Home > 105th Congressional Bills > H.R. 896 (ih) To amend section 108(q)(4) of the Housing and Community Development Act of 1974 to promote regional cooperation in proposed plans for economic development grants. ...H.R. 896 (ih) To amend section 108(q)(4) of the Housing and Community Development Act of 1974 to promote regional cooperation in proposed plans for economic development grants. ...
regulation.
``(3) Aggregate loan amount.--The aggregate amount of loans
under this subsection to a single provider may not exceed
$30,000.
``(j) Notification.--The Secretary shall take such actions as may
be necessary to publicize the availability of the programs for mortgage
insurance under this section and section 223(h), and the loan program
under subsection (i) of this section, in a manner that ensures that
information concerning such programs will be available to child care
providers throughout the United States.
``(k) Regulations.--The Secretary shall--
``(1) issue any regulations necessary to carry out this
section; and
``(2) in carrying out paragraph (1), consult with the
Secretary of Health and Human Services with respect to any
aspects of the regulations regarding child care facilities.
``(l) Authorization of Appropriations.--There is authorized to be
appropriated to carry out this section $30,000,000 for fiscal year
2004, to remain available until expended, of which not more than 10
percent may be used for loans under subsection (i).''.
SEC. 4. INSURANCE FOR MORTGAGES FOR ACQUISITION OR REFINANCING DEBT OF
EXISTING CHILD CARE FACILITIES.
(a) In General.--Section 223 of the National Housing Act (12 U.S.C.
1715n) is amended by adding at the end the following:
``(h) Mortgage Insurance for Purchase or Refinancing of Existing
Child Care Facilities.--
``(1) Definitions.--In this subsection, the terms that are
defined in section 257(a) have the same meanings as in that
section.
``(2) Authority.--Notwithstanding any other provision of
this Act, the Secretary may insure under any section of this
title a mortgage executed in connection with--
``(A) the purchase or refinancing of an existing
child care facility;
``(B) the purchase of a structure to serve as a
child care facility; or
``(C) the refinancing of existing debt of an
existing child care facility.
``(3) Purchase of existing facilities and structures.--In
the case of the purchase under this subsection of an existing
child care facility or purchase of an existing structure to
serve as such a facility, the Secretary shall prescribe any
terms and conditions that the Secretary considers necessary to
ensure that--
``(A) the facility or structure purchased continues
to be used as a child care facility; and
``(B) the facility receives a certification of
compliance under section 258(c).
``(4) Refinancing of existing facilities.--In the case of
refinancing of an existing child care facility, the Secretary
shall prescribe any terms and conditions that the Secretary
considers necessary to ensure that--
``(A) the refinancing is used to lower the monthly
debt service costs (taking into account any fees or
charges connected with such refinancing) of the
existing facility;
``(B) the proceeds of any refinancing will be
employed only to retire the existing indebtedness and
pay the necessary cost of refinancing on the existing
facility;
``(C) the existing facility is economically viable;
and
``(D) the facility receives a certification of
compliance under section 258(c).
``(5) Limitation on insurance authority.--The authority of
the Secretary to enter into commitments to insure mortgages
under this subsection is subject to section 257(f).''.
SEC. 5. STUDY OF AVAILABILITY OF SECONDARY MARKETS FOR MORTGAGES ON
CHILD CARE FACILITIES.
(a) Study.--The Secretary of the Treasury shall conduct a study of
the secondary mortgage markets to determine--
(1) whether such a market exists for purchase of mortgages
eligible for insurance under sections 223(h) and 257 of the
National Housing Act (as added by this Act);
(2) whether such a market would affect the availability of
credit available for development of child care facilities or
would lower development costs of such facilities; and
(3) the extent to which such a market or other activities
to provide credit enhancement for loans for child care
facilities is needed to meet the demand for such facilities.
(b) Report.--Not later than 2 years after the date of enactment of
this Act, the Secretary of the Treasury shall submit to Congress a
report regarding the results of the study conducted under this section.
SEC. 6. TECHNICAL AND FINANCIAL ASSISTANCE GRANTS.
(a) Definitions.--In this section:
(1) Child care facility.--The term ``child care facility''
has the meaning given that term in section 257(a) of the
National Housing Act, as added by section 3.
(2) Eligible intermediary.--The term ``eligible
intermediary'' means a private, nonprofit intermediary
organization that has demonstrated experience in--
(A) financing the construction and renovation of
physical facilities;
(B) providing technical and financial assistance to
child care providers or other similar entities;
(C) working with small businesses; and
(D) securing private sources for capital financing;
and
(3) Eligible recipient.--The term ``eligible recipient''
means any--
(A) existing or start-up center-based or home-based
child care provider; and
(B) organization in the process of establishing a
center-based or home-based child care program or
otherwise seeking to provide child care services.
(4) Equipment.--The term ``equipment'' has the meaning
given that term in section 257(a) of the National Housing Act,
as added by section 3.
(b) Grant Authority.--The Secretary of Housing and Urban
Development, in consultation with the Secretary of Health and Human
Services, may award grants on a competitive basis in accordance with
this section to eligible intermediaries for use in accordance with
subsections (e) and (f).
(c) Applications.--To be eligible to receive a grant under this
section an eligible intermediary shall submit to the Secretary an
application, in such form and containing such information as the
Secretary may require.
(d) Priority.--In awarding grants under this section the Secretary
shall give a priority to applicants under subsection (c) that serve
low-income or rural areas.
(e) Use of Funds.--
(1) Revolving loan fund.--Each eligible intermediary that
receives a grant under this section shall deposit the grant
amount into a child care revolving loan fund established by the
eligible intermediary.
(2) Payments from fund.--Subject to subsection (f), from
amounts deposited into the revolving loan fund under paragraph
(1), each eligible intermediary shall provide technical and
financial assistance (in the form of loans, grants,
investments, guarantees, interest subsidies, and other
appropriate forms of assistance) to eligible recipients for the
acquisition or improvement of child care facilities or
equipment.
(3) Loan repayments and investment proceeds.--Any amount
received by an eligible intermediary from an eligible recipient
in the form of a loan repayment or investment proceeds shall be
deposited into the child care revolving fund of the eligible
intermediary for redistribution to other eligible recipients in
accordance with this section.
(f) Allocation of Funds.--Of the amounts distributed from the
revolving loan fund of an eligible intermediary under subsection (e)(2)
in each fiscal year--
(1) not less than 50 percent shall be used for the
renovation or construction of child care facilities or the
acquisition of equipment by eligible recipients, except that
the amount made available to any eligible recipient under this
paragraph may not exceed 40 percent of the total costs incurred
by the eligible recipient in connection with such renovation,
construction, or acquisition; and
(2) the amount remaining after distribution under paragraph
(1), shall be used to provide direct assistance to eligible
recipients in obtaining public or private financing for the
renovation or construction of child care facilities and the
acquisition of equipment, including developing and implementing
financing resources, options, and plans for those recipients.
(g) Davis Bacon Act.--The Act of March 3, 1931 (popularly known as
the Davis-Bacon Act) shall apply to actions taken under this Act.
(h) Authorization of Appropriations.--There is authorized to be
appropriated to carry out this section $10,000,000 for each of fiscal
years 2004 through 2008.
<all>
Other Popular 105th Congressional Bills Documents:
|
| GovRecords.org presents information on various agencies of the United States Government. Even though all information is believed to be credible and accurate, no guarantees are made on the complete accuracy of our government records archive. Care should be taken to verify the information presented by responsible parties. Please see our reference page for congressional, presidential, and judicial branch contact information. GovRecords.org values visitor privacy. Please see the privacy page for more information. |
 |