| Home > 106th Congressional Bills > S. 1452 (es) To modernize the requirements under the National Manufactured Housing [Engrossed in Senate] ...
S. 1452 (es) To modernize the requirements under the National Manufactured Housing [Engrossed in Senate] ...
``(1) In general.--In the case of any mortgage insured under this section under which the total amount (except as provided in paragraph (2)) of all future payments described in subsection (b)(3) will be used only for costs of a qualified long-term care insurance contract that covers the mortgagor or members of the household residing in the property that is subject to the mortgage, notwithstanding section 203(c)(2), the Secretary shall not charge or collect the single premium payment otherwise required under subparagraph (A) of such section to be paid at the time of insurance. ``(2) Authority to Refinance Existing Mortgage and Finance Closing Costs.--A mortgage described in paragraph (1) may provide financing of amounts that are used to satisfy outstanding mortgage obligations (in accordance with such limitations as the Secretary shall prescribe) and any amounts used for initial service charges, appraisal, inspection, and other fees (as approved by the Secretary) in connection with such mortgage, and the amount of future payments described in subsection (b)(3) under the mortgage shall be reduced accordingly. ``(3) Definition.--For purposes of this subsection, the term `qualified long-term care insurance contract' has the meaning given such term in section 7702B of the Internal Revenue Code of 1986 (26 U.S.C. 7702B)), except that such contract shall also meet the requirements of-- ``(A) sections 9 (relating to disclosure), 24 (relating to suitability), and 26 (relating to contingent nonforfeiture) of the long-term care insurance model regulation promulgated by the National Association of Insurance Commissioners (as adopted as of September 2000); and ``(B) section 8 (relating to contingent nonforfeiture) of the long-term care insurance model Act promulgated by the National Association of Insurance Commissioners (as adopted as of September 2000).''. (2) Applicability.--The provisions of section 255(l) of the National Housing Act (as added by paragraph (1) of this subsection) shall apply only to mortgages closed on or after April 1, 2001. (d) Study of Single National Mortgage Limit.--The Secretary of Housing and Urban Development shall conduct an actuarially based study of the effects of establishing, for mortgages insured under section 255 of the National Housing Act (12 U.S.C. 1715z-20), a single maximum mortgage amount limitation in lieu of applicability of section 203(b)(2) of such Act (12 U.S.C. 1709(b)(2)). The study shall-- (1) examine the effects of establishing such limitation at different dollar amounts; and (2) examine the effects of such various limitations on-- (A) the risks to the General Insurance Fund established under section 519 of such Act; (B) the mortgage insurance premiums that would be required to be charged to mortgagors to ensure actuarial soundness of such Fund; and (C) take into consideration the various approaches to providing credit to borrowers who refinance home equity conversion mortgages insured under section 255 of such Act. Not later than 180 days after the date of the enactment of this Act, the Secretary shall complete the study under this subsection and submit a report describing the study and the results of the study to the Committee on Banking and Financial Services of the House of Representatives and to the Committee on Banking, Housing, and Urban Affairs of the Senate. SEC. 203. LAW ENFORCEMENT OFFICER HOMEOWNERSHIP PILOT PROGRAM. (a) Assistance for Law Enforcement Officers.--The Secretary of Housing and Urban Development shall carry out a pilot program in accordance with this section to assist Federal, State, and local law enforcement officers purchasing homes in locally-designated high-crime areas. (b) Eligibility.--To be eligible for assistance under this section, a law enforcement officer shall-- (1) have completed not less than 6 months of service as a law enforcement officer as of the date that the law enforcement officer applies for such assistance; and (2) agree, in writing, to use the residence purchased with such assistance as the primary residence of the law enforcement officer for not less than 3 years after the date of purchase. (c) Mortgage Assistance.--If a law enforcement officer purchases a home in locally-designated high-crime area and finances such purchase through a mortgage insured under title II of the National Housing Act (12 U.S.C. 1707 et seq.), notwithstanding any provision of section 203 or any other provision of the National Housing Act, the following shall apply: (1) Downpayment.-- (A) In general.--There shall be no downpayment required if the purchase price of the property is not more than the reasonable value of the property, as determined by the Secretary. (B) Purchase price exceeds value.