, and delivering Smart Grid information to electricity purchasers. Requires FERC to propose a rule for public utility and approved regional transmission organization implementation of relevant elements of the standard that would add value for purchasers of wholesale power or those utilizing interstate transmission. (Sec. 9117) Amends the Public Utility Regulatory Policies Act of 1978 (PURPA) to require electric utilities, before undertaking investments in non-advanced grid technologies, to demonstrate that alternative investments in advanced grid technologies have been considered, including from a standpoint of cost-effectiveness, where such cost-effectiveness considers costs and benefits on a lifecycle basis. Permits each electric utility to recover from ratepayers the costs for a qualified Smart Grid system. Requires each state regulatory authority and each nonregulated utility to reconsider prior time-of-day and communication standards to take into account Smart Grid technologies. (Sec. 9118) Requires the Secretary of Energy to report to Congress a quantitative assessment and determination of the impact of the deployment of Smart Grid systems on improving the security of the Nation's electricity infrastructure and operating capability. Authorizes appropriations. Part 2: Demand Response - (Sec. 9121) Amends NECPA to require federal agencies to include in mandatory annual reports: (1) agency aggregate electricity demand during system peak hours during 2006 and 2007; and (2) a forecast of the projected growth in such peak demand in light of projected agency growth for each year through 2018. Requires such agencies to: (1) reduce aggregate peak electricity demand; or (2) make certain percentage amounts of electricity demand available in the form of demand response, according to a specified Federal Electricity Peak Demand Reduction Standard. Directs the GMC to: (1) to conduct and report to Congress on a National Assessment of Demand Response; and (2) develop and implement a National Action Plan on Demand Response meeting specified objectives. Authorizes appropriations for FY2008-FY2020. Directs the EPA Administrator to report to Congress on a quantitative assessment and determination of the impacts of demand response and "smart grid" systems upon: (1) air emissions and air quality; and (2) environmental parameters other than emissions and air quality. Authorizes appropriations for FY2010. Subtitle C: Loan Guarantees - (Sec. 9201) Amends the Energy Policy Act of 2005 to: (1) authorize a federal loan guarantee of 100 % for innovative technologies projects; (2) prohibit loan guarantees unless the borrower has provided reasonable assurances that laborers and mechanics employed in construction work financed with the loan will be paid wages at prevailing rates in accordance with the Davis-Bacon Act. (Sec. 9202) Prohibits any authorized appropriation for innovative technology loan guarantees from excluding any category of eligible project. Subtitle D: Renewable Fuel Infrastructure and International Cooperation - Part 1: Renewable Fuel Infrastructure - (Sec. 9301) Instructs the Secretary of Energy to: (1) establish a grants program for retail and wholesale motor fuel dealers or other entities for the installation, replacement, or conversion of motor fuel storage and dispensing infrastructure to be used exclusively to store and dispense renewable fuel; and (2) provide technical and marketing assistance to entities with demonstrated experience in assisting retail fueling stations in installing refueling systems and marketing renewable fuels nationally. Authorizes appropriations for FY2008-FY2014. (Sec. 9302) Amends the Petroleum Marketing Practices Act to prohibit franchise agreements that contain restrictions upon installation of renewable fuel pumps. (Sec. 9303) - Instructs the Secretary of Energy to study and report to Congress on: (1) market penetration for flexible-fuel vehicles in use within certain geographic regions; (2) the feasibility of requiring motor fuel retailers to install E-85 compatible dispensers and related systems at retail fuel facilities in regions where flexible-fuel vehicle market penetration has reached 15 % of motor vehicles; and (3) the feasibility of constructing dedicated ethanol pipelines. (Sec. 9305) Directs EPA to study and report to Congress on the feasibility of widespread domestic utilization of ethanol blended gasoline with ethanol levels greater than 10%. (Sec. 9306) Instructs the Secretary of Energy to study and report to Congress on the adequacy of railroad transportation of domestically-produced renewable fuel. (Sec. 9307) Amends the Clean Air Act to: (1) require the EPA Administrator to initiate a rulemaking establishing a series of uniform per gallon fuel standards for categories of fuels that contain biodiesel, unless the American Society for Testing and Materials has adopted a standard for diesel fuel containing 20 % biodiesel; and (2) authorize appropriations for cellulosic ethanol production grants for FY2009-FY2010. (Sec. 9309) Requires the Secretary of Transportation to implement a. consumer education