This is from pages 222 and 223 of the House Democrats 1/23/09 version (readthestimulus.org/index.php?doc=hr1_text_0123&page=222):

For a further additional amount for ‘‘Community Development Fund’’, $4,190,000,000, to be used for neighborhood stabilization activities related to emergency assistance for the redevelopment of abandoned and foreclosed homes... of which— (1) not less than $3,440,000,000 shall be allocated by a competition for which eligible entities shall be States, units of general local government, and nonprofit entities or consortia of nonprofit entities... Provided further, That amounts made available under this Section may be used to (A) establish financing mechanisms for purchase and redevelopment of foreclosed-upon homes and residential properties... (B) purchase and rehabilitate homes and residential properties that have been abandoned or foreclosed upon, in order to sell or rent such homes and properties; (C) establish and operate land banks for homes that have been foreclosed upon; (D) demolish foreclosed properties that have become blighted structures; and (E) redevelop demolished or vacant foreclosed properties in order to sell or rent such properties; and (2) up to $750,000,000 shall be awarded by competition to nonprofit entities or consortia of nonprofit entities to provide community stabilization assistance by (A) accelerating state and local government and nonprofit productivity; (B) increasing the scale and efficiency of property transfers of foreclosed and vacant residential properties from financial institutions and government entities to qualified local housing providers in order to return the properties to productive affordable housing use; (C) building industry and property management capacity; and (D) partnering with private sector real estate developers and contractors and leveraging private sector capital: Provided further, That such community stabilization assistance shall be provided primarily in States and areas with high rates of defaults and foreclosures to support the acquisition, rehabilitation and property management of single-family and multi-family homes and to work in partnership with the private sector real estate industry and to leverage available private and public funds for those purposes: Provided further, That for purposes of this paragraph qualified local housing providers shall be nonprofit organizations with demonstrated capabilities in real estate development or acquisition and rehabilitation or property management of single-or multi-family homes, or local or state governments or instrumentalities of such governments: Provided further, That qualified local housing providers shall be expected to utilize and leverage additional local nonprofit, governmental, for-profit and private resources...

Groups like the Obama-associated ACORN are certainly experts, due to their illegal squatting campaigns. But, don't worry: some of the hundreds of millions those non-profits - almost all of which are far-left - would trickle down into the pockets of local real estate professionals, turning those far-left organizations into major political players as distributors of the government's largesse. Some of the money those organizations distributed might even flow back as donations.

See also "ACORN Could Get Billions from Democrats' Trillion Dollar Spending Plan" (republicanleader.house.gov/News/DocumentSingle.aspx?DocumentID=109339) noting of course that it wouldn't just be limited to ACORN but also groups like the National Council of La Raza and on down the line.