Home > 106th Congressional Bills > H.R. 5640 (eh) To expand homeownership in the United States, and for other purposes. [Engrossed in House] ...

H.R. 5640 (eh) To expand homeownership in the United States, and for other purposes. [Engrossed in House] ...


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106th CONGRESS
  2d Session
                                H. R. 5640

 To expand homeownership in the United States, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            December 5, 2000

Mr. Leach (for himself and Mr. LaFalce) introduced the following bill; 
 which was referred to the Committee on Banking and Financial Services

                            December 5, 2000

  Committee on Banking and Financial Services discharged; considered 
                under suspension of the rules and passed

_______________________________________________________________________

                                 A BILL


 
 To expand homeownership in the United States, and for other purposes.

    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.
         TITLE I--REMOVAL OF BARRIERS TO HOUSING AFFORDABILITY

Sec. 101. Short title.
Sec. 102. Grants for regulatory barrier removal strategies.
Sec. 103. Regulatory barriers clearinghouse.
              TITLE II--HOMEOWNERSHIP FOR WORKING FAMILIES

Sec. 201. Home equity conversion mortgages.
Sec. 202. Assistance for self-help housing providers.
               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--PRIVATE MORTGAGE INSURANCE CANCELLATION AND TERMINATION

Sec. 401. Short title.
Sec. 402. Changes in amortization schedule.
Sec. 403. Deletion of ambiguous references to residential mortgages.
Sec. 404. Cancellation rights after cancellation date.
Sec. 405. Clarification of cancellation and termination issues and 
                            lender paid mortgage insurance disclosure 
                            requirements.
Sec. 406. Definitions.
                 TITLE V--NATIVE AMERICAN HOMEOWNERSHIP

                  Subtitle A--Native American Housing

Sec. 501. Lands title report commission.
Sec. 502. Loan guarantees.
Sec. 503. Native American housing assistance.
                  Subtitle B--Native Hawaiian Housing

Sec. 511. Short title.
Sec. 512. Findings.
Sec. 513. Housing assistance.
Sec. 514. Loan guarantees.
               TITLE VI--MANUFACTURED HOUSING IMPROVEMENT

Sec. 601. Short title; references.
Sec. 602. Findings and purposes.
Sec. 603. Definitions.
Sec. 604. Federal manufactured home construction and safety standards.
Sec. 605. Abolishment of National Manufactured Home Advisory Council; 
                            manufactured home installation.
Sec. 606. Public information.
Sec. 607. Research, testing, development, and training.
Sec. 608. Prohibited acts.
Sec. 609. Fees.
Sec. 610. Dispute resolution.
Sec. 611. Elimination of annual reporting requirement.
Sec. 612. Effective date.
Sec. 613. Savings provisions.
                 TITLE VII--RURAL HOUSING HOMEOWNERSHIP

Sec. 701. Guarantees for refinancing of rural housing loans.
Sec. 702. Promissory note requirement under housing repair loan 
                            program.
Sec. 703. Limited partnership eligibility for farm labor housing loans.
Sec. 704. Project accounting records and practices.
Sec. 705. Definition of rural area.
Sec. 706. Operating assistance for migrant farmworkers projects.
Sec. 707. Multifamily rental housing loan guarantee program.
Sec. 708. Enforcement provisions.
Sec. 709. Amendments to title 18 of United States Code.
         TITLE VIII--HOUSING FOR ELDERLY AND DISABLED FAMILIES

Sec. 801. Short title.
Sec. 802. Regulations.
Sec. 803. Effective date.
  Subtitle A--Refinancing for Section 202 Supportive Housing for the 
                                Elderly

Sec. 811. Prepayment and refinancing.
Subtitle B--Authorization of Appropriations for Supportive Housing for 
               the Elderly and Persons With Disabilities

