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S. 1452 (es) To modernize the requirements under the National Manufactured Housing [Engrossed in Senate] ...
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 ``(B) shall, not later than 30 days after submission to the clearinghouse of any new strategy or plan, be updated to include the new strategy or plan submitted.''; and (3) by adding at the end the following new subsections: ``(c) Organization.--The clearinghouse under this section shall be established within the Office of Policy Development of the Department of Housing and Urban Development and shall be under the direction of the Assistant Secretary for Policy Development and Research. ``(d) Timing.--The clearinghouse under this section (as amended by section ____09 of the Housing Affordability Barrier Removal Act of 2000) shall be established and commence carrying out the functions of the clearinghouse under this section not later than 1 year after the date of the enactment of such Act. The Secretary of Housing and Urban Development may comply with the requirements under this section by reestablishing the clearinghouse that was originally established to comply with this section and updating and improving such clearinghouse to the extent necessary to comply with the requirements of this section as in effect pursuant to the enactment of such Act.''. TITLE II--HOMEOWNERSHIP FOR WORKING FAMILIES SEC. 201. REDUCED DOWNPAYMENT REQUIREMENTS FOR LOANS FOR TEACHERS, PUBLIC SAFETY OFFICERS, AND OTHER UNIFORMED MUNICIPAL EMPLOYEES. (a) In General.--Section 203(b) of the National Housing Act (12 U.S.C. 1709(b)) is amended by adding at the end the following new paragraph: ``(11) Reduced downpayment requirements for teachers and uniformed municipal employees.-- ``(A) In general.--Notwithstanding paragraph (2), in the case of a mortgage described in subparagraph (B)-- ``(i) the mortgage shall involve a principal obligation in an amount that does not exceed the sum of 99 percent of the appraised value of the property and the total amount of initial service charges, appraisal, inspection, and other fees (as the Secretary shall approve) paid in connection with the mortgage; ``(ii) no other provision of this subsection limiting the principal obligation of the mortgage based upon a percentage of the appraised value of the property subject to the mortgage shall apply; and ``(iii) the matter in paragraph (9) that precedes the first proviso shall not apply and the mortgage shall be executed by a mortgagor who shall have paid on account of the property at least 1 percent of the cost of acquisition (as determined by the Secretary) in cash or its equivalent. ``(B) Mortgages covered.--A mortgage described in this subparagraph is a mortgage-- ``(i) under which the mortgagor is an individual who-- ``(I) is employed on a part- or full-time basis as: (aa) a teacher or administrator in a public or private school that provides elementary or secondary education, as determined under State law, except that elementary education shall include pre- Kindergarten education, and except that secondary education shall not include any education beyond grade 12; (bb) a public safety officer (as such term is defined in section 1204 of the Omnibus Crime Control and Safe Streets Act of 1968 (42 U.S.C. 3796b), except that such term shall not include any officer serving a public agency of the Federal Government); or (cc) a uniformed employee of a unit of general local government, including sanitation and other maintenance workers; and ``(II) has not, during the 12-month period ending upon the insurance of the mortgage, had any present ownership interest in a principal residence located in the jurisdiction described in clause (ii); ``(ii) made for a property that is located within the jurisdiction of-- ``(I) in the case of a mortgage of a mortgagor described in clause (i)(I)(aa), the local educational agency (as such term is defined in section 14101 of the Elementary and Secondary Education Act of 1965 (20 U.S.C. 8801)) for the school in which the mortgagor is employed (or, in the case of a mortgagor employed in a private school, the local educational agency having jurisdiction for the area in which the private school is located); ``(II) in the case of a mortgage of a mortgagor described in clause (i)(I)(bb), the jurisdiction served by the public law enforcement agency, firefighting agency, or rescue or ambulance agency that employs the mortgagor; or ``(III) in the case of a mortgage of a mortgagor described in clause (i)(I)(cc), the unit of general local government that employs the mortgagor; and ``(iii) that is closed on or before September 30, 2003.''. (b) Deferral and Reduction of Up-Front Premium.--Section 203(c) of the National Housing Act (12 U.S.C. 1709(c)(2)) is amended-- (1) in paragraph (2), in the matter preceding subparagraph (A), by striking ``Notwithstanding'' and inserting ``Except as provided in paragraph (3) and notwithstanding''; and (2) by adding at the end the following new paragraph: ``(3) Deferral and reduction of up-front premium.--In the case of any mortgage described in subsection (b)(11)(B): ``(A) Paragraph (2)(A) of this subsection (relating to collection of up-front premium payments) shall not apply. ``(B) If, at any time during the 5-year period beginning on the date of the insurance of the mortgage, the mortgagor ceases to be employed as described in subsection (b)(11)(B)(i)(I) or pays the principal obligation of the mortgage in full, the Secretary shall at such time collect a single premium payment in an amount equal to the amount of the single premium payment that, but for this paragraph, would have been required under paragraph (2)(A) of this subsection with respect to the mortgage, as reduced by 20 percent of such amount for each successive 12-month period completed during such 5-year period before such cessation or prepayment occurs.''