--If the purchase price of the property exceeds the reasonable value of the property, as determined by the Secretary, the required downpayment shall be the difference between such reasonable value and the purchase price. (2) Closing costs.--The closing costs and origination fee for such mortgage may be included in the loan amount. (3) Insurance premium payment.--There shall be one insurance premium payment due on the mortgage. Such insurance premium payment-- (A) shall be equal to 1 percent of the loan amount; (B) shall be due and considered earned by the Secretary at the time of the loan closing; and (C) may be included in the loan amount and paid from the loan proceeds. (d) Locally-Designated High-Crime Area.-- (1) In general.--Any unit of local government may request that the Secretary designate any area within the jurisdiction of that unit of local government as a locally-designated high- crime area for purposes of this section if the proposed area-- (A) has a crime rate that is significantly higher than the crime rate of the non-designated area that is within the jurisdiction of the unit of local government; and (B) has a population that is not more than 25 percent of the total population of area within the jurisdiction of the unit of local government. (2) Deadline for consideration of request.--Not later than 60 days after receiving a request under paragraph (1), the Secretary shall approve or disapprove the request. (e) Law Enforcement Officer.--For purposes of this section, the term ``law enforcement officer'' has such meaning as the Secretary shall provide, except that such term shall include any individual who is employed as an officer in a correctional institution. (f) Sunset.--The Secretary shall not approve any application for assistance under this section that is received by the Secretary after the expiration of the 3-year period beginning on the date that the Secretary first makes available assistance under the pilot program under this section. SEC. 204. ASSISTANCE FOR SELF-HELP HOUSING PROVIDERS. (a) Reauthorization.--Subsection (p) of section 11 of the Housing Opportunity Program Extension Act of 1996 (42 U.S.C. 12805 note) is amended to read as follows: ``(p) Authorization of Appropriations.--There is authorized to be appropriated to carry out this section such sums as may be necessary for each of fiscal years 2001, 2002, and 2003.''. (b) Eligible Expenses.--Section 11(d)(2)(A) of the Housing Opportunity Program Extension Act of 1996 (42 U.S.C. 12805 note) is amended by inserting before the period at the end the following: ``, which may include reimbursing an organization, consortium, or affiliate, upon approval of any required environmental review, for nongrant amounts of the organization, consortium, or affiliate advanced before such review to acquire land''. (c) Deadline for Recapture of Funds.--Section 11 of the Housing Opportunity Program Extension Act of 1996 (42 U.S.C. 12805 note) is amended-- (1) in subsection (i)(5)-- (A) by striking ``if the organization or consortia has not used any grant amounts'' and inserting ``the Secretary shall recapture any grant amounts provided to the organization or consortia that are not used''; (B) by striking ``(or,'' and inserting ``, except that such period shall be 36 months''; and (C) by striking ``within 36 months), the Secretary shall recapture such unused amounts'' and inserting ``and in the case of a grant amounts provided to a local affiliate of the organization or consortia that is developing five or more dwellings in connection with such grant amounts''; and (2) in subsection (j), by inserting after ``carry out this section'' the following: ``and grant amounts provided to a local affiliate of the organization or consortia that is developing five or more dwellings in connection with such grant amounts''. (d) Technical Corrections.--Section 11 of the Housing Opportunity Program Extension Act of 1996 (42 U.S.C. 12805 note) is amended-- (1) in subsection (b)(4), by striking ``Habitat for Humanity International, its affiliates, and other''; and (2) in subsection (e)(2), by striking ``consoria'' and inserting ``consortia''. TITLE III--SECTION 8 HOMEOWNERSHIP OPTION SEC. 301. DOWNPAYMENT ASSISTANCE. (a) Amendments.--Section 8(y) of the United States Housing Act of 1937 (42 U.S.C. 1437f(y)) is amended-- (1) by redesignating paragraph (7) as paragraph (8); and (2) by inserting after paragraph (6) the following new paragraph: ``(7) Downpayment assistance.-- ``(A) Authority.--A public housing agency may, in lieu of providing monthly assistance payments under this subsection on behalf of a family eligible for such assistance and at the discretion of the public housing agency, provide assistance for the family in the form of a single grant to be used only as a contribution toward the downpayment required in connection with the purchase of a dwelling for fiscal year 2000 and each fiscal year thereafter to the extent provided in advance in appropriations Acts. ``(B) Amount.