Sec. 821. Supportive housing for elderly persons.
Sec. 822. Supportive housing for persons with disabilities.
Sec. 823. Service coordinators and congregate services for elderly and 
                            disabled housing.
Subtitle C--Expanding Housing Opportunities for the Elderly and Persons 
                           With Disabilities

                    Part 1--Housing for the Elderly

Sec. 831. Eligibility of for-profit limited partnerships.
Sec. 832. Mixed funding sources.
Sec. 833. Authority to acquire structures.
Sec. 834. Use of project reserves.
Sec. 835. Commercial activities.
             Part 2--Housing for Persons With Disabilities

Sec. 841. Eligibility of for-profit limited partnerships.
Sec. 842. Mixed funding sources.
Sec. 843. Tenant-based assistance.
Sec. 844. Use of project reserves.
Sec. 845. Commercial activities.
                        Part 3--Other Provisions

Sec. 851. Service coordinators.
          Subtitle D--Preservation of Affordable Housing Stock

Sec. 861. Section 236 assistance.
               TITLE IX--OTHER RELATED HOUSING PROVISIONS

Sec. 901. Extension of loan term for manufactured home lots.
Sec. 902. Use of section 8 vouchers for opt-outs.
Sec. 903. Maximum payment standard for enhanced vouchers.
Sec. 904. Use of section 8 assistance by ``grand-families'' to rent 
                            dwelling units in assisted projects.
               TITLE X--FEDERAL RESERVE BOARD PROVISIONS

Sec. 1001. Federal Reserve Board buildings.
Sec. 1002. Positions of Board of Governors of the Federal Reserve 
                            System on the Executive schedule.
Sec. 1003. Amendments to the Federal Reserve Act.
              TITLE XI--BANKING AND HOUSING AGENCY REPORTS

Sec. 1101. Short title.
Sec. 1102. Preservation of certain reporting requirements.
Sec. 1103. Coordination of reporting requirements.
Sec. 1104. Elimination of certain reporting requirements.
                 TITLE XII--FINANCIAL REGULATORY RELIEF

Sec. 1200. Short title.
    Subtitle A--Improving Monetary Policy and Financial Institution 
                          Management Practices

Sec. 1201. Repeal of savings association liquidity provision.
Sec. 1202. Noncontrolling investments by savings association holding 
                            companies.
Sec. 1203. Repeal of deposit broker notification and recordkeeping 
                            requirement.
Sec. 1204. Expedited procedures for certain reorganizations.
Sec. 1205. National bank directors.
Sec. 1206. Amendment to National Bank Consolidation and Merger Act.
Sec. 1207. Loans on or purchases by institutions of their own stock; 
                            affiliations.
Sec. 1208. Purchased mortgage servicing rights.
          Subtitle B--Streamlining Activities of Institutions

Sec. 1211. Call report simplification.
                Subtitle C--Streamlining Agency Actions

Sec. 1221. Elimination of duplicative disclosure of fair market value 
                            of assets and liabilities.
Sec. 1222. Payment of interest in receiverships with surplus funds.
Sec. 1223. Repeal of reporting requirement on differences in accounting 
                            standards.
Sec. 1224. Extension of time.
                   Subtitle D--Technical Corrections

Sec. 1231. Technical correction relating to deposit insurance funds.
Sec. 1232. Rules for continuation of deposit insurance for member banks 
                            converting charters.
Sec. 1233. Amendments to the Revised Statutes of the United States.
Sec. 1234. Conforming change to the International Banking Act of 1978.

         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. GRANTS FOR REGULATORY BARRIER REMOVAL STRATEGIES.