campaign relating to flexible-fuel vehicles. (Sec. 9310) Conditions any waiver of certain Clean Air Act prohibitions for any renewable fuel or renewable fuel additive upon final action by the EPA Administrator, after public notice and comment, and based on an application of certain standards and criteria with respect to emissions control devices or systems and vehicle emissions standards to on-road and non-road engines and vehicles. (Sec. 9311) Amends the Energy Policy Act of 2005 to: (1) require the efficient hybrid and advanced diesel vehicle production and sales program to provide grants for flexible-fuel vehicles; (2) repeal the fiscal year limit on the authorization of appropriations for such program; and (3) authorize the Secretary of Energy to coordinate implementation of such program with state and local programs by establishing matching grant arrangements for retention and retraining of skilled workers from manufacturing facilities. (Sec. 9312) Authorizes FY2008 appropriations for cellulosic ethanol and biofuels research at up to 10 institutions of higher education. (Sec. 9313) Requires the head of each federal agency to install at least one renewable fuel pump at each federal fleet fueling center. Authorizes appropriations. (Sec. 9314) Instructs the Secretary of Energy to study and report to Congress on the impact of increased use of renewable fuels on the domestic economy. (Sec. 9315) Requires the Secretary of Energy to provide research and development grants for renewable fuel production technologies in states with low ethanol production rates and low cellulosic biomass ethanol production rates. Authorizes appropriations for FY2008-FY2010. (Sec. 9316) Requires the Secretary to study and report to Congress on anticipated effects on renewable fuels production if oil were priced no lower than $40 per barrel. (Sec. 9317) Amends federal transportation law to include biodiesel as an alternative fuel for corporate average fuel economy (CAFE) purposes. Part 2: United States-Israel Energy Cooperation - United States-Israel Energy Cooperation Act - (Sec. 9323) Instructs the the Secretary of Energy to award grants to certain joint ventures composed of: (1) both Israeli and U.S. private business entities; or (2) both Israeli and U.S. academic persons who reside and work in Israel. Requires the Secretary to select grantees in consultation with the Israel-United States Binational Industrial Research and Development Foundation (BIRD) and the United States-Israel Binational Science Foundation (BSF). (Sec. 9324) Establishes in DOE the International Energy Advisory Board. (Sec. 9327) Authorizes appropriations for FY2008-FY2014. Subtitle E: Advanced Plug-In Hybrid Vehicles and Components - (Sec. 9401) Directs the Secretary of Energy to establish an advanced battery loan guarantee program for construction of domestic manufacturing facilities for advanced vehicle batteries and battery systems developed and produced in the United States, including advanced lithium ion batteries and hybrid electrical system and component manufacturers and software designers. Authorizes appropriations. (Sec. 9402) Amends the Energy Policy Act of 2005 to: (1) require the efficient hybrid and advanced diesel vehicle production and sales program to provide grants for plug-in electric hybrid vehicles; (2) repeal the fiscal year limit on the authorization of appropriations for such program; and (3) authorize the Secretary of Energy to coordinate implementation of such program with state and local programs by establishing matching grant arrangements for retention and retraining of skilled workers from manufacturing facilities. (Sec. 9403) Directs the Secretary of Energy to establish: (1) a competitive program to provide grants on a cost-shared basis to state and local governmental authorities and private or nonprofit entities to encourage use of plug-in electric drive vehicles or other emerging electric vehicle technologies; and (2) a nationwide electric drive transportation education program, including the Dr. Andrew Frank Plug-In Hybrid Electric Vehicle Competition. Authorizes appropriations. (Sec. 9404) Directs the Secretary of Energy to establish a grants program for owners of domestic motor vehicle manufacturing or production facilities to produce plug-in hybrid electric motors or conversion modules to be used as electricity storage capacity for utilities. Authorizes appropriations. (Sec. 9406) Amends the Energy Policy Act of 1992 to extend the credit allocation program to acquisitions of medium or heavy duty hybrid vehicles and specified kinds of electric vehicles. Authorizes appropriations. (Sec. 9407) Requires the Secretary to establish a revolving loan program to conduct qualified electric transportation projects. Directs the EPA Administrator to: (1) inventory and analyze existing electric drive transportation technologies and hybrid technologies and markets; and (2) identify and implement methods of removing barriers to applications of electric drive transportation technologies and hybrid transportation technologies. Authorizes appropriations. (Sec. 9408) Directs