. SEC. 202. HOME EQUITY CONVERSION MORTGAGES. (a) Insurance for Mortgages to Refinance Existing HECMs.-- (1) In General.--Section 255 of the National Housing Act (12 U.S.C. 1715z-20) is amended-- (A) by redesignating subsection (k) as subsection (m); and (B) by inserting after subsection (j) the following new subsection: ``(k) Insurance Authority for Refinancings.-- ``(1) In general.--The Secretary may, upon application by a mortgagee, insure under this subsection any mortgage given to refinance an existing home equity conversion mortgage insured under this section. ``(2) Anti-churning disclosure.--The Secretary shall, by regulation, require that the mortgagee of a mortgage insured under this subsection, provide to the mortgagor, within an appropriate time period and in a manner established in such regulations, a good faith estimate of: (A) the total cost of the refinancing; and (B) the increase in the mortgagor's principal limit as measured by the estimated initial principal limit on the mortgage to be insured under this subsection less the current principal limit on the home equity conversion mortgage that is being refinanced and insured under this subsection. ``(3) Waiver of counseling requirement.--The mortgagor under a mortgage insured under this subsection may waive the applicability, with respect to such mortgage, of the requirements under subsection (d)(2)(B) (relating to third party counseling), but only if-- ``(A) the mortgagor has received the disclosure required under paragraph (2); ``(B) the increase in the principal limit described in paragraph (2) exceeds the amount of the total cost of refinancing (as described in such paragraph) by an amount to be determined by the Secretary; and ``(C) the time between the closing of the original home equity conversion mortgage that is refinanced through the mortgage insured under this subsection and the application for a refinancing mortgage insured under this subsection does not exceed 5 years. ``(4) Credit for premiums paid.--Notwithstanding section 203(c)(2)(A), the Secretary may reduce the amount of the single premium payment otherwise collected under such section at the time of the insurance of a mortgage refinanced and insured under this subsection. The amount of the single premium for mortgages refinanced under this subsection shall be determined by the Secretary based on the actuarial study required under paragraph (5). ``(5) Actuarial study.--Not later than 180 days after the date of the enactment of the American Homeownership and Economic Opportunity Act of 2000, the Secretary shall conduct an actuarial analysis to determine the adequacy of the insurance premiums collected under the program under this subsection with respect to-- ``(A) a reduction in the single premium payment collected at the time of the insurance of a mortgage refinanced and insured under this subsection; ``(B) the establishment of a single national limit on the benefits of insurance under subsection (g) (relating to limitation on insurance authority); and ``(C) the combined effect of reduced insurance premiums and a single national limitation on insurance authority. ``(6) Fees.--The Secretary may establish a limit on the origination fee that may be charged to a mortgagor under a mortgage insured under this subsection, except that such limitation shall provide that the origination fee may be fully financed with the mortgage and shall include any fees paid to correspondent mortgagees approved by the Secretary.''. (2) Regulations.--The Secretary shall issue any final regulations necessary to implement the amendments made by paragraph (1) of this subsection, which shall take effect not later than the expiration of the 180-day period beginning on the date of the enactment of this Act. The regulations shall be issued after notice and opportunity for public comment in accordance with the procedure under section 553 of title 5, United States Code, applicable to substantive rules (notwithstanding subsections (a)(2), (b)(B), and (d)(3) of such section). (b) Housing Cooperatives.--Section 255(b) of the National Housing Act (12 U.S.C. 1715z-20(b)) is amended-- (1) in paragraph (2), by striking ```mortgage',''; and (2) by adding at the end the following new paragraphs: ``(4) Mortgage.--The term `mortgage' means a first mortgage or first lien on real estate, in fee simple, on all stock allocated to a dwelling in a residential cooperative housing corporation, or on a leasehold-- ``(A) under a lease for not less than 99 years that is renewable; or ``(B) under a lease having a period of not less than 10 years to run beyond the maturity date of the mortgage. ``(5) First mortgage.--The term `first mortgage' means such classes of first liens as are commonly given to secure advances on, or the unpaid purchase price of, real estate or all stock allocated to a dwelling unit in a residential cooperative housing corporation, under the laws of the State in which the real estate or dwelling unit is located, together with the credit instruments, if any, secured thereby.''. (c) Waiver of Up-Front Premiums for Mortgages Used to Fund Long- Term Care Insurance.-- (1) In general.--Section 255 of the National Housing Act (12 U.S.C. 1715z-20) is amended by inserting after subsection (k) (as added by subsection (a) of this section) the following new subsection: ``(l) Waiver of Up-Front Premiums for Mortgages to Fund Long-Term Care Insurance.--
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