To authorize the Secretary of Housing and Urban Development to make grants to States to establish revolving funds to assist low- and moderate-income homebuyers and renters.
Recycling of Existing Assets for Cost-Effective Housing Act of 1989 - Authorizes the Secretary of Housing and Urban Development to make grants to establish State revolving funds for: (1) homebuyer loans (priority for first-time or lower-income homebuyers); and (2) multifamily dwelling grants and loans.
Requires State matching funds. Prohibits property conveyance for five years.
Sets forth property eligibility requirements. Directs the Secretary to make a State listing of such properties available upon request.
Requires at least annual program reports by: (1) State housing finance agencies to the Secretary; and (2) the Secretary to the Congress.
Requires the General Accounting Office to audit the program at least annually.
Authorizes FY 1990 and 1991 appropriations.
Introduced in House
Introduced in House
Referred to the House Committee on Banking, Finance + Urban Affrs.
Referred to the Subcommittee on Housing and Community Development.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line