| 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] ...
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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