--The amount of a downpayment grant on behalf of an assisted family may not exceed the amount that is equal to the sum of the assistance payments that would be made during the first year of assistance on behalf of the family, based upon the income of the family at the time the grant is to be made.''. (b) Effective Date.--The amendments made by subsection (a) shall take effect immediately after the amendments made by section 555(c) of the Quality Housing and Work Responsibility Act of 1998 take effect pursuant to such section. SEC. 302. PILOT PROGRAM FOR HOMEOWNERSHIP ASSISTANCE FOR DISABLED FAMILIES. (a) In General.--A public housing agency providing tenant-based assistance on behalf of an eligible family under section 8 of the United States Housing Act of 1937 (42 U.S.C. 1437f) may provide assistance for a disabled family that purchases a dwelling unit (including a dwelling unit under a lease-purchase agreement) that will be owned by one or more members of the disabled family and will be occupied by the disabled family, if the disabled family-- (1) purchases the dwelling unit before the expiration of the 3-year period beginning on the date that the Secretary first implements the pilot program under this section; (2) demonstrates that the disabled family has income from employment or other sources (including public assistance), as determined in accordance with requirements of the Secretary, that is not less than twice the payment standard established by the public housing agency (or such other amount as may be established by the Secretary); (3) except as provided by the Secretary, demonstrates at the time the disabled family initially receives tenant-based assistance under this section that one or more adult members of the disabled family have achieved employment for the period as the Secretary shall require; (4) participates in a homeownership and housing counseling program provided by the agency; and (5) meets any other initial or continuing requirements established by the public housing agency in accordance with requirements established by the Secretary. (b) Determination of Amount of Assistance.-- (1) In general.-- (A) Monthly expenses not exceeding payment standard.--If the monthly homeownership expenses, as determined in accordance with requirements established by the Secretary, do not exceed the payment standard, the monthly assistance payment shall be the amount by which the homeownership expenses exceed the highest of the following amounts, rounded to the nearest dollar: (i) 30 percent of the monthly adjusted income of the disabled family. (ii) 10 percent of the monthly income of the disabled family. (iii) If the disabled family is receiving payments for welfare assistance from a public agency, and a portion of those payments, adjusted in accordance with the actual housing costs of the disabled family, is specifically designated by that agency to meet the housing costs of the disabled family, the portion of those payments that is so designated. (B) Monthly expenses exceed payment standard.--If the monthly homeownership expenses, as determined in accordance with requirements established by the Secretary, exceed the payment standard, the monthly assistance payment shall be the amount by which the applicable payment standard exceeds the highest of the amounts under clauses (i), (ii), and (iii) of subparagraph (A). (2) Calculation of amount.-- (A) Low-income families.--A disabled family that is a low-income family shall be eligible to receive 100 percent of the amount calculated under paragraph (1). (B) Income between 81 and 89 percent of median.--A disabled family whose income is between 81 and 89 percent of the median for the area shall be eligible to receive 66 percent of the amount calculated under paragraph (1). (C) Income between 90 and 99 percent of median.--A disabled family whose income is between 90 and 99 percent of the median for the area shall be eligible to receive 33 percent of the amount calculated under paragraph (1). (D) Income more than 99 percent of median.--A disabled family whose income is more than 99 percent of the median for the area shall not be eligible to receive assistance under this section. (c) Inspections and Contract Conditions.-- (1) In general.--Each contract for the purchase of a dwelling unit to be assisted under this section shall-- (A) provide for pre-purchase inspection of the dwelling unit by an independent professional; and (B) require that any cost of necessary repairs be paid by the seller. (2) Annual inspections not required.--The requirement under subsection (o)(8)(A)(ii) of section 8 of the United States Housing Act of 1937 for annual inspections shall not apply to dwelling units assisted under this section. (d) Other Authority of the Secretary.--The Secretary may-- (1) limit the term of assistance for a disabled family assisted under this section; (2) provide assistance for a disabled family for the entire term of a mortgage for a dwelling unit if the disabled family remains eligible for such assistance for such term; and (3) modify the requirements of this section as the Secretary determines to be necessary to make appropriate
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