the Secretary of Transportation to study and report to Congress on the benefits of, and barriers to the widespread use of, city cars, which may be battery electric, fuel cell electric, or plug-in hybrid electric vehicles, with a performance capability exceeding that of low speed vehicles but under that of passenger vehicles. Authorizes appropriations. Subtitle F: Availability of Critical Energy Information - (Sec. 9502) Instructs the Administrator of the Energy Information Administration to establish and submit to Congress a five-year plan to enhance the quality and scope of the data collection necessary to ensure the scope, accuracy, and timeliness of information needed for efficient functioning of energy markets and related financial operations. Authorizes appropriations for FY2008-FY2012. Subtitle G: Natural Gas Utilities - (Sec. 9511) Amends PURPA to require each natural gas utility to: (1) integrate energy efficiency resources into its plans and planning processes; and (2) adopt policies that establish energy efficiency as a priority resource in its planning processes. Sets forth discretionary rate policy modifications to promote energy efficiency investments. Subtitle H: Federal Renewable Portfolio Standard - (Sec. 9611) Amends PURPA to specify calendar year 2010-2039 increases in the mandatory annual percentage of a retail electric supplier's base amount of electric energy sold for non-resale purposes that shall be generated from renewable energy sources (or otherwise credited towards such percentage requirement) to comply with federal renewable energy and renewable energy efficiency requirements. Authorizes retail electric suppliers to satisfy such requirements through the submission of renewable energy and energy efficiency credits, which may be sold, transferred, exchanged, or borrowed. Requires the Secretary of Energy to establish a state renewable energy account program. Subtitle I: Large and Small Scale Hydropower - (Sec. 9621) Expresses the sense that Congress recognizes and supports renewable energy, specifically the clean, consistent, pollution free large and small scale conventional hydropower energy. Division B: Renewable Energy and Energy Conservation Tax Act of 2007 - Renewable Energy and Energy Conservation Tax Act of 2007 - (Sec. 10002) Amends Internal Revenue Code provisions relating to renewable energy sources and energy conservation. Title XI: Production Incentives - (Sec. 11001) Extends through 2012 the tax credit for the production of electricity from renewable resources (e.g., wind, closed and open-loop biomass, geothermal energy, small irrigation power, municipal solid waste, and qualified hydropower). Imposes a limit on such tax credit based upon investment in renewable resource facilities placed in service after 2008 in lieu of the current phaseout provisions for such credit. (Sec. 11002) Includes marine and hydrokinetic renewable energy as a renewable resource for purposes of the tax credit for producing electricity from renewable resources. (Sec. 11003) Extends through 2016 the energy tax credit for investment in solar energy and fuel cell property. Allows an offset against alternative minimum tax liability for certain energy tax credit amounts. Increases to $1,500 the credit limitation for fuel cell property. Allows public electric utility property to qualify for the energy tax credit. (Sec. 11004) Allows a new tax credit for investment in qualified new clean renewable energy bonds. (Sec. 11005) Extends through 2009 the special rule for the treatment of gain from electronic transmission transactions by a qualified electric utility (as defined by the Federal Power Act). (Sec. 11006) Repeals the dollar limitation on the residential energy efficient property tax credit for solar electric and solar water heating property expenditures and for qualified fuel cell property expenditures. Requires performance certification of solar water heating property as a condition of eligibility for the tax credit. Allows an offset against alternative minimum tax liability of tax credit amounts. Title XII: Conservation - Subtitle A: Transportation - (Sec. 12001) Allows a new tax credit for the production of qualified plug-in hybrid motor vehicles. Defines "qualified plug-in hybrid vehicle" as a motor vehicle weighing less than 14,000 pounds that meets certain emission standards under the Clean Air Act and that is propelled to a significant extent by an electric motor that draws electricity from a rechargeable battery. (Sec. 12002) Extends through 2010 the tax credit for installing nonhydrogen alternative fuel refueling property. Increases the rate of the tax credit for alternative fuel refueling property expenditures from 30 to 50% and raises the dollar limit for commercial properties to $50,000. (Sec. 12003) Extends through 2010 the income and excise tax credits for biodiesel (including agri-biodiesel) and renewable diesel used as fuel. Eliminates the requirement that renewable diesel be made using a thermal depolymerization process. (Sec. 12004) Allows an alcohol fuels tax credit for the production of qualified