    (a) Authorization of Appropriations.--Subsection (a) of section 
1204 of the Housing and Community Development Act of 1992 (42 U.S.C. 
12705c(a)) is amended to read as follows:
    ``(a) Funding.--There is authorized to be appropriated for grants 
under subsections (b) and (c) such sums as may be necessary for each of 
fiscal years 2001, 2002, 2003, 2004, and 2005.''.
    (b) Consolidation of State and Local Grants.--Subsection (b) of 
section 1204 of the Housing and Community Development Act of 1992 (42 
U.S.C. 12705c(b)) is amended--
            (1) in the subsection heading, by striking ``State Grants'' 
        and inserting ``Grant Authority'';
            (2) in the matter preceding paragraph (1), by inserting 
        after ``States'' the following: ``and units of general local 
        government (including consortia of such governments)'';
            (3) in paragraph (3), by striking ``a State program to 
        reduce State and local'' and inserting ``State, local, or 
        regional programs to reduce'';
            (4) in paragraph (4), by inserting ``or local'' after 
        ``State''; and
            (5) in paragraph (5), by striking ``State''.
    (c) Repeal of Local Grants Provision.--Section 1204 of the Housing 
and Community Development Act of 1992 (42 U.S.C. 12705c) is amended by 
striking subsection (c).
    (d) Application and Selection.--The last sentence of section 
1204(e) of the Housing and Community Development Act of 1992 (42 U.S.C. 
12705c(e)) is amended--
            (1) by striking ``and for the selection of units of general 
        local government to receive grants under subsection (f)(2)''; 
        and
            (2) by inserting before the period at the end the 
        following: ``and such criteria shall require that grant amounts 
        be used in a manner consistent with the strategy contained in 
        the comprehensive housing affordability strategy for the 
        jurisdiction pursuant to section 105(b)(4) of the Cranston-
        Gonzalez National Affordable Housing Act''.
    (e) Selection of Grantees.--Subsection (f) of section 1204 of the 
Housing and Community Development Act of 1992 (42 U.S.C. 12705c(f)) is 
amended to read as follows:
    ``(f) Selection of Grantees.--To the extent amounts are made 
available to carry out this section, the Secretary shall provide grants 
on a competitive basis to eligible grantees based on the proposed uses 
of such amounts, as provided in applications under subsection (e).''.
    (f) Technical Amendments.--Section 107(a)(1) of the Housing and 
Community Development Act of 1974 (42 U.S.C. 5307(a)(1)) is amended--
            (1) in subparagraph (G), by inserting ``and'' after the 
        semicolon at the end;
            (2) by striking subparagraph (H); and
            (3) by redesignating subparagraph (I) as subparagraph (H).

SEC. 103. REGULATORY BARRIERS CLEARINGHOUSE.

    Section 1205 of the Housing and Community Development Act of 1992 
(42 U.S.C. 12705d) is amended--
            (1) in subsection (a)--
                    (A) in the matter preceding paragraph (1), by 
                striking ``receive, collect, process, and assemble'' 
                and inserting ``serve as a national repository to 
                receive, collect, process, assemble, and disseminate'';
                    (B) in paragraph (1)--
                            (i) by striking ``, including'' and 
                        inserting ``(including''; and
                            (ii) by inserting before the semicolon at 
                        the end the following: ``), and the prevalence 
                        and effects on affordable housing of such laws, 
                        regulations, and policies'';
                    (C) in paragraph (2), by inserting before the 
                semicolon the following: ``, including particularly 
                innovative or successful activities, strategies, and 
                plans''; and
                    (D) in paragraph (3), by inserting before the 
                period at the end the following: ``, including 
                particularly innovative or successful strategies, 
                activities, and plans'';
            (2) in subsection (b)--
                    (A) in paragraph (1), by striking ``and'' at the 
                end;
                    (B) in paragraph (2), by striking the period at the 
                end and inserting ``; and''; and
                    (C) by adding at the end the following new 
                paragraph:
            ``(3) by making available through a World Wide Web site of 
        the Department, by electronic mail, or otherwise, provide to 
        each housing agency of a unit of general local government that 
        serves an area having a population greater than 100,000, an 
        index of all State and local strategies and plans submitted 
        under subsection (a) to the clearinghouse, which--
                    ``(A) shall describe the types of barriers to 
                affordable housing that the strategy or plan was 
                designed to ameliorate or remove; and

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