To prohibit the purchase or lease of housing acquired using Federal loan or grant funds appropriated for the purchase and rehabilitation of foreclosed housing under the Neighborhood Stabilization Act of 2008 by any individual convicted under Federal or State law of a drug-dealing offense, a sex offense, or mortgage fraud.

Prohibits any individual from purchasing or leasing any housing (or any dwelling unit in housing) acquired using federal loan or grant funds Congress appropriates for the purchase and rehabilitation of foreclosed housing under the Neighborhood Stabilization Act of 2008, if he or she has been convicted under federal or state law of a felony drug-dealing offense (within the five-year period preceding the purchase or lease transaction date), a sex offense, or mortgage fraud.