cellulosic alcohol fuel. (Sec. 12005) Excludes from gross income for income tax purposes reimbursements for bicycle commuting expenses. (Sec. 12006) Modifies the definition of "passenger automobile" for purposes of limitations on depreciation and expensing of vehicles to include any four-wheeled vehicles that are designed primarily to carry passengers over public streets, roads, or highways and that are rated at not more than 14,000 pounds gross vehicle weight. (Sec. 12007) Allows a tax credit against payroll liabilities of New York Liberty Zone governmental units (i.e., New York State, the City of New York, or any agencies or instrumentalities thereof) for expenditures involving transportation infrastructure projects in or connecting with the New York Liberty Zone. Subtitle B: Other Conservation Provisions - (Sec. 12011) Authorizes the issuance of tax-credit energy conservation and qualified residential energy efficiency assistance bonds. (Sec. 12013) Extends through 2013 the tax deduction for energy efficient commercial building expenditures. (Sec. 12014) Revises the tax credit amounts for energy efficient appliances (i.e., dishwashers, clothes washers, refrigerators, and dehumidifiers) produced after 2007. (Sec. 12015) Allows a five-year recovery period for the depreciation of qualified energy management devices. Defines "qualified energy management device" as a device that measures and records electricity usage data on a time-differentiated basis in at least 24 separate time segments per day and allows for the exchange of electricity-usage information and data. Title XIII: Revenue Provisions - Subtitle A: Denial of Oil and Gas Tax Benefits - (Sec. 13001) Denies a tax deduction for income attributable to the domestic production of oil, natural gas, or any primary products thereof. (Sec. 13002) Increases from five to seven years the amortization period for geological and geophysical expenditures for certain major integrated oil companies (i.e., companies with an average daily worldwide production of crude oil of at least 500,000 barrels, gross receipts in excess of $1 billion, and an ownership interest in a crude oil refiner of 15% or more). (Sec. 13003) Revises the standard for calculating foreign oil and gas extraction income for purposes of the foreign tax credit to require a fair market valuation. Subtitle B: Clarification of Eligibility for Certain Fuel Credits - (Sec. 13011) Modifies the definition of "renewable diesel" for purposes of the income and excise tax credits for biodiesel and renewable diesel used as fuel to exclude any fuel derived from coprocessing biomass with a feedstock which is not biomass. (Sec. 13012) Disqualifies foreign-produced fuel that is used or sold for use outside the United States for the income and excise tax credits for alcohol, biodiesel, renewable diesel, and alternative fuel production. Title XIV: Other Provisions - Subtitle A: Studies - (Sec. 14001) Directs the Secretary of the Treasury to enter into an agreement with the National Academy of Sciences for a comprehensive review of federal tax provisions that have the largest effects on carbon and other greenhouse gas emissions and to estimate the magnitude of those effects. Requires the Academy to report to Congress on such study not later than two years after the enactment of this Act. Authorizes appropriations for FY2008-FY2009. (Sec. 14002) Directs the Secretary to enter into an agreement with the Academy to analyze and report to Congress on current scientific findings relating to biofuels production. Subtitle B: Application of Certain Labor Standards on Projects Financed Under Tax Credit Bonds - (Sec. 14011) Makes federal public buildings and works labor standards applicable to projects financed by tax credit bonds.

New Direction for Energy Independence, National Security, and Consumer Protection Act - Incorporates various legislative initiatives for energy conservation, independence, and security. Green Jobs Act of 2007 - Amends the Workforce Investment Act of 1998 to direct the Secretary of Labor to: (1) establish an energy efficiency and renewable energy worker training program; (2) collect and analyze labor market data to track workforce trends resulting from energy-related initiatives under this Act; and (3) award National Energy Training Partnerships Grants to community based nonprofit organizations to carry out training programs that lead to economic self-sufficiency and develop an energy efficiency and renewable energy industries workforce. International Climate Cooperation Re-engagement Act of 2007 - Establishes in the Department of State an Office of Global Climate Change to be headed by an Ambassador-at-large with the primary responsibility of advancing U.S. goals for reducing global greenhouse emissions and for addressing the challenges posed by global climate change. Requires: (1) the U.S. Agency for International Development (USAID) to support policies and programs in developing countries that promote clean and efficient energy technologies; (2) the Secretary of Commerce to direct the United States and Foreign Commercial Service