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S. 1452 (es) To modernize the requirements under the National Manufactured Housing [Engrossed in Senate] ...


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        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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