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H.R. 1776 (rh) To expand homeownership in the United States. [Reported in House] ...
106th CONGRESS 2d Session H. R. 1776 _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES April 7, 2000 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs _______________________________________________________________________ AN ACT To expand homeownership in the United States. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE AND TABLE OF CONTENTS. (a) Short Title.--This Act may be cited as the ``American Homeownership and Economic Opportunity Act of 2000''. (b) Table of Contents.--The table of contents for this Act is as follows: Sec. 1. Short title and table of contents. Sec. 2. Findings and purpose. TITLE I--REMOVAL OF BARRIERS TO HOUSING AFFORDABILITY Sec. 101. Short title. Sec. 102. Housing impact analysis. Sec. 103. Grants for regulatory barrier removal strategies. Sec. 104. Eligibility for community development block grants. Sec. 105. Regulatory barriers clearinghouse. TITLE II--HOMEOWNERSHIP THROUGH MORTGAGE INSURANCE AND LOAN GUARANTEES Sec. 201. Extension of loan term for manufactured home lots. Sec. 202. Downpayment simplification. Sec. 203. Reduced downpayment requirements for loans for teachers and uniformed municipal employees. Sec. 204. Preventing fraud in rehabilitation loan program. Sec. 205. Community partners next door program. Sec. 206. Risk-sharing demonstration. Sec. 207. Hybrid ARMs. Sec. 208. Home equity conversion mortgages. Sec. 209. Law enforcement officer homeownership pilot program. Sec. 210. Study of mandatory inspection requirement under single family housing mortgage insurance program. Sec. 211. Report on title I home improvement loan program. Sec. 212. Sense of the Congress regarding making properties available for homeownership programs. Sec. 213. Property improvement loan limit for single-family homes. TITLE III--SECTION 8 HOMEOWNERSHIP OPTION Sec. 301. Downpayment assistance. Sec. 302. Pilot program for homeownership assistance for disabled families. Sec. 303. Funding for pilot programs. TITLE IV--COMMUNITY DEVELOPMENT BLOCK GRANTS Sec. 401. Reauthorization. Sec. 402. Prohibition of set-asides. Sec. 403. Public services cap. Sec. 404. Homeownership for municipal employees. Sec. 405. Technical amendment relating to brownfields. Sec. 406. Income eligibility. Sec. 407. Housing opportunities for persons with AIDS. Sec. 408. Prohibition on use of amounts to acquire church property. Sec. 409. CDBG special purpose grants. TITLE V--HOME INVESTMENT PARTNERSHIPS PROGRAM Sec. 501. Reauthorization. Sec. 502. Eligibility of limited equity cooperatives and mutual housing associations. Sec. 503. Administrative costs. Sec. 504. Leveraging affordable housing investment through local loan pools. Sec. 505. Homeownership for municipal employees. Sec. 506. Use of section 8 assistance by ``grand-families'' to rent dwelling units in assisted projects. Sec. 507. Loan guarantees. Sec. 508. Downpayment assistance for 2- and 3-family residences. TITLE VI--LOCAL HOMEOWNERSHIP INITIATIVES Sec. 601. Reauthorization of Neighborhood Reinvestment Corporation. Sec. 602. Homeownership zones. Sec. 603. Lease-to-own. Sec. 604. Local capacity building. Sec. 605. Consolidated application and planning requirement and super- NOFA. Sec. 606. Assistance for self-help housing providers. Sec. 607. Housing counseling organizations. Sec. 608. Community lead information centers and lead-safe housing. Sec. 609. Grant eligibility of community organizations. TITLE VII--NATIVE AMERICAN HOMEOWNERSHIP Subtitle A--Native American Housing Sec. 701. Lands title report commission. Sec. 702. Loan guarantees. Sec. 703. Native American housing assistance. Subtitle B--Native Hawaiian Housing Sec. 721. Short title. Sec. 722. Findings. Sec. 723. Housing assistance. Sec. 724. Loan guarantees. TITLE VIII--TRANSFER OF HUD-HELD HOUSING TO LOCAL GOVERNMENTS AND NONPROFIT ORGANIZATIONS Sec. 801. Transfer of unoccupied and substandard HUD-held housing to local governments and community development corporations. Sec. 802. Transfer of HUD assets in revitalization areas. TITLE IX--PRIVATE MORTGAGE INSURANCE CANCELLATION AND TERMINATION Sec. 901. Short title. Sec. 902. Changes in amortization schedule. Sec. 903. Deletion of ambiguous references to residential mortgages. Sec. 904. Cancellation rights after cancellation date. Sec. 905. Clarification of cancellation and termination issues and lender paid mortgage insurance disclosure requirements. Sec. 906. Definitions. TITLE X--RURAL HOUSING HOMEOWNERSHIP Sec. 1001. Promissory note requirement under housing repair loan program. Sec. 1002. Limited partnership eligibility for farm labor housing loans. Sec. 1003. Project accounting records and practices. Sec. 1004. Definition of rural area. Sec. 1005. Operating assistance for migrant farmworkers projects. Sec. 1006. Multifamily rental housing loan guarantee program. Sec. 1007. Enforcement provisions. Sec. 1008. Amendments to title 18 of United States Code. TITLE XI--MANUFACTURED HOUSING IMPROVEMENT Sec. 1101. Short title and references. Sec. 1102. Findings and purposes. Sec. 1103. Definitions. Sec. 1104. Federal manufactured home construction and safety standards. Sec. 1105. Abolishment of National Manufactured Home Advisory Council; manufactured home installation. Sec. 1106. Public information. Sec. 1107. Research, testing, development, and training. Sec. 1108. Prohibited acts. Sec. 1109. Dispute resolution. Sec. 1110. Elimination of annual report requirement. Sec. 1111. Effective date. Sec. 1112. Savings provision. TITLE XII--PUBLIC AND ASSISTED HOUSING DRUG ELIMINATION PROGRAM Sec. 1201. Eligible public housing agencies. SEC. 2. FINDINGS AND PURPOSE. (a) Findings.