to promote U.S. exports in clean and efficient energy technologies and to direct the International Trade Administration (ITA) to encourage private sector trade and investment in clean and efficient energy technologies; (3) the Director of the Trade and Development Agency to fund projects for using clean and efficient energy technologies; and (4) the President to provide assistance to the Interagency Working Group to support a clean energy technology exports initiative. Authorizes the Secretary of State to establish a global climate change exchange program. Establishes the International Clean Energy Foundation to promote projects outside the United States for reducing greenhouse gas emissions and to work with foreign governments and private entities to address climate change issues. Small Energy Efficient Businesses Act - Amends the Small Business Investment Act of 1958 to: (1) authorize the Small Business Administration (SBA) to provide assistance to state development companies for projects that reduce energy consumption by at least 10% and generate renewable resources; (2) authorize small business investment companies to issue Energy Saving debentures; and (3) require the SBA Administrator to establish a Renewable Fuel Capital Investment Program. Amends the Small Business Act to: (1) direct the SBA Administrator to make small business loans to purchase energy efficient equipment or fixtures; (2) authorize a small business development center to apply for an additional grant to carry out a small business sustainability initiative project; and (3) direct the SBA Administrator to develop and coordinate a program for small business education on energy efficiency. Establishes: (1) the Advanced Research Projects Agency-Energy (ARPA-E) within the Department of Energy (DOE) to overcome the long-term and high-risk technological barriers in the development of energy technologies; and (2) the Energy Transformation Acceleration Fund to fund energy technologies research. Marine Renewable Energy Research and Development Act of 2007 - Directs the Secretary of Energy to: (1) support programs to expand the use of marine renewable energy production; and (2) award grants to institutions of higher education to establish one or more National Marine Renewable Energy Research, Development, and Demonstration Centers. Advanced Geothermal Energy Research and Development Act of 2007 - Directs the Secretary of Energy to: (1) support programs to expand the use of geothermal energy production; (2) extend the DOE's GeoPowering the West program throughout the entire United States; and (3) award grants to institutions of higher education (or consortia thereof) to establish two Centers for Geothermal Technology Transfer. Solar Energy Research and Advancement Act of 2007 - Directs the Secretary of Energy to establish: (1) a research and development program on thermal energy storage technologies for concentrating solar power; (2) a grant program for solar industry workforce training and internships; (3) a research and development program for direct solar light pipe technology; (4) a solar air conditioning research and development program; and (5) a grant program to states to demonstrate advanced photovoltaic technology. Biofuels Research and Development Enhancement Act - Directs the Secretary of Energy to: (1) establish a technology transfer center for information on research, development, and commercial application of technologies related to biofuels, biogas, and biorefineries: (2) award grants for biofuel production research and development in states with low rates of ethanol and cellulosic biomass ethanol production; and (3) conduct studies on increasing biodiesel production and consumption of ethanol-blending gasoline. Department of Energy Carbon Capture and Storage Research, Development, and Demonstration Act of 2007 - Amends the Energy Policy Act of 2005 to direct the Secretary of Energy to: (1) carry out fundamental science and engineering research to develop and document new approaches to capture and store carbon dioxide; (2) ensure that fundamental research is appropriately applied to energy technology development activities and the field testing of carbon sequestration activities; (3) promote regional carbon sequestration partnerships to conduct geologic sequestration tests involving carbon dioxide in a variety of geological settings; and (4) conduct at least seven initial large-volume sequestration tests for geological containment of carbon dioxide. Global Change Research and Data Management Act of 2007 - Directs the President to: (1) establish an interagency committee to ensure cooperation and coordination of federal research activities pertaining to processes of global change; (2) establish an interagency United States Global Change Research Program to improve understanding of global change; (3) develop a National Global Change Research and Assessment Plan to implement the Program, including recommendations for global change research; (4) establish a Global Change Research Information Exchange; and (5) establish an interagency climate and other global change