Home > 106th Congressional Bills > H.R. 5640 (enr) To expand homeownership in the United States, and for other purposes. [Enrolled bill] ...H.R. 5640 (enr) To expand homeownership in the United States, and for other purposes. [Enrolled bill] ...
106th CONGRESS
2d Session
H. R. 5640
_______________________________________________________________________
AN ACT
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,
SEC. 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
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