--The Congress finds that-- (1) the priorities of our Nation should include expanding homeownership opportunities by providing access to affordable housing that is safe, clean, and healthy; (2) our Nation has an abundance of conventional capital sources available for homeownership financing; (3) experience with local homeownership programs has shown that if flexible capital sources are available, communities possess ample will and creativity to provide opportunities uniquely designed to assist their citizens in realizing the American dream of homeownership; and (4) each consumer should be afforded every reasonable opportunity to access mortgage credit, to obtain the lowest cost mortgages for which the consumer can qualify, to know the true cost of the mortgage, to be free of regulatory burdens, and to know what factors underlie a lender's decision regarding the consumer's mortgage. (b) Purpose.--It is the purpose of this Act-- (1) to encourage and facilitate homeownership by families in the United States who are not otherwise able to afford homeownership; and (2) to expand homeownership through policies that-- (A) promote the ability of the private sector to produce affordable housing without excessive government regulation; (B) encourage tax incentives, such as the mortgage interest deduction, at all levels of government; and (C) facilitate the availability of flexible capital for homeownership opportunities and provide local governments with increased flexibility under existing Federal programs to facilitate homeownership. TITLE I--REMOVAL OF BARRIERS TO HOUSING AFFORDABILITY SEC. 101. SHORT TITLE. This title may be cited as the ``Housing Affordability Barrier Removal Act of 2000''. SEC. 102. HOUSING IMPACT ANALYSIS. (a) Applicability.--Except as provided in subsection (b), the requirements of this section shall apply with respect to-- (1) any proposed rule, unless the agency promulgating the rule-- (A) has certified that the proposed rule will not, if given force or effect as a final rule, have a significant deleterious impact on housing affordability; and (B) has caused such certification to be published in the Federal Register at the time of publication of general notice of proposed rulemaking for the rule, together with a statement providing the factual basis for the certification; and (2) any final rule, unless the agency promulgating the rule-- (A) has certified that the rule will not, if given force or effect, have a significant deleterious impact on housing affordability; and (B) has caused such certification to be published in the Federal Register at the time of publication of the final rule, together with a statement providing the factual basis for the certification. Any agency making a certification under this subsection shall provide a copy of such certification and the statement providing the factual basis for the certification to the Secretary of Housing and Urban Development. (b) Exception for Certain Banking Rules.--The requirements of this section shall not apply to any proposed or final rule relating to-- (1) the operations, safety, or soundness of-- (A) federally insured depository institutions or any affiliate of such an institution (as such term is defined in section 2(k) of the Bank Holding Company Act of 1956 (12 U.S.C. 1841(k)); (B) credit unions; (C) the Federal home loan banks; (D) the enterprises (as such term is defined in section 1303 of the Housing and Community Development Act of 1992 (12 U.S.C. 4502); (E) a Farm Credit System institution; or (F) foreign banks or their branches, agencies, commercial lending companies, or representative offices that operate in the United States, or any affiliate of a foreign bank (as such terms are defined in section 1 of the International Banking Act of 1978 (12 U.S.C. 3101); or (2) the payments system or the protection of deposit insurance funds or the Farm Credit Insurance Fund. (c) Statement of Proposed Rulemaking.--Whenever an agency publishes general notice of proposed rulemaking for any proposed rule, unless the agency has made a certification under subsection (a), the agency shall-- (1) in the notice of proposed rulemaking-- (A) state with particularity the text of the proposed rule; and (B) request any interested persons to submit to the agency any written analyses, data, views, and arguments, and any specific alternatives to the proposed rule that-- (i) accomplish the stated objectives of the applicable statutes, in a manner comparable to the proposed rule; (ii) result in costs to the Federal Government equal to or less than the costs resulting from the proposed rule; and (iii) result in housing affordability greater than the housing affordability resulting from the proposed rule; (2) provide an opportunity for interested persons to take the actions specified under paragraph (1)(B) before promulgation of the final rule; and (3) prepare and make available for public comment an initial housing impact analysis in accordance with the requirements of subsection (d). (d) Initial Housing Impact Analysis.-- (1) Requirements.--Each initial housing impact analysis shall describe the impact of the proposed rule on housing affordability. The initial housing impact analysis or a summary shall be published in the Federal Register at the same time as, and together with, the publication of general notice of proposed rulemaking for the rule. The agency shall transmit a copy of the initial housing impact analysis to the Secretary of Housing and Urban Development. (2) Monthly hud listing.--On a monthly basis, the Secretary of Housing and Urban Development shall cause to be published in the Federal Register, and shall make available through a World Wide Web site of the Department, a listing of all proposed rules for which an initial housing impact analysis was prepared during the preceding month. (3) Contents.--Each initial housing impact analysis required under this subsection shall contain-- (A) a description of the reasons why action by the agency is being considered; (B) a succinct statement of the objectives of, and legal basis for, the proposed rule;
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