data management working group. Directs the Administrator of the National Oceanic and Atmospheric Administration (NOAA) and the Director of the National Science Foundation (NSF) to contract for a study of the potential impacts of climate change on patterns of hurricane and typhoon development. Biomass Research and Development Act of 2000 - Expands and extends agricultural-based energy programs established by the Farm Security and Rural Investment Act of 2002 through FY2012, including programs for biofuels production, biorefineries, cellulosic biomass feedstocks and production, and forest bioenergy research. Carbon-Neutral Government Act of 2007 - Requires: (1) federal agencies to annually inventory and report their greenhouse gas emissions for the preceding fiscal year and to reduce net emissions to zero by FY2050: (2) the Administrator of the Environmental Protection Agency (EPA) to promulgate annual greenhouse gas emission targets for FY2010-FY2050; (3) federal agencies to develop plans and publicly report progress for meeting emission targets; (4) federal agencies to purchase low greenhouse gas emitting vehicles; and (5) new federal buildings to be designed to reduce fossil-fuel generated power consumption and meet green buildings standards. Energy Policy Reform and Revitalization Act of 2007 - Amends the Mineral Leasing Act: (1) repeal the Bureau of Land Management (BLM) Permit Processing Improvement Fund; and (2) extend deadlines for consideration of applications for permits for oil and gas drilling on federal lands. Amends the Energy Policy Act of 2005 to require the Secretary of the Interior to: (1) establish a cost recovery fee for applications for a permit to drill for oil and gas on federal lands; (2) develop a strategy for oil shale and tar sands leasing and development; and (3) modify best management practices guidelines for oil and gas development on federal lands. Federal Consistency Appeals Decision Refinement Act - Amends the Coastal Zone Management Act of 1972 to increase from 160 days to 200 days the amount of time allotted to the Secretary of Commerce to compile a record of decision (ROD) used in an appeal of state consistency with federal coastal zone management programs. Requires the Secretary of the Interior to conduct no less than 550 audits of oil and gas leases on federal lands by FY2009. Establishes a Wind Turbine Guidelines Advisory Committee to study impacts on wildlife and their habitats related to land-based wind energy facilities. Directs the Secretary of Energy to conduct an analysis of the existing capacity of regional transmission systems in the states of California, Oregon, and Washington. Amends the Coastal Zone Management Act of 1972 to direct the Secretary of the Interior to make grants to states for surveys of federal and state coastal waters. Establishes pilot programs for the development of strategic solar reserves and for biomass activities on federal lands. National Carbon Dioxide Storage Capacity Assessment Act of 2007 - Requires the Secretary of the Interior to: (1) conduct a national assessment of the geological storage capacity for carbon dioxide; and (2) establish a National Resources Management Council on Climate Change to address the impact of climate change on federal lands, the ocean environment, and the federal water infrastructure. Global Warming Wildlife Survival Act - Requires the Secretary of Energy to promulgate a national strategy for assisting wildlife populations and their habitats in adapting to the impacts of global warming. Establishes a science advisory board to assist the Secretary and a National Global Warming and Wildlife Science Center within the U.S. Geological Survey (USGS). Establishes a state and tribal wildlife grants program. Directs the Secretary of Commerce to promulgate a national strategy to support state and federal agency efforts to mitigate the impacts on ocean and coastal ecosystems from global warming. National Integrated Coastal and Ocean Observation Act of 2007 - Establishes a National Integrated Coastal and Ocean Observation System to support national defense, marine commerce, energy production and other activities and to promote greater public awareness and stewardship of the Nation's ocean, coastal, and Great Lakes resources. Royalty Relief for American Consumers Act of 2007 - Instructs the Secretary of the Interior to agree to any lessee request to amend any lease issued for any Central and Western Gulf of Mexico tract during 1998 and 1999 to incorporate specified price thresholds. Reaffirms the authority of the Secretary to vary, based on the price of production from a lease, the suspension of royalties under specified leases on the Outer Continental Shelf. Establishes in the Treasury the Oil Shale Community Impact Assistance Fund. Transportation Energy Security and Climate Change Mitigation Act of 2007 - Establishes in the Department of Transportation (DOT) a Center for Climate Change and Environment to plan, coordinate, and implement efforts to reduce transportation-related energy use and mitigate the effects of climate change. Directs the Secretary of Transportation to establish programs for: (1) purchasing hybrid locomotives, including hybrid switch locomotives; (2) rehabilitating, preserving, or improving railroad tracks; (3) short sea transportation; and (4) environmental mitigation demonstration projects at public-use airports. Establishes standards and programs for public building energy efficiency and renewable energy systems. Requires the installation of a photovoltaic system in the headquarters building of the Department of Energy. Prohibits the use of a general service incandescent lamp in Coast Guard facilities after 2009. Authorizes the Architect of the Capitol (AOC) to: (1) study the feasibility of constructing a photovoltaic roof for the Rayburn House Office Building; and (2) construct a fuel tank and pumping system for E-85 fuel near the Capitol Grounds Fuel Station. Directs the Architect: (1) to include energy efficiency and other environmental measures in the Capitol Complex Master Plan; and (2) install technologies for the capture and storage or use of carbon dioxide. Establishes the 21st Century Water Commission to address future water supply and demand and the impacts of climate change on water availability and quality. Directs the Administrator of the Federal Emergency Management Agency (FEMA) to study the effects of climate change on FEMA preparedness, response, recovery, and mitigation programs. Energy Efficiency Improvement Act of 2007 - Establishes new energy efficiency standards and testing procedures for residential appliances, electric motors, residential boilers, external power supplies, light bulbs, incandescent reflector lamps, and other lighting fixtures. Authorizes the Secretary of Energy to establish regional standards for space heating and air conditioning products. Sets forth new energy efficiency standards for residential, commercial, and federal buildings. Establishes: (1) an Office of Federal High-Performance Green Buildings in the General Services Administration (GSA); and (2) an Office of Commercial high-Performance Green Buildings in the Department of Energy. Directs the Secretary to study to use of power management software by DOE and other federal facilities to reduce the use of electricity in computer monitors and personal computers. Directs the EPA Administrator to establish a Recoverable Waste-Energy Inventory Program to survey all major U.S industrial and commercial combustion sources. Establishes in the EPA a Waste Energy Recovery Incentive Grant Program. Establishes Clean Energy Application Centers (previously named Combined Heat and Power Application Centers) for the deployment of clean energy technologies. Sustainable Energy Institutional Infrastructure Act of 2007 - Directs the Secretary of Energy to: (1) provide information and technical assistance to institutional entities for developing sustainable infrastructure; (2) create a Sustainable Institutions Revolving Fund to provide loans for the construction or improvement of sustainable energy infrastructure to serve institutional entities; (3) create a training program to educate federal contracting officers to negotiate energy efficiency contracts; (4) establish an Energy Efficiency Block Grant Program to make grants for energy efficiency programs; and (5) provide education and technical assistance to state and local governments on energy efficiency practices. Reauthorizes energy efficiency grant programs through FY2012. Smart Grid Facilitation Act of 2007 - Directs the President to establish a Grid Modernization Commission to implement Smart Grid technologies, coordinate efforts with states and utilities, and develop and implement a National Action Plan on Demand Response. Creates a federal matching grant program to reimburse one-fourth of the costs of implementing Smart Grid technologies where consumers, utilities, states or other participants contribute three-quarters of the costs. Directs the Secretary of Energy to: (1) develop programs to assist deployment of Smart Grid technologies and to perform cooperative demonstration projects with as many as five electric utility systems; and (2) make grants for the installation, replacement, or conversion of motor fuel storage and dispensing infrastructure to store and dispense renewable fuel. Mandates studies on the feasibility of dedicated ethanol pipelines, gasoline with increased ethanol levels, the adequacy of railroad transportation of domestically produced renewable fuel, and the impact of increased use of renewable fuels on the U.S. economy United States-Israel Energy Cooperation Act - Instructs the Secretary of Energy, in implementing certain energy cooperation agreements between the United States and Israel, to establish a grant program to support research, development, and commercialization of alternative renewable energy sources. Establishes a program of incentives for advanced plug-in hybrid motor vehicles and components. Directs the Administrator of the Energy Information Administration to establish a five-year plan to improve data collection for information needed for energy markets and related financial operations.